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Latin America’s economy will stagnate in 2016 as commodity-dependent countries such as Brazil and Venezuela drag down the entire region, offsetting a positive performance in Mexico, the World Bank forecast. Output in Latin America and the Caribbean will be flat this year, down from a 2.1 percent growth forecast last June, according to the World... Continue Reading →
Wed Jan 6, 2016 Reuters Petrobras ends rig contract with Ensco over bribe charges The logo of Brazil's state-run Petrobras oil company is pictured outside its headquarters in Rio de Janeiro, Brazil, December 17, 2015. REUTERS/RICARDO MORAES Rig contractor Ensco Plc said Brazilian oil producer Petrobras has ended a contract for a drillship over allegations... Continue Reading →
Wed Jan 6, 2016 Reuters Jan 6 Brazilian engineering firm UTC Engenharia S.A. has renegotiated 1.2 billion reais ($300 million) of debt with banks, the first engineering firm caught in a massive construction scandal to do so, newspaper Folha de S. Paulo reported on Wednesday. After a year of negotiations, four banks agreed to extend... Continue Reading →
In a few weeks Petrobras will release an update of this report. I am re-posting the Oct/2015 report to keep at hand for comparison purposes and to draw your attention to slide 22 comparing the old development plan with the newer version. Petrobras Update_Oct2015
A group of Japanese shipbuilders led by Mitsubishi Heavy Industries Ltd (MHI) plans to exit its 30 percent stake in Brazilian shipbuilder Ecovix and declare the investment as a loss, Valor Economico newspaper reported on Tuesday. The group led by MHI plans to sell its stake in Ecovix, which it bought in 2013 for about... Continue Reading →
A five Japanese companies consortium led by Mitsubishi, prepares to leave the capital of Ecovix, which controls the Rio Grande Shipyard (ERG). The consortium took over 30% stake in the business just over two years for $ 300 million. According to a report by Francisco Garcia, the sale of that stake to the holding Jackson... Continue Reading →
Mon Jan 4, 2016 Brazil's Lula summoned to testify in bribery case Reuters Brazil's former President Luiz Inacio Lula da Silva reacts during a meeting with Rio de Janeiro's Governor Luiz Fernando Pezao in Rio de Janeiro, Brazil December 3, 2015. REUTERS/RICARDO MORAES Former Brazilian President Luiz Inacio Lula da Silva was summoned to testify... Continue Reading →
Oil giant’s turnaround is stalled amid cheap oil prices and high debt Aldemir Bendine has been the company’s chief for 11 months. Aldemir Bendine has been the company’s chief for 11 months. PHOTO: UESLEI MARCELINO/REUTERS By WILL CONNORS and PAUL KIERNAN Jan. 4, 2016 8:50 p.m. ET RIO DE JANEIRO—In his 11 months at the... Continue Reading →
Jan 4 Brazil returned to a trade surplus in 2015 as the worst recession in 25 years and a slump in the real currency damped demand for imports in Latin America's largest economy, data showed on Monday. Brazil posted a trade surplus of $19.681 billion for last year, rebounding from a deficit of $4 billion... Continue Reading →
Brazil's oil and natural gas output was the lowest in a year in November as a strike reduced production from fields run by Brazil's biggest operator, state-run Petroleo Brasileiro SA, oil regulator ANP said in a statement on Monday. Oil companies in the country produced 2.972 million barrels a day of oil and natural gas... Continue Reading →
Brazil Energy Insight 