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Brazil's state-run Petroleo Brasileiro SA is slowing down a planned sale of assets and turning its attention to cost cutting to trim its massive debt, a senior company source told Reuters on Monday. The change in strategy by Petrobras, as the company is known, means that the plan to sell up to 25 percent of... Continue Reading →
Petrobras - Appointment of the Temporary Chairman of Board of Directors 09/14/2015 Rio de Janeiro, September 14, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby announces that its Board of Directors has approved, on a meeting held today, the appointment of Director Luiz Nelson Guedes de Carvalho to perform the duties of the Chairman of... Continue Reading →
Murilo Ferreira will take a leave of absence as chairman of state-run oil firm Petrobras, turning his full attention to his job as chief executive of Vale SA as the mining giant grapples with a downturn in the sector. Petroleo Brasileiro SA, as the company is formally known, did not give a reason for Ferreira's... Continue Reading →
Petrobras - Chairman of the Board of Directors‘ leave of absence 09/14/2015 Rio de Janeiro, September 14, 2015 – Petróleo Brasileiro S.A. – Petrobras informs that the Chairman of its Board of Directors, Mr. Murilo Pinto de Oliveira Ferreira, announced today his leave of absence from the Company´s Board until November, 30th. The above appeared... Continue Reading →
Petrobras - Standard & Poor’s reviews Petrobras’ global ratings 09/10/2015 Rio de Janeiro, September 10, 2015 – Petróleo Brasileiro S.A. – Petrobras informs that the rating agency Standard & Poor’s (S&P) announced the revision of Petrobras' corporate debt rating from BBB- to BB. With this grade Petrobras is no longer an Investment Grade company for... Continue Reading →
Petrobras agrees two-month deal supplying naphtha to Braskem SEPT 10/Reuters Brazil's state-run oil company Petroleo Brasileiro SA said on Thursday it agreed to supply naphtha to Latin America's largest petrochemical producer Braskem for two more months as the companies keep negotiating a long-term contract. The contract has been under intense scrutiny after prosecutors charged executives... Continue Reading →
Brazil's state-run oil company Petrobras, which slashed its five-year spending plan by 40 percent in June, will likely cut back further as growing debt costs, falling oil prices and a weak currency have already made the plan obsolete, two company sources told Reuters on Thursday. Standard & Poor's decision to cut Brazil's sovereign credit rating... Continue Reading →
There’s a new king in the $2 trillion global junk bond market. Brazil’s state-owned oil producer Petroleo Brasileiro SA, with $56 billion of outstanding securities, has become the world’s largest non-investment grade corporate issuer after Standard & Poor’s cut its credit rating seven months after a similar move by Moody’s Investors Service. The Rio de... Continue Reading →
Petrobras Cut to Junk by S&P Following Brazil Downgrade Paula Sambo September 10, 2015 — 5:02 PM BRT Reuters S&P joins Moody's in taking away Petrobras investment grade Rate cut could lead to selloff by institutional investors Petroleo Brasileiro SA, the oil producer mired in Brazil’s largest-ever corruption investigation, was downgraded to junk by Standard... Continue Reading →
Petroleo Brasileiro SA’s investment plans will be at risk if Standard & Poor’s downgrades the state-controlled producer to junk as it did with Brazil’s sovereign rating, said analysts at HSBC Holdings Plc and BTG Pactual. Petrobras plans to invest $108.6 billion on exploration and production through 2019, or 83 percent of its business plan, to... Continue Reading →
Brazil Energy Insight 