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
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 →
Exclusive: Petrobras spending plan already obsolete, new cuts likely
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 →
Petrobras Crowned New King of Junk Bonds After Rating Downgrade
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
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 →
Petrobras Investment Plans at Risk From S&P Downgrade
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 →
Techint under investigation in Petrobras corruption probe
Mon Sep 7, 2015 Reuters Techint under investigation in Petrobras corruption probe MILAN The Techint Group, which controls listed steel pipe maker Tenaris, is being probed by Milan prosecutors over alleged international corruption regarding contracts awarded by Brazil's Petrobras, the company and sources said on Monday. Techint is being investigated by the prosecutors under a... Continue Reading →
Brazil’s Braskem signs naphtha contract with Petrobras/Reuters
Brazil's Braskem signs naphtha contract with Petrobras Brazilian petrochemical firm Braskem SA said on Friday it signed a naphtha contract with state-run oil firm Petrobras, valid until the end of October. The contract continues the terms of a previous deal, but Braskem said in a statement that it continued to work with Petroleo Brasileiro SA<... Continue Reading →
Petrobras Said to Cut Parties, Chauffeurs to Save $12 Billion
Petroleo Brasileiro SA is doing away with chauffeured cars, overseas training programs, office parties and other perks as part of a plan to save $12 billion in corporate spending, people familiar with the measures said. The chief executive officer and heads of divisions will be allowed to keep their cars with drivers, though, the people said, citing an... Continue Reading →
Exxon Pre Salt Interest
Undisclosed sources say that Exxon has team at Petrobras analyzing four pre salt blocks that may be for sale or participation. The blocks are Carcara and Jupiter in the Santos Basin and Pão de Açucar and Tartaruga in the Campos Basin. The majors (Shell and Exxon) show interest in the larger offshore blocks.
