Petrobras Chairman Nelson Carvalho has opposed a management proposal to reduce the price of gasoline in a bid to boost sales, said a person familiar with the discussions. Jorge Celestino, the head of refining, proposed a price cut at a time Petrobras is losing market share, said the person, who asked to remain anonymous because... Continue Reading →
Petrobras – Clarification on News: Conditions of the Loan with the China Development Bank (CDB)
Rio de Janeiro, April 04, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 140/2016/CVM/SEP/GEA-1 requesting clarifications, as transcribed below: Official Letter 140/2016/CVM/SEP/GEA-1 “Dear Executive Officer, We present clarifications about the news item published today on the O Estado de São Paulo newspaper, Seção Economia (Economy Section), under the title: “China conditions... Continue Reading →
Petrobras – Clarification of News Item: Reduction in Fuel Prices
Rio de Janeiro, April 4, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 144/2016/CVM/SEP/GEA-1, which requests the following clarifications: Official Letter 144/2016/CVM/SEP/GEA-1 “Dear Officer, We refer to the news item published today in the Economy (Economy) section of the newspaper O Globo, entitled Conselho da Petrobras reage à redução de preços”... Continue Reading →
Petrobras sought arbitration for Sete Brasil talks
State-controlled Petróleo Brasileiro SA unsuccesfully sought the appointment of arbiters to rework a long-term contract with debt-laden drilling rig leaser Sete Brasil Participações SA, according to three sources with knowledge of the situation. The proposal, made in recent weeks, called on each party to name three mediators to rework the contract, said the sources, who... Continue Reading →
New Voluntary Severance Incentive Program – 2016 PIDV
04/01/2016 Rio de Janeiro, April 1, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby announces that its Executive Board has approved a Voluntary Severance Incentive Program – 2016 PIDV, open to all employees. The aim of the Program is to adjust the size of the workforce to the needs of the Business and Management Plan... Continue Reading →
Brazil’s Petrobras could lower gasoline, diesel prices Monday: paper
Apr 3, 2016 A worker paints a tank of Brazil's state-run Petrobras oil company in Brasilia, Brazil in this September 30, 2015, file photo. REUTERS/UESLEI MARCELINO/FILES Brazil's state-run fuel company Petroleo Brasileiro SA could cut gasoline and diesel prices on Monday, according to a newspaper report Sunday, reversing hikes last year meant to help the... Continue Reading →
Petrobras’s Best-in-the-World Stock Rally Comes With Some Risks
Petroleo Brasileiro SA, Brazil’s state-run oil giant, surged 81 percent in dollar terms in March, the biggest gain among the world’s 1,000 biggest companies. The rally masks trouble under the hood that may derail the winning streak. Here’s the rub: The embattled crude producer hasn’t undergone any fundamental improvements. Instead, the gains have been fueled... Continue Reading →
Brazil police launch new raid in Petrobras probe
Apr 1, 2016 Reuters Brazil's Federal Police on Friday launched the latest stage of a sweeping investigation into corruption at state-controlled firms, federal prosecutors said in a statement. The warrants in the 27th round of the so-called "Operation Car Wash" focused on an allegedly fraudulent loan from Banco Schahin to state-run oil producer Petroleo Brasileiro... Continue Reading →
Brazil’s Petrobras says to save $9 bln with voluntary layoffs
Executives of Brazil's state-run oil producer Petroleo Brasileiro SA approved a voluntary layoff program to cut about 12,000 jobs and save 33 billion reais ($9.20 billion) by 2020, the company said in a statement on Friday. The program will cost 4.4 billion reais ($1.23 billion) to be implemented, Petrobras said. The layoffs will help Petrobras... Continue Reading →
Humbling of Petrobras hits Brazil’s oilfield services sector
Ripples hit smaller players as oil major slashes investment EM Squared/FT © Reuters by: Richard House The record R$36.9bn ($10.2bn) loss posted by Petrobras for the fourth quarter of 2015 was humbling enough for Brazil’s state oil company, but the impact on local oilfield service providers could be worse still as the tottering giant... Continue Reading →
