Petroleo Brasileiro SA lost as much as 29 billion reais ($7.6 billion) from a cartel of suppliers who bribed officials at the state-controlled producer to win contracts at inflated prices, Brazil’s audit court, known as TCU, said in a document Wednesday.
The audit court’s figure surpasses Petrobras’s internal estimate of 6.2 billion reais. The audit court found overpricing of 17 percent at the the Rio de Janeiro-based producer’s refining unit, and the study also includes losses from alleged graft at other divisions. Petrobras didn’t immediately respond to an e-mail requesting comment.
Brazil Energy Insight 
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