Rio de Janeiro, September 16, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby announces that for the fourth consecutive month, the Abreu e Lima Refinery (RNEST) achieved record oil processing volume. In August, the refinery processed 3.09 million barrels, equivalent to 99,770 barrels of oil processed per day, 0.6% higher than in July 2016. As... Continue Reading →
EMERGING MARKETS-Mexico peso hits record low on U.S. CPI data; Brazil real rises
Most Latin American currencies slumped on Friday after U.S. inflation data offered additional support to expectations of a Federal Reserve rate hike this year, with the Mexican peso hitting a fresh record low against the dollar. But the Brazilian real strengthened after central bank chief Ilan Goldfajn told Reuters that financial turbulence stemming from U.S.... Continue Reading →
Petrobras should reduce investment by US $ 20.9 billion in new 5-year plan, says research
Petrobras should reduce investment by US $ 20.9 billion in new 5-year plan, says research Petrobras should reduce by 20.9 billion dollars investment projection in the Business and Management Plan for the next five years, in a document that promises to be more aligned with the financial market, bringing greater transparency and revealing a leaner... Continue Reading →
Brazil Police Probe Overseas Financing by BNDES Development Bank
Brazilian police are deepening a probe into overseas financing provided by state development bank BNDES, further linking the lender to the country’s sweeping corruption probe. The investigation focuses on illegal payments made in exchange for BNDES loans in the Dominican Republic, Angola, Cuba, Panama, Gana and Mexico, according to a police statement released on Thursday.... Continue Reading →
Offshore Drillers Brace for More Pain Even With Bottom in Sight
Offshore oil-rig operators, grappling with the biggest industry downturn in a generation, say they finally have the bottom in sight. The problem is, they could be stuck there for a long time. Transocean Ltd., which owns the biggest offshore-rig fleet in the world, believes utilization for floating units will reach bottom toward the middle of... Continue Reading →
GE Said to Suffer Payment Delay on Brazil Corruption Scandal/Queiroz Galvao
General Electric Co.’s renewable energy business in Brazil is facing delays in getting paid by a client that’s involved in a corruption probe, according to two people with direct knowledge of the matter. GE is owed about 500 million reais ($150 million) by the Brazilian conglomerate Queiroz Galvao SA, according to the people, who asked... Continue Reading →
Prosecutors Call Lula Mastermind of Brazil’s Biggest Scandal
Brazilian prosecutors accused Luiz Inacio Lula da Silva of masterminding the worst graft scandal in the country’s history, saying the former president enriched himself and orchestrated political kickbacks that cost the country billions of dollars. Lula received at least 3.7 million reais ($1.1 million) in benefits and ran the so-called Carwash scheme that cost state... Continue Reading →
Petrobras halts output at Getulio Vargas refinery
Wed Sep 14, 2016/Reuters Brazil's state-controlled oil company Petróleo Brasileiro SA said on Wednesday output at its Getulio Vargas refinery had been halted since Tuesday because of storm damage to a cracking unit. The refinery, located in the southern Parana state, is the fifth largest in the country and accounts for about 12 percent of... Continue Reading →
Oil Industry May Cut Spending for Third Year in Row, IEA Says
The oil industry may cut spending for a third straight year in 2017 as lower costs kick in and companies continue to grapple with weaker finances because of crude’s slump. Investments in oil and gas fields are set to drop 24 percent to $450 billion this year, the International Energy Agency said in a report,... Continue Reading →
PDVSA Seeks to Buy Time for Oil Rally With $7 Billion Debt Swap
Venezuela’s state-owned oil company has been on default watch for two years. Now it hopes it can buy itself, and the country, more time with a $7 billion debt swap. Petroleos de Venezuela SA wants investors holding unsecured bonds due this year and next to exchange them for notes with payments staggered over the next... Continue Reading →
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