Brazil’s giant state-run oil firm Petróleo Brasileiro SA, or Petrobras, said Friday it is tightening its supplier controls in the wake of a massive corruption scandal and seeking the reparation of about $2 billion that was diverted during a yearslong price-fixing scheme.
Petrobras said suppliers now will need to give detailed information on their finances and compliance mechanisms. It didn’t explain how this would be different from its previous relationship with suppliers.
Petrobras also said it has undertaken internal initiatives to limit individual managers’ power within the company, created two new committees and begun a process of hiring an independent, external ombudsman to help prevent future corruption.
The company will be limiting its individual executives’ “ability to make a decision” and those decisions will be monitored by “committees and support groups,” Petrobras chief executive Aldemir Bendine said.
Brazil Energy Insight 
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