Petroleo Brasileiro SA is looking to sell about 25 percent of its distribution unit in what would be Brazil’s biggest initial public offering in more than two years, said two people with direct knowledge of the matter. The Petrobras Distribuidora SA unit, known as BR, is Latin America’s largest distributor and marketer of petroleum derivatives... Continue Reading →
Odebrecht Oil & Gas signs U$804 million ten year loan for FPSO
Odebrecht Oil & Gas announced the signing of a 10 year loan, with 7 undisclosed financial institutions, for U$804 million. The purpose of the loan is to build an FPSO for the pre salt Libra field operated by Petrobras. The lease contract was signed shortly after the Libra auction and the vessel is being built... Continue Reading →
Brazil’s Petrobras Scandal Yields Surprise Bounty: Museum Pieces
The biggest corporate fraud case in Brazil’s history has cost its most important company billions of dollars, heaped disgrace on the nation’s political elites and helped slow its economy to a crawl. But there is an upside to the bribery-and-kickback affair centered on oil giant Petróleo Brasileiro SA: cheap art for the public. For a... Continue Reading →
Exclusive: Petrobras drags heels on Brazil fuel-price policy
Brazil's state-run oil company, Petrobras, has failed to present its board of directors with a promised plan to bring domestic fuel prices in line with world levels, three sources with direct knowledge of the situation told Reuters. The lack of a policy threatens the company's already-fragile finances and could delay efforts to sell refineries and... Continue Reading →
Petrobras – Provisional Ban Cancellation on Bidding Processes
Petrobras - Provisional Ban Cancellation on Bidding Processes 07/30/2015 Rio de Janeiro, July 30, 2015 – Petróleo Brasileiro S.A. – Petrobras informs that the provisional ban to block TKK Engenharia Ltda. has been cancelled, due to the shelving of administrative proceedings by the Office of the Federal Controller General (CGU), as stated in official letter... Continue Reading →
Petrobras begins production in Iracema Norte
Petrobras begins production in Iracema Norte 07/31/2015 Rio de Janeiro, July 31, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby announces that it has begun production from the Iracema Norte project with the startup on this Friday (July/31) of the Cidade de Itaguaí platform. The Iracema Norte area is located in the Lula field, in... Continue Reading →
Petrobras enlists ‘puffery’ defense against U.S. lawsuit
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
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 →
UPDATE 3-Brazil accuses former Petrobras executive of favoring Italy’s Saipem
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 →
Oil Bear Market Punishes Petrobras Shares
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 →
