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While the bank said Wednesday that Brazil’s real and the Colombian peso are the most vulnerable, Morgan Stanley is becoming increasingly concerned about the Mexican and Chilean pesos, which it previously expected to outperform. So far this year Latin American currencies have lost 10 percent, a Bloomberg index shows. Read More
A visit to Brazil by officials from Moody’s Investors Service raised the specter of a credit-rating cut for Latin America’s largest economy, sending stocks and the currency lower. Brazil is rated two levels above high-yield junk with a negative outlook by both Fitch Ratings and Moody’s. Standard & Poor’s cut the country’s rating to the... Continue Reading →
Exxon Mobil Corp., Chevron Corp. and Total SA weren’t among the nine bidders that presented offers in final stage of Mexico’s first oil auction Wednesday, the National Hydrocarbons Commission announced in Mexico City. There were no bidders for the first block auctioned.
Market sources report that Petrobras is negotiating the sale of its gas pipeline transportation assets, Trasportadora Associada de Gás - TAG. The company is offering two models - sale of 49% minority stake and operate or sale of 80% majority stake and let buyer operate. market sources say that the 80% sale has interested parties while... Continue Reading →
A Brazilian court approved a debtor-in-possession loan to engineering firm OAS SA, the company said, after it earlier this year filed for bankruptcy protection in the wake of a corruption investigation that shut its access to refinancing. In a statement published late on Tuesday, OAS said judge Daniel Carnio Costa freed up the so-called DIP... Continue Reading →
Brazil’s real fell for a second straight day amid speculation the nation will struggle to avoid a credit-rating downgrade as efforts to pare budget deficits face opposition from lawmakers. Read More
BHP Billiton Ltd.’s $20 billion foray into U.S. shale gas continues to sour as the world’s biggest mining company revealed it plans a further impairment charge. It will take a $2.8 billion writedown, most of it on the Hawkville field in Texas, Melbourne-based BHP said Wednesday. That brings BHP’s pretax charges on its U.S. shale... Continue Reading →
Norway's Subsea 7 has received permission to build and operate a terminal in the port city of Paranaguá in the state of Parana. The terminal will cost approximately R$ 103 million and it will be used to warehouse and transfer carbon fiber flexible and rigid tubing and other offshore material.
Standard & Poor's reiterated a negative outlook for Brazil's Petrobras on Tuesday, signaling the state-run oil company might soon lose its investment-grade rating despite its recent efforts to cut debt and restore investor confidence. Petroleo Brasileiro SA, as the company is formally known, has slashed its long-term spending plan to an eight-year low as it... Continue Reading →
Brazil's oil-exploration and local-content policies harm oil producer Petróleo Brasileiro SA and the nation as a whole, a government-appointed member of the state-run company's board said on Tuesday in a rare show of board-member independence. The comments were made by Roberto Castello Branco, who was named earlier this year by President Dilma Rousseff's administration to... Continue Reading →
Brazil Energy Insight 