From “the oil is ours” to the pre-salt giant, and a huge scandal.
Getúlio Vargas created it with a state oil monopoly.
In 2006 it struck one of the century’s biggest oil discoveries.
The Lava Jato scandal, about $3 billion in bribes, crashed the stock.
It rebuilt into one of the market’s biggest dividend payers.
A giant with world-class assets, and permanent political risk.