Brazilian President Michel Temer's government introduced to Congress on Tuesday a landmark constitutional amendment to cap public spending, seeking to press ahead with unpopular reforms in the wake of last weekend's municipal elections. The lower House is also expected to vote on Tuesday on a bill that changes the rules for the exploration of Brazil's... Continue Reading →
Petrobras Fuel Unit Sale Said to Lure Brazil Banking Clans
The Brazilian bankers who joined forces last decade to form Latin America’s largest lender are seeking to buy control of the country’s giant fuel distribution business from Petroleo Brasileiro SA, people with direct knowledge of the matter said. The Setubal and Vilella families’ Itausa - Investimentos Itau SA and the Moreira Salles family’s Cambuhy Investimentos... Continue Reading →
Petrobras – Clarifications on the discovery in Albacora, at the Campos Basin
10/03/2016 Rio de Janeiro, October 3, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby clarifies that the discovery of a pre-salt reservoir in the Albacora concession of the Campos Basin, as was reported by the newspaper O Globo on October 3, 2016, occurred in April 2011 with the drilling of the well 6-BRSA-899D-RJS (6-AB-119D). The... Continue Reading →
Brazil’s Petrobras sends documents to potential bidders of fuel unit
Mon Oct 3, 2016 | Reuters A worker paints a tank of Brazil's state-run Petrobras oil company in Brasilia, Brazil September 30, 2015. REUTERS/Ueslei Marcelino/File Photo State-controlled oil company Petróleo Brasileiro SA (PETR4.SA) has sent documents to potential bidders presenting the sale of subsidiary Petrobras Distribuidora SA, formally launching a reworked plan to sell a... Continue Reading →
Petrobras, Statoil extend partnership for old wells
Petróleo Brasileiro SA and Norway's Statoil ASA are expanding an existing partnership to help the Brazilian state-controlled company arrest declining production at aging wells in the offshore Campos Basin, two people with direct knowledge of the plan said. In late August, Petrobras and Statoil signed a memorandum of understanding that has since evolved to targeting... Continue Reading →
Brazil to Boost Funding for Solar, Cut Loans for Coal, Gas
Brazil’s development bank, the world’s biggest backer of renewable energy, will focus on clean energy while cutting support for fossil fuels as the country’s economic slump limits its resources. The bank will boost its participation in financing for solar energy, maintain incentives for wind and reduce support for big hydroelectric plants and thermoelectric plants fueled... Continue Reading →
Brazil’s new parties fail to capitalize on anti-corruption mood
Brazil's municipal elections showed that new parties have failed to capitalize on voters' disenchantment with a corruption-tainted political establishment, making it unlikely an outsider will win the 2018 presidential poll. The political movements nurtured by the anti-corruption street protests of 2013 and 2015, despite a massive presence on social media, won just a handful of... Continue Reading →
Oil production in Brazil rises for 5th consecutive month and renews record with pre-salt push
ANP reported that oil production in Brazil rose for the fifth consecutive month in August, renewing a monthly record of extraction for the third time in a row, with push of Petrobras activity in the pre-salt. Oil production in Brazil in August totaled 2.609 million barrels per day (bpd), 1.1 percent rise compared to July... Continue Reading →
Brazil’s Braskem enters talks with U.S. authorities in graft case
Mon Oct 3, 2016 | Reuters Oct 3 Brazil's Braskem SA, Latin America's largest petrochemical producer, said on Monday it had entered talks with the U.S. Department of Justice and the Securities and Exchange Commission regarding an internal graft probe started in 2015. Braskem said in a securities filing that it planned to begin a parallel... Continue Reading →
Five Triggers to Signal If Brazil’s World-Beating Rally Has Legs
Brazil’s Ibovespa wrapped up a third straight quarterly gain on Friday, capping a rally that makes it the world’s best-performing stock market this year. But for the gains to continue, many investors are saying they’ll need more than optimism and promises of a rebound. Speculation that President Michel Temer’s administration could swoop in and fix... Continue Reading →
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