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Brazil’s Finance Minister Henrique Meirelles said the economy is in worse shape than he anticipated when joining the government one week ago. "In the numbers I see a worse situation than I expected," he said in an interview in Brasilia, referring in large part to the federal budget. Yet the current administration led by Michel... Continue Reading →
Petroleo Brasileiro SA will be led by veteran business executive Pedro Parente, as the state-controlled oil producer struggles to reduce debt and navigate the fallout from the country’s biggest corruption scandal. Parente, who is currently the chairman of BM&FBovespa SA, the operator of Latin America’s biggest securities exchange, accepted an offer from Acting President Michel Temer... Continue Reading →
Oil firm Petrobras threw open the door for Brazilian corporate issuance this week after printing a US$6.75bn bond - the first domestic company to sell foreign debt since June 2015. Days before Petrobras took the plunge, bankers were spying a window of opportunity for Brazilian borrowers on hopes a new business friendly government would pull... Continue Reading →
Brazil's suspended House speaker, Eduardo Cunha, defended himself before an ethics committee on Thursday, a day after the appointment of his ally as leader of the government coalition in the chamber showed the veteran lawmaker's enduring political sway. The Supreme Court indefinitely suspended Eduardo Cunha this month on charges of obstructing a corruption investigation, just... Continue Reading →
May 19 Investment management firm EIG Management Co added Brazil's engineering conglomerate Odebrecht SA and a few other shipyards in its $221 million fraud suit against Petroleo Brasileiro SA. EIG, in a filing on Wednesday, alleged that Odebrecht SA and other shipyards along with Petrobras misled the firm to invest over $221 million to purchase... Continue Reading →
Technip SA and FMC Technologies Inc. agreed to merge in an all-stock deal, creating a $13 billion oil-services company following the worst crude-market collapse in a generation. The combination will give Technip investors two shares in the new business for every Technip share held, while FMC investors will get one, the companies said Thursday. They... Continue Reading →
Jose Dirceu (front R), former Brazilian President Luiz Inacio Lula da Silva's chief of staff, is escorted by a federal police officer as he leaves the Federal Police headquarters to give his testimony in a session of the Parliamentary Committee of Inquiry in Curitiba,... A one-time chief of staff for former Brazilian President Luiz Inacio... Continue Reading →
General Electric Co.’s top executive sees power generation and renewable energy buoying profits as the industrial giant struggles with persistent challenges in the oil and gas market. The non-petroleum energy units could boost sales by at least 10 percent this year as the company sees “strong” order prospects for equipment and services, Chief Executive Officer... Continue Reading →
Apache Corp. jumped as much as 5.6 percent after a website reported Occidental Petroleum Corp. planned to acquire the oil and gas explorer. Occidental said it didn’t know anything about the report. Apache shares rose 3.8 percent to $57.23 at 10:06 a.m. in New York, after earlier reaching $58.21, the highest since July 1. The... Continue Reading →
Brazil’s Acting President Michel Temer is studying the sale of state assets to shore up public accounts, as well as an audit of the country’s largest savings bank, said a government official with direct knowledge of the matter. A government task force will consider selling stakes in companies such as power utility Furnas Centrais Eletricas... Continue Reading →
Brazil Energy Insight 