Could Infraero become a major player again in Brazil’s airport management?

To coin an old phrase - there's never a dull moment where the Brazilian airport privatisation procedure is concerned. Now 12 years since its inception it has been running out of steam, having seen most of the main airports auctioned off, individually or in groups.

For the most part it has weathered the storm of over-optimistic assumptions about traffic growth in a country riddled with economic malaise, COVID-19, and political strife.

Then, when it was due to wrap up with the final auctions of key domestic airports in Rio de Janeiro and São Paulo, and the re-concession of the main Rio airport, in another controversial election there was the return of 'Lula' - a president who didn't exactly champion privatisation in two earlier spells in office. Lula, who claims now to be a 'globalist', immediately suspended the auctions.

Where we go from here isn't at all clear in this never ending soap opera, and the scenario changes from day to day. But one surprising outcome is the re-emergence of the shrunken state operator Infraero, as a temporary but controlling operator of the Rio Galeão airport.

That could be no more than a passing phase. Or it could signal government intent to start unravelling the whole privatisation process.