Mexican state oil company Pemex plans to choose a partner at the end of October to finish the development and operate a $2 billion coking plant at its Tula refinery, government and Pemex sources told Reuters. Pemex is looking for partners to improve the performance of its state-owned refineries, which currently process about 915,000 bpd... Continue Reading →
Brazil concludes it owes Petrobras money in ‘Transfer of Rights’ deal: source
The Brazilian government concluded it owes state oil company Petrobras money after a revaluation of stakes in offshore oil blocks known as transfer of rights areas, a government source familiar with the issue told Reuters on Friday. The government will offer to settle the debt arising from the transfer of rights contracts with Petrobras, or... Continue Reading →
Petrobras – Legal proceeding on deductibility of expenses related to Petros Plan renegotiation
Rio de Janeiro, June 30, 2017 – Petróleo Brasileiro S.A. – Petrobras, pursuant to the market disclosure of June 1, 2017, informs that the sentence by the court of first instance published on May 19, 2017 was confirmed in its entirety on June 20, 2017, through a decision in a motion for clarification. This sentence... Continue Reading →
Liquigás sale process
Rio de Janeiro, June 30, 2017 - Petróleo Brasileiro S.A. – Petrobras, pursuant to the material facts of 11/17/2016 and 1/31/2017, concerning the sale process of Liquigás Distribuidora S.A., a wholly-owned Petrobras subsidiary, to Companhia Ultragaz S.A., a subsidiary of Ultrapar Participações S.A., informs that the General Superintendence of the Administrative Council for Economic Defense... Continue Reading →
Pre-payment of debt and new financing with The Bank of Nova Scotia
Rio de Janeiro, June 30, 2017 - Petróleo Brasileiro S.A. – Petrobras reports that it effected today a transaction with the Canadian bank The Bank of Nova Scotia, through the pre-payment of debt in the amount of US$ 500 million, which would mature in 2019. Simultaneously, the company hired a new financing in the amount... Continue Reading →
Government should extend Repetro to second link of oil chain
The federal government is expected to extend the benefit of the differentiated customs regime for the oil and gas sector, known as Repetro, to sub-suppliers of goods and services in Brazil, meeting a demand from the domestic industry, said the director of Exploration and Production of Oil and Gas Natural, João Vicente de Carvalho. According... Continue Reading →
Petrobras Executive Board approves the review of diesel and gasoline pricing policy
Rio de Janeiro, June 30, 2017 - Petróleo Brasileiro S.A. – Petrobras, pursuant to the material fact disclosed on October 14, 2016, reports that its Executive Board approved yesterday, the review of the pricing policy for diesel and gasoline traded at its refineries, to increase the frequency of price adjustments, which will be effective from... Continue Reading →
Petrobras corruption scandal provides anti-bribery policy lessons
NEW YORK (Thomson Reuters Regulatory Intelligence) - Brazilian state-run oil company Petróleo Brasileiro SA, or Petrobras, said this week that it had agreed to settle a shareholder lawsuit by The Vanguard Group, an investment management company, to recover corruption-related losses. The case offers notable lessons in anti-bribery governance and oversight. Petrobras did not disclose the... Continue Reading →
Brazil unions protest Temer’s reforms; turnout drops
Brazilian labor unions staged peaceful nationwide demonstrations against scandal-hit President Michel Temer on Friday, seeking to stop his unpopular administration from pushing through Congress changes to labor and pension laws. Protests were smaller than in a nationwide strike two months ago. Subway and bus services shut down in Brasilia, and small street demonstrations blocking roads... Continue Reading →
Petrobras launches Annual Letter of Public Policies and Corporate Governance
Rio de Janeiro, June 29, 2017 - Petróleo Brasileiro S.A. – Petrobras reports that its Board of Directors approved the 2016 Annual Letter of Public Policies and Corporate Governance. The letter is a requirement of Law 13.303/2016, Decree 8.945/2016 and the B3’s Corporate Governance Program for State-Owned Companies plus transparency requirements pursuant to current legislation.... Continue Reading →
Brazil Energy Insight 