Brazil’s real declined as speculation that economic reforms may be harder to push through congress as a corruption investigation ensnares top politicians outweighed a rally in commodities. The real lost 0.1 percent to 3.2478 per dollar at 4:21 p.m. in Sao Paulo after strengthening as much as 0.7 percent. In a new phase of the... Continue Reading →
Petrobras says regulatory issues preventing sale of LNG terminal
Mon Sep 26, 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 Regulatory issues are preventing Petrobras from progressing with plans to sell its LNG (liquefied natural gas) regasification terminal located in the state of Ceara, Chief Executive Officer Pedro Parente of... Continue Reading →
Brazil Forecasts Wider Current Account Gap on Stronger Real
Brazil’s central bank increased its forecast for this year’s current account gap as a stronger currency weighs on the country’s trade surplus and the economy begins to recover. The deficit in the current account, the broadest measure of trade in goods and services, was forecast at $18 billion this year, wider than the $15 billion gap... Continue Reading →
Petrobras to seek builders for six new platforms as of next year: report
Petroleo Brasileiro SA, Brazil's state-run oil company, as of 2017 will begin seeking offers for the construction of six new offshore oil platforms envisioned in current investment plans, according to a newspaper interview published Sunday. In an interview with O Globo, the biggest daily in the company's home base of Rio de Janeiro, Petrobras' director... Continue Reading →
Brazil Former Minister Palocci Arrested in Carwash Probe
Brazilian police arrested Antonio Palocci Filho, who served as finance minister and chief of staff under former presidents Luiz Inacio Lula da Silva and Dilma Rousseff, as part of the so-called Carwash probe that has shaken the country’s business and political elite. Prosecutors said in a statement there is evidence that Palocci interfered in decisions taken by... Continue Reading →
Maersk Oil Seen Surviving Split to Become Independent Producer
Maersk Oil may well survive as an independent oil company after being split off from its larger parent. While assets that include a stake in the giant Johan Sverdrup project off Norway will draw suitors, listing the company would make sense, analysts said. AP Moeller Maersk A/S, Denmark’s 112-year-old shipping and energy conglomerate, said Thursday... Continue Reading →
Brookfield Group to Buy Stake in Petrobras Natural Gas Unit
Brookfield Asset Management Inc., Canada’s largest alternative asset manager, and its partners agreed to buy a 90 percent stake in a Brazilian natural gas distribution network owned by Petroleo Brasileiro SA for $5.2 billion. The buyer group is being led by Brookfield’s publicly-traded subsidiary, Brookfield Infrastructure Partners LP, and includes CIC Capital Corp. and GIC... Continue Reading →
Petrobras CEO says U.S. lawsuit will not derail recovery plan
A U.S. class-action lawsuit over corruption at Brazil's Petrobras will not overshadow the state oil company's $74 billion, five-year plan to slash its crippling debt and refocus on its core business, chief executive officer Pedro Parente said on Wednesday. In an interview in his offices in Rio de Janeiro, Parente also said Petrobras was pressing... Continue Reading →
Maersk to Split Group Into Separate Transport, Energy Companies
A.P. Moeller-Maersk A/S will split into separate transport and energy businesses as Denmark’s biggest company moves ahead with an historic shake-up of the conglomerate. Maersk, owner of the world’s biggest shipping firm, will become a transport and logistics company, the Copenhagen-based group said on Thursday. Oil and oil related businesses, “either individually or in combination,”... Continue Reading →
Brazil Ex-Minister Mantega Arrested in Corruption Probe: Report
Brazil’s former finance minister Guido Mantega was arrested by federal police on Thursday as part of the ongoing corruption probe known as Carwash, GloboNews reported. A statement issued by federal prosecutors said that police was targeting one former minister, as well as executives from construction companies Mendes Junior Engenharia SA and OSX Construcao Naval SA.... Continue Reading →
Brazil Energy Insight 