Brazil has banned the local unit of Swedish construction company Skanska AB from doing government work for at least two years, having accused it of involvement in a bribery and kickback scandal, the Ministry of Transparency said on Thursday. The ministry said Skanska Brasil Ltda belonged to a cartel that fixed prices on contracts with... Continue Reading →
Seadrill Will Make Second Bond Swap in a Month to Trim Debt Load
Seadrill Ltd., the offshore driller seeking to cut its debt load, agreed to swap bonds for equity in the second such deal in less than a month. The company will issue 7.5 million new shares with par value of $2 apiece to some holders of its bonds due September 2017, in exchange for $50 million... Continue Reading →
Brazil Keeps Rate Before New Central Bank Chief Takes Post
Brazil kept borrowing costs unchanged as a new central bank president is set to take over the challenge of slowing inflation to target without exacerbating the worst recession in over a century. Policy makers, led by departing bank President Alexandre Tombini, on Wednesday voted unanimously to keep the Selic at a near-decade high of 14.25... Continue Reading →
Petrobras – Oil and natural gas production in May
Rio de Janeiro, June 8, 2016 – Petróleo Brasileiro S.A. – Petrobras announces that its total production of oil and natural gas in May was of 2.83 million barrels of oil equivalent per day (boed), 5% higher than the volume produced in April (2.69 million boed) and 2% higher than the volume produced in May... Continue Reading →
Brazil Real Rises to 11-Month High as New Central Banker Cheered
Brazil’s currency posted its longest winning streak in more than two years as investors cheered comments from the incoming central bank head that signaled he’ll be less interventionist than his predecessor. The currency advanced 1.8 percent to 3.3802 per U.S. dollar as of 1:32 p.m. in Sao Paulo, set for the highest level since July.... Continue Reading →
Huge port envisioned by tycoon opens in Brazil – without him
The launch this week of Prumo Logistica's $3.7 billion Port of Açu, the largest in Latin America, marked the revival of a Brazilian logistics hub many thought doomed when the empire of its former billionaire owner collapsed. Açu's more than 25 km (15.5 miles) of docks, piers and breakwaters is a much-needed step towards narrowing... Continue Reading →
A Third of Brazilians Support Acting President Temer, Poll Shows
And the unpopular economic reforms have not been introduced to Congress yet... Brazil’s Acting President Michel Temer fares better than his deeply unpopular predecessor, according to the first public opinion survey since Dilma Rousseff was suspended for an impeachment trial. Temer’s personal approval rating is 33.8 percent, according to a June 2-5 MDA survey of... Continue Reading →
Brazil’s Petrobras output rises 5 pct in May
Jun 8, 2016 8:10am EDT Reuters Brazil's Petroleo Brasileiro SA said on Wednesday that output rose 5 percent in May from April to 2.83 million barrels of oil and equivalent natural gas a day. Petrobras, as the state-run company is known, said average oil output rose 6 percent in May to 2.24 million barrels per... Continue Reading →
The World’s Top Three Shipyards Want to Raise $7.3 Billion in Revamp
The world’s three biggest shipyards plan to raise a combined 8.41 trillion won ($7.3 billion) selling assets as part of a restructuring following losses last year. Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. have submitted their fund-raising plans to their creditors, including state-run Korea Development Bank and... Continue Reading →
Alstom, GE Accused of Decade-Old Bribes by Ex-Petrobras Official
One of the highest-ranking former executives at Petrobras has told investigators that Alstom SA and General Electric Co. paid bribes to win contracts more than a decade ago, underscoring how Brazil’s biggest corruption scandal continues to expand. Nestor Cervero, who headed the Brazilian state-controlled oil producer’s international division, told investigators that he received $700,000 in bribes... Continue Reading →
Brazil Energy Insight 