Petroleo Brasileiro SAsecured a $10 billion loan from the China Development Bank as the beleaguered state-owned oil producer endures the worst crude market in a generation and faces more than double that amount in maturities over the next two years. The lifeline is part of a deal to supply crude to the Asian country, Rio... Continue Reading →
Petrobras – Term Sheet signed with CDB
Rio de Janeiro, February 26, 2016 – Petróleo Brasileiro SA – Petrobras informs that it has today signed a Term Sheet with the China Development Bank (CDB), for financing of US$10 billion. The document contains the main terms and conditions of the operation and was signed by the President of Petrobras, Aldemir Bendine, and the... Continue Reading →
Petrobras may get $6 billion in sale of gas pipeline system
Feb 25, 2016 Reuters The Brazil's state-run Petrobras oil company headquarters is pictured in Rio de Janeiro, Brazil, January 28, 2016. REUTERS/SERGIO MORAES Brazil's state-led oil company Petrobras is expected to fetch as much as $6 billion from the sale of a natural gas pipeline unit in Brazil's industrialized Southeast, the Valor Economico daily newspaper... Continue Reading →
Petrobras Debt-to-Equity Swap Talk Puts Shareholders on Notice
At its peak in 2008, Petrobras was the world’s fifth-largest company worth $310 billion. Since then it has lost more than 90 percent of its value, and recent speculation about a debt-to-equity swap raises the spectre of more woes ahead for shareholders. The market cap of Brazil’s oil giant stands at just $19 billion... Continue Reading →
Standard & Poor’s downgrades Petrobras after Brazil sovereign cut
Feb 18, 2016 Reuters The Brazil's state-run Petrobras oil company headquarters is pictured in Rio de Janeiro, Brazil, January 28, 2016. REUTERS/SERGIO MORAES Brazil's state-run oil company Petroleo Brasileiro SA or Petrobras said on Thursday that Standard & Poor's downgraded its foreign currency bond rating to "B+" from "BB" after the ratings agency cut Brazil's... Continue Reading →
Brazil state banks may swap Petrobras debt for stock
Feb 16 Brazilian state-run lenders are considering converting part or all of their outstanding loans to Petróleo Brasileiro SA into equity in a bid to help the embattled oil producer, two sources familiar with the plan told Reuters on Tuesday. The swap would offer a government lifeline to Petrobras , the world's most indebted oil... Continue Reading →
Petrobras Equity Value Is Zero Due to Debt, BTG Pactual Says
Petrobras’s stock is worthless and a growing group of investors believe Brazil’s state-controlled oil company will convert debt into equity in a move that will benefit bondholders over shareholders, BTG Pactual said in a research report. Brazil’s three state-controlled banks, Banco do Brasil, Caixa Economica and development bank BNDES, hold an estimated 87 billion reais... Continue Reading →
Petrobras Staffers Idly Killing Time After Expansion Plan Gutted
Inside the new Petrobras -- less ambitious, more focused on cutting costs -- life for many remaining employees has slowed. Alarmingly so in some cases. Take the engineer who was recently stripped of his title as a manager and forced to take a 40 percent pay cut. He’s spending much of his time nowadays reading... Continue Reading →
Brazil’s Petrobras to reduce investment plan by 5 percent
Jan 31, 2016 The Brazil's state-run Petrobras oil company headquarters is pictured in Rio de Janeiro, Brazil, January 28, 2016. REUTERS/SERGIO MORAES Petroleo Brasileiro SA (PETR4.SA) will cut its 2016-2020 investment plan by 5 percent to $93 billion as the state-run oil company contends with dwindling oil prices and a massive corruption investigation, the O... Continue Reading →
Santander says overweight Brazil’s Petrobras bonds on asset-sale outlook
Santander Investment Securities said it has an "overweight" recommendation on the bonds of Brazil's state-led oil company Petroleo Brasileiro SA on expectation its asset-sale plans and cost cutting efforts will reduce debt. After meeting company executives, analyst Aaron Holsberg said that executives at Petrobras, as the company is known, have made divestments a high priority... Continue Reading →
Brazil Energy Insight 