Ex  Petrobras executive serving five years in prison for his role in the corruption scandal has begun talks with prosecutors in a bid to shorten his sentence, according to two people familiar with the talks. Nestor Cerveró, a former director of international operations at Brazil´s state-run oil firm Petróleo Brasileiro SA, was convicted in May of money laundering.... Continue Reading →

Brazilian police have arrested Jorge Zelada, former head of Petrobras' international division, as part of an ongoing investigation into bribery and corruption at the state-run oil producer, a local newspaper reported on Thursday. Zelada is accused of money-laundering, appropriating public funds, corruption, tax evasion and contract fraud, Folha de S. Paulo newspaper reported. He was... Continue Reading →

Petroleo Brasileiro SA, as Petrobras is formally known, agreed to sell its 20 percent interests in the Bijupirá and Salema oil and natural gas fields in Brazil's Campos Basin northeast of Rio de Janeiro to Petro Rio SA for $25 million, according to a statement. Petro Rio was formerly known as HRT Participações em Petroleo... Continue Reading →

Brazil’s state-controlled oil producer is considering listing the subsidiary, Petrobras Distribuidora SA, or BR, in a secondary public offering, the company said in a filing Wednesday. Other options include finding a strategic partner for the business, the company said. Read More

A Braskem SA shareholder has sued the Brazilian petrochemical producer, accusing it of being involved in a graft scandal that has engulfed key stakeholders Odebrecht and Petrobras and led to a selloff in Braskem's U.S.-traded stock. Plaintiff Douglas W. Peters is seeking class action status for the lawsuit, filed in a Manhattan federal court on... Continue Reading →