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A Braskem SA shareholder has sued the Brazilian petrochemical producer, accusing it of being involved in a graft scandal that has engulfed key stakeholders Odebrecht and Petrobras and led to a selloff in Braskem's U.S.-traded stock. Plaintiff Douglas W. Peters is seeking class action status for the lawsuit, filed in a Manhattan federal court on... Continue Reading →
Two Chinese companies that entered Brazil’s giant deep-water oilfields two years ago are now looking to increase their presence as state-run Petrobras sells assets to pay down debt, said two people with knowledge of the matter. China Petroleum & Chemical Corp., or Sinopec, and Cnooc Ltd. are among companies interested in buying stakes in so-called... Continue Reading →
Brazilian state-run oil company Petroleo Brasileiro SA's long history of failed spending and output plans may be the biggest obstacle to its efforts to convince investors it will reduce its massive debt. Petrobras has not met an annual production target since 2003 when the Workers' Party government of Brazilian President Dilma Rousseff and her predecessor... Continue Reading →
Clarification on News: Sale of Ships 06/29/2015 Rio de Janeiro, June 29th, 2015 – Petróleo Brasileiro S.A. – Petrobras complies with Official Letter n.º 204/2015/CVM/SEP/GEA-1 which requests clarification, as below: OFFICIAL LETTER n.º 204/2015/CVM/SEP/GEA-1 “We referred to news released on this date, in the newspaper “Valor Online”, entitled: “Petrobras negotiates the sale of 23 ships,... Continue Reading →
Brazil's president of the lower house, Eduardo Cunha, said on Friday that a requirement in the national oil law that state-run oil producer Petroleo Brasileiro SA, known as Petrobras, participate in all subsalt exploration and production blocks will be "corrected." Under the current legislation in Brazil, Petrobras must hold at least a 30 percent stake... Continue Reading →
Clarification on News: Taxation of Petrobras 06/24/2015 Rio de Janeiro, June 24th, 2015 - Petróleo Brasileiro S.A. – Petrobras complies with Official Letter n.º 197/2015/CVM/SEP/GEA-1, which requests clarifications as follows: OFFICIAL LETTER n.º 197/2015/CVM/SEP/GEA-1 “We referred to the News released on this date in the newspaper “O Globo”, entitled “More taxes in Petrobras”, in which... Continue Reading →
The cut in Petrobras's investment plan for the period 2015 to 2019 will be close to 40%, with the new budget around $ 130 billion, says real time service agency Broadcast. Last year, when the company was still chaired by Graça Foster, the investment goal was $ 220.4 billion in five years. But, given the... Continue Reading →
Petrobras - Clarification on News: Cuts in Budget 06/24/2015 Rio de Janeiro, June 24th, 2015 – Petróleo Brasileiro S.A. – Petrobras´ response to Official Letter BM&FBovespa 2.206/2015-SAE that requests clarification as follows: OFFICIAL LETTER 2.206/2015-SAE We request clarification by June 24th, 9:00 AM, regarding the news’ content broadcasted by Agência Estado – Broadcast, on June... Continue Reading →
The Brazilian Congress’s lower house will “easily approve” a bill to relieve Petrobras of its obligation to operate new oilfields in the so-called pre-salt offshore area, according to the chamber’s president. Read More
For Petrobras investors battered by years of mismanagement, a new chief executive officer went from villain to hero in a matter of weeks. The critical question now: Can he keep his reformist streak going -- and with it a strong rally in Petrobras shares? Read More
Brazil Energy Insight 