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A U.S. judge earlier this month kept alive a lawsuit against Brazil's Petrobras in part because he doubted the state-led oil company's contention that some assurances it made about ethics and governance amounted to "mere puffery." District Judge Jed Rakoff, of Manhattan federal court, described puffery as a sort of harmless corporate bragging. To be... Continue Reading →
Petrobras - Clarification on News: Board of Directors’ Meeting 07/29/2015 Rio de Janeiro, July 29, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letters n.º 295/2015/CVM/SEP/GEA-1 and BM&FBovespa n.º 2448/2015-SAE, which request clarifications on an article published on July 28, 2015 in O Estado de São Paulo newspaper, as follows: OFFICIAL LETTER... Continue Reading →
Prosecutors in Brazil said on Wednesday former Petrobras executive Renato Duque had unfairly favored Italy's Saipem SpA on a contract for an undersea gas pipeline for the Lula and Cernambi offshore subsalt fields. The accusations came in an emailed summary of charges against Duque, who is on trial over allegations of corruption, and four other... Continue Reading →
The slide of crude into a bear market sank Petroleo Brasileiro SA, sending the Ibovespa to the longest rout since February 2013. Petrobras, the oil producer at the center of Brazil’s largest corruption scandal, extended a seven-day plunge to 17 percent. Crude traded in New York fell more than 20 percent from its June high... Continue Reading →
Prosecutors and federal police in Brazil unearthed the country's largest-ever corruption scandal by tying a ring of black-market money changers to a price-fixing and political kickback scheme at state-run oil firm Petrobras. Executives from two dozen engineering firms are accused of inflating the value of service contracts and funneling the excess funds into their own... Continue Reading →
Brazil's main oil workers union is considering an open-ended strike in September if a 24-hour walkout scheduled for midnight Thursday fails to stop moves to shrink state-run oil company Petrobras, a senior union official said. FUP, which represents platform, refinery and other workers, is fighting plans by Petroleo Brasileiro SA, as Petrobras is known, to... Continue Reading →
Petrobras - Clarification on News: Contract with Braskem 07/21/2015 Rio de Janeiro, July 21st, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 278/2015/CVM/SEP/GEA-1, as transcribed below: OFFICIAL LETTER 278/2015/CVM/SEP/GEA-1 We refer to the article published on July 18, 2015 on the G1 website, entitled Petrobras sai no prejuízo em contrato com... Continue Reading →
Petrobras - Clarification on News: Petrobras Distribuidora offering 07/21/2015 Rio de Janeiro, July 21st, 2015 – Petróleo Brasileiro S.A. – Petrobras´ response to Official Letter BM&FBovespa n.º 2379/2015-SAE, as transcribed below: OFÍCIO n.º 2379/2015-SAE “According to the news’ content broadcasted by Valor Econômico, on 07/21/2015, comprises information that the company analyzes (to make) the IPO... Continue Reading →
Tue Jul 21, 2015 Petrobras shares rally on Rousseff's dismal poll numbers Preferred shares of state-run oil producer Petroleo Brasileiro SA erased early losses to rise about 3 percent in early Tuesday trading after a poll showed President Dilma Rousseff's popularity continued to tumble due to a mounting corruption scandal and economic recession. The poll... Continue Reading →
Sete Brasil's ex president, João Carlos Ferraz, admited that in a moment of weakness in 2013 he accepted bribes of U$1.9 million from the shipyards constructing Sete's rigs. The company's board have taken legal action and are asking for R$22 million in restitution. The company's board assures that this incident will not affect the on... Continue Reading →
Brazil Energy Insight 