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Petroleo Brasileiro SA, the world most indebted oil producer, is selling its controlling stake in an Argentine unit, Neuquen Province Governor Jorge Sapag said. YPF SA, Pan American Energy LLC, Pluspetrol SA and Tecpetrol SA are among the companies planning to jointly buy about 70 percent of Petrobras Argentina SA owned by the Rio de... Continue Reading →
Brazil’s real led global losses amid concern mounting political tension will make it harder for President Dilma Rousseff to trim budget deficits and maintain the nation’s credit rating. The currency fell the most in a week as Eduardo Cunha, the head of the lower house, broke with the ruling coalition after a state’s witness accused... Continue Reading →
The speaker of Brazil's lower house of Congress, Eduardo Cunha, broke with the government of President Dilma Rousseff on Friday over corruption allegations, deepening a political crisis in Latin America's largest economy. Cunha accused Rousseff's government and prosecutor general Rodrigo Janot of conspiring to incriminate him in a widening corruption scandal at state-run oil firm... Continue Reading →
Petrobras - Settlement of Tax Contingency 07/16/2015 Rio de Janeiro, July 16, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby announces that, due to the unfavorable final ruling in the administrative sphere by the Tax Appeals Board (CARF), it paid today the amount of R$1.6 billion in relation to the Tax Deficiency Notice issued by... Continue Reading →
Petrobras - New Decision on the Parque das Baleias Arbitration 07/17/2015 Rio de Janeiro, July 17, 2015 – Petróleo Brasileiro S.A. – Petrobras, regarding the press released filled on July 6th about the Parque das Baleias Arbitration, informs that the Arbitration Tribunal presented a new ruling determining the suspension of the deposits of the disputed... Continue Reading →
Brazil’s real headed for a fourth straight weekly decline amid concern mounting political tension will make it harder for President Dilma Rousseff to trim budget deficits and maintain the nation’s credit rating. The currency fell Friday as Folha de S. Paulo reported that Eduardo Cunha, the head of the lower house, was preparing to announce... Continue Reading →
Petrobras - Clarification of Press Article: Costs Reduction 07/16/2015 Rio de Janeiro, July 16, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to BM&FBovespa Official Letter 2351/2015-SAE, as transcribed below: OFFICIAL LETTER 2351/2015-SAE “We request clarification, by 9AM July 17th, 2015, regarding the content of news released by O Estado de Sao Paulo, edition... Continue Reading →
Brazil's state-run oil company Petroleo Brasileiro SA is working to bring domestic diesel and gasoline prices into parity with international levels in order to attract downstream buyers or partners, a company executive said on Thursday. Petrobras, as the company is known, is looking to sell assets as it battles to survive a combination of mounting... Continue Reading →
The speaker of Brazil's lower house of Congress, Eduardo Cunha, will announce his break with the government of President Dilma Rousseff on Friday, according to Brazilian media. Cunha told Reuters he will hold a press conference at 11 a.m. (1400 GMT). It follows his statement on Thursday that he is weighing legal arguments to impeach... Continue Reading →
Brazil's state-run oil company Petroleo Brasileiro SA said late Thursday it paid 1.6 billion reais ($508 million) to settle part of a tax dispute with Brazilian authorities and will take a charge against second-quarter earnings. The payment includes 1.2 billion reais in back taxes and 400 million reais in fines and interest, Petrobras, as the... Continue Reading →
Brazil Energy Insight 