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Petrobras—back from the brink?

Brazil's state-run oil firm has had a brutal few years. Growth is its focus again, but a full recovery is still some way off

Sitting in the lobby of a central London hotel, surrounded by tall, plastic cups of expensive, milky coffee, I meet Petrobras chief executive Pedro Parente. A few feet away, across the plush carpet and marble floors, a pianist is setting the mood. The calm scene is in sharp contrast to some of the dramatic moments Brazil has experienced in the past 12 months. Not so long ago, violent protestors took to the capital's streets to demand the resignation of President Michel Temer. It was the latest turn in a years-long corruption scandal—so-called Lava Jato, or Carwash—that has crippled two former presidents and permeated right to the heart of Petrobras. Temer is clinging to power, for now. But

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