Cia Energética de Minas Gerais SA has hired at least three investment banks to prepare the sale of small hydropower plants and a gas distribution unit, according to three sources with direct knowledge of the plans, part of efforts by Brazil's second largest power distribution firm to cut its debt. Cemig (CMIG4.SA), which is controlled... Continue Reading →
Venezuela Refuses to Default. Few People Seem to Understand Why.
It’s been almost two years now since the renowned Harvard economist Ricardo Hausmann caused a stir in his native Venezuela by posing an uncomfortable question. Why does a country that’s so starved for cash keep honoring its foreign debts? In other words, how does it justify shelling out precious hard currency to wealthy bondholders in... Continue Reading →
Petrobras – Clarification about the Chief Strategy, Organization and Management System Officer
Rio de Janeiro, July 1, 2016 – Petróleo Brasileiro S.A. – Petrobras, with regard to the news items published about the new Chief Strategy, Organization and Management System Officer, announces that Mr. Nelson Luiz Costa Silva is currently the name appointed to occupy said position. The Company highlights, however, that the creation of the new... Continue Reading →
Brazil’s Oleo e Gas restarts Tubarão Martelo oil field
Reuters Brazil's Óleo e Gás Participações SA, which has been under bankruptcy protection for nearly three years, said on Monday it has restarted output from its Tubarão Martelo offshore oil field near Rio de Janeiro after a four-month outage. The restart came after Óleo e Gás, formerly known as OGX Petróleo e Gás Participações SA,... Continue Reading →
What else is new? -Brazilian police target former Workers Party treasurer in Petrobras probe
Brazil's federal police served five arrest warrants and conducted search and seizure operations in three states on Monday, in the latest round of a sweeping corruption probe around state-run oil firm Petroleo Brasileiro SA. Police said contractors paid at least 39 million reais ($11.99 million) in bribes to executives of Petrobras, as the oil company... Continue Reading →
Petrobras’ Indian partners fight delay in troubled Brazil oil project
Petrobras has warned its Indian partners in a huge offshore project to not expect oil from the site until 2022, according to sources, a fresh sign of how low oil prices and the state-owned company's corruption scandal and mountain of debt are dragging on Brazil's energy industry. The previously unreported, four-year delay in the "super-giant"... Continue Reading →
Brazil police raid pulpmaker controlled by billionaire Batista family
This probe gets very close to Finance Minister Meirelles... Brazilian police on Friday raided offices of pulpmaker Eldorado Celulose controlled by the billionaire Batista family, a company spokesman said, in the latest stage of the country's biggest-ever corruption investigation. Brazilian media had reported that police targeted JBS SA, the world's largest meatpacker which is also... Continue Reading →
Can you imagine if SHE comes back? Most Brazilians unhappy with interim president: poll
Brazil's interim President Michel Temer attends a ceremony of the social welfare program Bolsa Familia (Family Allowance) at the Planalto Palace in Brasilia, Brazil, June 29, 2016. REUTERS/ADRIANO MACHADO TPX IMAGES OF THE DAY An overwhelming majority of Brazilians do not approve of interim President Michel Temer's style of government or trust him after six... Continue Reading →
Brazil’s Petrobras to name Silva to new top strategy post
Jun 30, 2016 Reuters Brazil's state-led oil company Petroleo Brasileiro SA plans to appoint Nelson Silva, the former head of BG Plc in Brazil, as chief of strategy and management, a newly created position on its senior management committee, company sources told Reuters. Silva came to Petrobras ealier this month as an advisor to new... Continue Reading →
Last episode??? Brazil could dismiss Rousseff the day before Olympics ends
Brazil's Senate President Renan Calheiros, attends a news conference at the National congress in Brasilia, Brazil, June 30, 2016. REUTERS/ADRIANO MACHADO Brazil's Senate could take its final vote on the impeachment of suspended President Dilma Rousseff the day before the closing ceremony of the Olympic Games in Rio de Janeiro, a senior lawmaker said on... Continue Reading →
Brazil Energy Insight 