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 →
Petrobras’ Board of Directors approves the Composition of its Executive Board
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 →
Petrobras to save $500 mln a year with reorganization plan
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 →
U.S. probes Brazil’s Odebrecht, Braskem for corruption
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 →
Brazil’s government seeks re-election of Petrobras chairman
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 →
