The Bill & Melinda Gates Foundation has sued Brazil's Petrobras to recoup stock losses stemming from a corruption scandal at the state-run oil company. According to a complaint filed late Thursday night in federal court in Manhattan, Petrobras' "pervasive bribery and money laundering scheme" caused the Gates Foundation and another plaintiff, WGI Emerging Markets Fund... Continue Reading →
Transocean Cited in Petrobras Carwash Corruption Investigation
Transocean Ltd., the world’s largest offshore rig contractor, is being linked for the first time to the corruption probe of Petroleo Brasileiro SA, the state-owned energy giant at the center of Brazil’s biggest corporate scandal. A former executive at Brazil’s state-run oil company has testified to receiving what he says were payments made by someone claiming to... Continue Reading →
Odebrecht Bonds Plunge as Petrobras Cancels Drill Ship Contract
Bonds backed by four Odebrecht drilling rigs plunged to the lowest since they were issued after Brazil’s state oil company canceled a contract to rent one of the ships. Odebrecht Offshore Drill Finance’s $1.5 billion of bonds due 2022, which are backed by cash flows coming from the drill ships, fell 13 percent to 25... Continue Reading →
Petrobras – Market value below R$100 billion
Petrobras – Market value below R$100 billion At the close of the stock market last night, the market value of Petrobras stood at R$99.68 billion. Exactly 5 years ago today, Petrobras celebrated the world’s largest corporate mega capitalization ever of R$125 billion, Petrobras market value jumped to R$321 billion. To many, this was the beginning... Continue Reading →
Petrobras Riskier Than Argentine Peer Shows Confidence Collapse
To see the damage done to bondholders of Brazil’s flagship oil company, just compare its yields to those of its lower-rated peer across the border in default-prone Argentina. The rout in notes from the world’s largest junk-rated corporate issuer means Petroleo Brasileiro SA’s borrowing costs are now higher those for YPF SA, the oil company... Continue Reading →
Petrobras – Currency devaluation effects on its balloning debt
At R$4.00 to the US dollar, Petrobras' massive debt has increased by R$70 billion compared to last quarter. This amount is equivalent to the company's divestment goal of U$15.1 billion. So much for reducing debt by selling assets. About 80% of Petrobras debt is US dollar denominated. At the end of last quarter total debt... Continue Reading →
Petrobras Sees ‘Great Wave’ of $100-Oil Never Coming Back
It’s unlikely that oil prices will ever return to $100 a barrel andPetroleo Brasileiro SA needs to work with suppliers to manage the price rout, an executive at the state-run oil producer said Tuesday The world’s largest producer in ultra-deep waters is working to optimize technology to cut costs and save in everything from buoys... Continue Reading →
Petrobras – Interest Sale in Natural Gas Distribution Companies
Petrobras - Interest Sale in Natural Gas Distribution Companies 09/22/2015 Rio de Janeiro, September 22, 2015 – Petróleo Brasileiro S.A. – Petrobras informs that it is in final negotiation with Mitsui Gas e Energia do Brasil Ltda to sell 49% of the holding company that will consolidate all Petrobras interests in natural gas distribution companies... Continue Reading →
Petrobras, Mitsui in final talks over gas unit stake sale
Brazil's state-controlled oil producer Petroleo Brasileiro SA said on Tuesday it is in the last stages of negotiations with a Mitsui & Co Ltd Brazilian unit over the purchase of a minority stake in a natural gas holding company. In a securities filing, Petrobras said it is considering the sale of 49 percent of a... Continue Reading →
Petrobras ends contracts for two World Wide Supply PSVs
Petrobras ends contracts for two World Wide Supply PSVs zoom World Wide Supply AS, a company providing offshore shipping services for the global petroleum industry, has received notice of early termination of contracts for two of its platform supply vessels (PSVs) from Brazilian oil and gas giant Petrobras. Namely, the contracts were terminated for two 2013-built... Continue Reading →
Brazil Energy Insight 