Brazil's president to shake up Petrobras but keep CEO

Brazil's president to shake up Petrobras but keep CEO

BRASILIA, Brazil - Brazilian President Dilma Rousseff said Monday that she would fire top executives at state-owned oil giant Petrobras but keep the scandal-plagued firm's chief, Graca Foster.

"Graca is an ethical person. She told me that if this whole situation damaged the government or Petrobras, she would leave her post no problem. I told her that wasn't necessary," Rousseff said during a media breakfast at the presidential palace.

Investigators say some US$4 billion were skimmed off inflated Petrobras contracts over the course of a decade and filtered to corrupt politicians, including from Rousseff's Workers' Party, which has governed Brazil since 2003.

The massive scandal has combined with falling oil prices to batter the firm, the biggest company in the world's seventh-largest economy.

Rousseff brushed off concerns over the price slide, saying "right now, we're not worried about oil prices."

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