Petrobras Chairman Nelson Carvalho has opposed a management proposal to reduce the price of gasoline in a bid to boost sales, said a person familiar with the discussions. Jorge Celestino, the head of refining, proposed a price cut at a time Petrobras is losing market share, said the person, who asked to remain anonymous because... Continue Reading →
Brazil New Election Calls Grow as Crisis Snares Vice President
With political turmoil engulfing much of Brazil’s leadership, a proposal for new presidential elections this year is beginning to gain traction. A Supreme Court Justice on Tuesday ruled that Vice President Michel Temer should face impeachment proceedings just like President Dilma Rousseff. Judge Marco Aurelio Mello said Lower House chief Eduardo Cunha had overstepped his... Continue Reading →
Halliburton Faces U.S. Lawsuit on Baker Hughes Deal
U.S. antitrust officials have prepared a lawsuit to stop Halliburton Co. from taking over rival oil-services company Baker Hughes Inc., according to a person familiar with the matter. The Justice Department plans to file the lawsuit seeking to block the deal as soon as this week, claiming it violates antitrust laws by eliminating competition between... Continue Reading →
Justice Department will sue to stop merger of Halliburton and Baker Hughes
Various Halliburton equipment being stored at the equipment yard in Alvarado, Texas June 2, 2015. REUTERS/COOPER NEILL The U.S. Justice Department will file a lawsuit as soon as this week to stop Halliburton from merging with Baker Hughes, a deal that would combine the No. 2 and No. 3 oil services companies, a source familiar... Continue Reading →
House of Cards Cont.. Brazil top court justice orders Temer impeachment
Brazil's President Dilma Rousseff (L) talks to Vice President Michel Temer at the Planalto Palace in Brasilia, Brazil, in this March 2, 2016 file photo. REUTERS/ADRIANO MACHADO/FILES A Brazilian Federal Supreme Court justice on Tuesday ordered Congress to start impeachment proceedings against Vice President Michel Temer, in a surprise ruling that risks deepening a political... Continue Reading →
Another Brazil State-Run Giant Readies Its Own Graft Writedowns
A year after Brazilian oil giant Petroleo Brasileiro SA took a writedown of $2.1 billion because of the sweeping corruption scandal known as Carwash, another state-run company is getting closer to reporting its own price tag from graft losses. The team of lawyers and specialists hired by Centrais Eletricas Brasileiras SA has finished the bulk... Continue Reading →
Petrobras – Clarification on News: Conditions of the Loan with the China Development Bank (CDB)
Rio de Janeiro, April 04, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 140/2016/CVM/SEP/GEA-1 requesting clarifications, as transcribed below: Official Letter 140/2016/CVM/SEP/GEA-1 “Dear Executive Officer, We present clarifications about the news item published today on the O Estado de São Paulo newspaper, Seção Economia (Economy Section), under the title: “China conditions... Continue Reading →
Petrobras – Clarification of News Item: Reduction in Fuel Prices
Rio de Janeiro, April 4, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 144/2016/CVM/SEP/GEA-1, which requests the following clarifications: Official Letter 144/2016/CVM/SEP/GEA-1 “Dear Officer, We refer to the news item published today in the Economy (Economy) section of the newspaper O Globo, entitled Conselho da Petrobras reage à redução de preços”... Continue Reading →
Brazil impeachment battle rests on a handful of votes
Anti-government demonstrators attend a protest against Brazil's President Dilma Rousseff in downtown of Rio de Janeiro, Brazil, April 4, 2016. REUTERS/PILAR OLIVARES With neither side commanding enough firm support in the battle to impeach Brazil's President Dilma Rousseff, the outcome of a crucial vote in Congress this month may boil down to a... Continue Reading →
Petrobras sought arbitration for Sete Brasil talks
State-controlled Petróleo Brasileiro SA unsuccesfully sought the appointment of arbiters to rework a long-term contract with debt-laden drilling rig leaser Sete Brasil Participações SA, according to three sources with knowledge of the situation. The proposal, made in recent weeks, called on each party to name three mediators to rework the contract, said the sources, who... Continue Reading →
Brazil Energy Insight 