RIO DE JANEIRO, May 20 Reuters Brazilian President Luiz Inacio Lula da Silva may soon discover that swapping the CEO of Petrobras is not enough to turn the staterun oil company into the engine for job creation and development it was during his first 20022010 terms.

Lula last week tasked incoming CEO Magda Chambriard with speeding up investments in shipyards, fertilizer plants, refineries and natural gas lines to boost the Brazilian economy, according to sources familiar with their talks.

In her first public statement since appointed as CEO, Chambriard said in a post on LinkedIn on Monday that she was committed to the continuing growth of our industry.

There are, however, factors far beyond her willpower that could slow things down, the sources said.

After a major corruption scandal revealed in 2014 by a probe known as Operation Car Wash, reformers set up internal and external checks and balances on business decisions at Petrobras.

Those new processes somewhat lessen the power of the government, the firm39;s controlling shareholder, to steer corporate policy as it likes, said Florival Carvalho, former director of Brazilian oil and gas regulatory agency ANP.

New governance mechanisms make it harder to approve projects at Petrobras that are not clearly profitable, for instance, or to sell fuel at a loss to tamp down inflation both common practices when Lula39;s Workers Party was last in charge.

The current laws and Petrobras bylaws in place would make it challenging…