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Brazil's state-run oil company Petrobras will likely delay details of major cuts to its $221 billion five-year spending plan until July, two sources said, when the government plans to announce a rescue program for the industry. Petrobras, which is struggling with a corruption scandal, falling oil prices, stagnant output, and the largest debt of any... Continue Reading →
"Petrobras last month reported earnings that beat analysts’ estimates by 23 percent after a fuel price increase allowed its refining and supply unit to turn a profit for the first time since late 2010. Chief Executive Officer Aldemir Bendine is developing a business plan to reduce the industry’s heaviest debt load and retain an investment-grade... Continue Reading →
Petrobras - US$ 1.5 Billion received from the China Development Bank 06/12/2015 Rio de Janeiro, June 12th 2015 - Petróleo Brasileiro S.A. - Petrobras informs that it has received today, through its fully owned subsidiary Petrobras Global Trading BV - PGT, the amount of US$ 1.5 Billion related to the loan signed on May 20th,... Continue Reading →
Petrobras Oil and Natural Gas Production on May 06/12/2015 Rio de Janeiro, June 12nd, 2015 – Petróleo Brasileiro S.A. – Petrobras announces that, on May 2015, its oil and natural gas production was 2 million 766 thousand barrels of oil equivalent per day (boed), in Brazil and abroad, 0.7% lower than the volume produced on... Continue Reading →
Eletrobras reports that it has hired US law firm Hogan Lovells to investigate possible violations of domestic and international graft laws in its contracts. The publicly listed Eletrobras warned the US Securities and Exchange Commission that it would have to delay its form 20-F, or annual report, for 2014 after allegations emerged that the chief executive of a... Continue Reading →
Petroleo Brasileiro SA faces a mounting number of U.S. investor lawsuits that seek compensation for market losses tied to a multibillion-dollar bribery scheme. Cases against the energy giant multiplied in recent weeks to more than a dozen, as investors from Ohio to Denmark seek damages for a kickback scandal that helped knock $60 billion off... Continue Reading →
Brazilian prosecutor Carlos Lima. Photographer: Evaristo Sa/AFP via Getty Images Two Brazilian prosecutors probing a scandal at Petroleo Brazileiro SA that rocked the nation’s political establishment say it would be hard to consider the company a perpetrator in the multibillion-dollar kickback scheme. Carlos Lima and Deltan Dallagnol lead a group of nine federal prosecutors in... Continue Reading →
Brazil's Petrobras bet big and won this week after printing a US$2.5bn Century bond - the largest-ever trade with this tenor and the oil company's first bond sale since a corruption scandal locked it out of the capital markets last year. Few thought the company, still reeling from a high-profile investigation into kick-backs, was prepared... Continue Reading →
Petrobras Supplier Blacklist Seen as Illegal by Attorney General June 3, 2015 — 4:19 PM BRT Brazil's Attorney General Luis Inacio Adams. Photographer: Evaristo Sa/AFP/Getty Images Petrobras acted hastily in banning more than 20 contractors from bidding for new work during a graft investigation, according to Brazil’s attorney general. The blacklist -- issued by... Continue Reading →
The Petrobras logo is reflected in the window of the company's headquarters in Sao Paulo April 23, 2015. REUTERS/PAULO WHITAKER Reuters reports that indebted Brazilian oil company Petrobras has brought in Bank of America Merrill Lynch to help manage a multi-billion dollar divestment plan and has already contacted major oil companies who might be interested... Continue Reading →
