According to Brazil's Energy Minister, Alexandre Silveira, the future of Jean Paul Prates, manager of the state oil company, depends on the president. The executive has been criticized by sectors of the Government that want him to lower fuel prices and increase job-generating investments.

Brazil's Energy Minister, Alexandre Silveira, stated on Tuesday that he respects Jean Paul Prates, CEO of Petrobras ( ), and that any decision made in relation to him must be made by the Brazilian president, Luiz Inácio Lula da Silva .

The statements come after days of speculation about Prates' future, with some saying the embattled CEO would not survive "until the weekend."

Prates has been criticized by sectors of the Government, including Silveira, who want to see him lower fuel prices and increase job-generating investments.

Uncertainty about Petrobras' future has caused volatility in the company's share prices in recent sessions.

The minister also told reporters that extra dividends withheld from Petrobras shareholders in March will be distributed when the state oil company's board of directors decides the time is right.

The issue of dividends was also a point of friction between Silveira and Prates, since the Minister of Energy defended the retention of the funds and Prates the delivery of 50% of them to the shareholders. The issue of dividends was also a point of friction between Silveira and Prates, since the Minister of Energy defended the retention of the funds and Prates the delivery of 50% of them to the shareholders.