Rio de Janeiro, Brazil, May 15 (EFE).- Petrobras, Brazil's largest oil company, lost nearly 34 billion reais (about 6.6 billion dollars or 6 billion euros) in market value in a single day on Wednesday after the government of Luiz Inácio Lula da Silva decided to replace the company's CEO.

The dismissal of the oil company's president, Jean Paul Prates, announced on Tuesday night, caused the oil company's shares to fall sharply as investors feared further political intervention in the company.

Petrobras' common and preferred shares plunged 6.8% and 6.0% on the São Paulo Stock Exchange on Wednesday and were among the most heavily traded stocks.

Amid the stock's plunge, Petrobras' market value fell from about 543 billion reais (105.7 billion dollars) on Tuesday to about 509 billion reais (99 billion dollars) on Wednesday.

Prates' departure came after months of disagreement with some ministers over the company's management regarding its profits; the outgoing president defended a higher dividend payout, while Lula's government preferred reinvesting profits.

Petrobras is controlled by the Brazilian state but its shares are traded on the São Paulo, New York, and Madrid stock exchanges.

Investors fear that the company will be the target of greater political interference following the announcement that the government has nominated Magda Chambriard, who headed the National Petroleum Agency during Dilma Rousseff's term (2011-2016), as the new president of the state-owned company. EFE

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