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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 →
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 →
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 →
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 →
Rio de Janeiro, March 30, 2016 – Petróleo Brasileiro S.A. – Petrobras announces that its Board of Directors approved today the names of the company’s executive officers and executive managers, based on its new structure. The following names were approved as executive officers: Hugo Repsold Júnior: Human Resources, HSE and Services Department (HR&SD) Ivan de... Continue Reading →
Mar 30, 2016 Reuters State-controlled Petróleo Brasileiro SA, the Brazilian oil producer at the center of a sweeping corruption probe, plans to save 1.8 billion reais ($500 million) a year through a reorganization plan that includes the merger of several business units, job cuts and a streamlining of activities. In a securities filing, the company... Continue Reading →
The U.S. Department of Justice is investigating possible corruption in contracts among Brazilian petrochemical company Braskem, engineering conglomerate Odebrecht and the country's state-run oil company Petrobras, a newspaper said on Tuesday. Local daily Valor Economico said the Justice Department was focusing its investigation on whether the companies violated the Foreign Corrupt Practices Act in naphtha... Continue Reading →
Mar 29, 2016 Reuters UPDATE 1-Brazil's government seeks re-election of Petrobras chairman Brazil's government, the controlling shareholder of Petroleo Brasileiro SA, proposed re-election of economist Luiz Nelson Guedes de Carvalho as board chairman of the state-run oil producer, the company said in a statement on Tuesday. The nomination will be subject to a vote at... Continue Reading →
Mar 28, 2016 People leave the headquarters building of Petroleo Brasileiro S.A. (PETROBRAS) in Rio de Janeiro, Brazil, March 21, 2016. REUTERS/SERGIO MORAES Brazil's state-run oil producer Petroleo Brasileiro SA will hold a shareholder meeting on April 28 to vote on proposed changes to the company's board, the company said in a statement on Monday.... Continue Reading →
Petroleo Brasileiro SA is becoming less of a default risk in the eyes of bondholders, despite the oil producer’s mounting losses in the wake of an unprecedented bribery scandal. That’s because the Brazilian real’s 8.1 percent surge this year against the dollar -- the second-biggest gain in the world -- is bolstering the state-controlled company’s... Continue Reading →
