Mexico



Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

 

Cemig to name Brazil Light's Paroli as chief executive -sources

 

 

 

By Luciano Costa

SAO PAULO
Petroleumworld 01 25 2018

Brazilian state-run electricity utility Companhia Energética de Minas Gerais will appoint Luís Fernando Paroli as its new chief executive to speed up a stalled asset disposal program, four sources familiar with the matter said.

Set in motion last year, the plan is designed to help Cemig, as the company is known, cut part of its 12.8 billion reais ($4 billion) debt.

Paroli is currently the CEO of Light SA, which is controlled by Cemig. The appointment could be announced as early as March, two of the sources said on condition of anonymity because they were not authorized to discuss the matter publicly.

In an emailed statement, Cemig said it did not comment on “market rumors.”

Divestments have lagged under the current chief executive, Bernardo Salomão Alvarenga, the sources said, referring to plans to sell 8 billion reais worth of assets in a bid to reduce Cemig's debt.

So far, the most significant sale was of a stake worth about 772 million reais ($244 million) in power transmission company Transmissora Aliança de Energia Elétrica SA.

Last September, Reuters reported that the Minas Gerais state government had decided to change Cemig's management, including ousting Alvarenga and three senior executives, after Cemig lost dam contracts and took too long to shed assets.

At the time, the sources indicated the reshuffle was likely to come before the end of the year.

$1 = 3.1594 reais



Reporting by Luciano Costa; Writing by Ana Mano; Editing by Peter Cooney from Reuters.

reuters.com 01 24 2018

We invite all our readers to share with us
their views and comments about this article.

Write to editor@petroleumworld.com

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels

 

 

 

TOP

Contact: editor@petroleumworld.com,

Editor & Publisher:Elio Ohep/
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2016, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2017, Petroleumworld ™  / Elio Ohep - All rights reservedThis site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.