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Brazilian Vice President Michel Temer is drawing up plans to form a transitional government as Dilma Rousseff sharpens accusations that he is the mastermind of a coup against her. With a crucial impeachment vote looming in the lower house of Congress on Sunday, Temer plans to spend his early political capital on reforms that will... Continue Reading →
Pemex to Get $1.5 Billion From Government to Reduce Record Debt Nacha Cattan/Adam Williams Bloomberg April 13, 2016 Finance Ministry to absorb $2.7 billion in pension liabilities Government to increase ceiling for Pemex tax deductions Mexico will send 26.5 billion pesos ($1.5 billion) to the nation’s state-owned oil company to pay contractors after debt levels... Continue Reading →
Brazil Regulator Urges Refinery Building to Avert Fuel Shortages Sabrina Valle /Bloomberg April 13, 2016 Fuel imports could triple to 1 million barrels a day in 2030 Country needs more pipelines and storage, oil regulator says Brazil needs to add refineries or storage facilities for imported fuel to avert shortages in the coming years, the... Continue Reading →
Brazil’s President Dilma Rousseff accused her vice president of attempting to illegally overthrow the government, underscoring the heightened political tensions just days before Congress votes on her impeachment. Without directly naming Vice President Michel Temer, Rousseff said Tuesday that the prior day’s leak of a recording where he discussed the outlines of a Temer administration... Continue Reading →
More than a year after Brazilians began calling on Congress to impeach President Dilma Rousseff, consensus has built around the need to move forward. But agreement ends there. Her Workers’ Party wants to beat back those hoping to take away their election-day victory; her opponents are trying to oust her. The clash, due in the... Continue Reading →
The impeachment committee's voting result of 38 in favor of impeachment and 27 against impeachment, does not guarantee the 2/3 majority at the House floor to approve the process and send to Senate for final judgement. So the uncertainty remains until it is voted at floor of the House this coming Sunday. The government needs... Continue Reading →
Brazilian police arrested former senator Gim Argello and launched raids in three states on Tuesday as part of a massive corruption investigation centered at state-run oil firm Petrobras, federal prosecutors said. The 28th round of police raids in the so-called "Operation Car Wash" was based on evidence that Argello took bribes to ensure executives at... Continue Reading →
A committee of Brazil's lower house of Congress voted 38-27 on Monday to recommend the impeachment of President Dilma Rousseff, who faces charges of breaking budget laws to support her re-election in 2014. A vote in the full lower house is expected to take place on Sunday. If two-thirds vote in favor, the impeachment will... Continue Reading →
Rio de Janeiro, April 8, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby announces that its average oil and natural gas production amounted to 2.48 million barrels of oil equivalent per day (boed) in Brazil, remaining in line with January (2.47 million boed), and 178,000 boed abroad, totaling 2.65 million boed. Oil production averaged 2... Continue Reading →
Brazil’s real advanced to the strongest level in almost seven months as Congress prepared for key votes on the ouster of President Dilma Rousseff this week. Brazil’s currency, the most volatile in emerging markets as traders try to gauge the outlook for a complicated impeachment effort, gained 1.8 percent to 3.5266 per dollar at 12:30 p.m.... Continue Reading →
Brazil Energy Insight 