Russian billionaire Mikhail Fridman’s LetterOne and Germany’s BASF have signed a letter of intent to merge their oil and gas businesses into a joint venture named Wintershall DEA. The oil and gas business of BASF is bundled in the Wintershall Group consisting of Wintershall Holding GmbH and its subsidiaries, including the gas transportation business. The oil... Continue Reading →
Venezuela-China Relationship Sours as Sinopec Sues PDVSA
China Petroleum & Chemical Corp., the state-controlled oil company, is suing Petroleos de Venezuela SA in U.S. courts for unpaid bills. Sinopec, as the Chinese company is known, also filed a request for arbitration against PDVSA at the International Chamber of Commerce, as it alleges damages of at least $23.7 million, according to court papers.... Continue Reading →
China’s $160 Billion Energy M&A Binge Was Bad for Most Investors
If history is any guide, investors in China’s biggest oil companies may lose out as a record $35 billion in cash is tapped for a fresh round of deals, according to Sanford C. Bernstein & Co. LLC. Most of their $160 billion-plus worth of M&A during the past two decades has destroyed rather than added to... Continue Reading →
Brazil cuts rates to all-time low, hints at smaller Feb cut
Brazil’s central bank cut interest rates to an all-time low on Wednesday and hinted at a smaller reduction early next year, although it said it would be extra cautious going forward. The bank’s nine-member monetary policy committee, known as Copom, cut the benchmark Selic rate by 50 basis points to 7.00 percent, capping a 725... Continue Reading →
Samsung Heavy Has Record Plunge on Share Sale, Loss Forecast
Samsung Heavy Industries Co. plunged the most on record in Seoul trading after forecasting surprise losses and announcing a share sale plan, underscoring the bleak outlook for the global shipbuilding industry. Read more
Historic Rate Cut to Record Low Shows Brazil Return to Normalcy
Brazilian central bank governor Ilan Goldfajn is getting the thumbs-up from investors to cut the country’s benchmark interest rate to a record low on Wednesday. With inflation well within the target range, idle capacity, and fewer price distortions, Goldfajn can bring the country’s Selic rate to 7 percent, around half of the level just over... Continue Reading →
DP World acquires 66.67% from Odebrecht and has full ownership of Brazil’s Embraport
Brazil’s largest multi-mode private terminal will be renamed DP World Santos Published: 17:52 December 4, 2017 Gulf News DP World has completed full acquisition of Brazil’s Embraport, buying an additional 66.67 per cent stake from Odebrecht Transport to give it 100 per cent of the terminal. The terminal, in the Port of Santos, is Brazil’s... Continue Reading →
Brazil environmentalist Marina Silva to run for president in 2018
BRASILIA (Reuters) - Former Brazilian senator and environmental minister Marina Silva said on Saturday that she would seek her party’s nomination to run for president next year. Read more
Graña y Montero Announces Its Full Cooperation with the Public Ministry Investigations / Odebrecht
Graña y Montero S.A.A (NYSE:GRAM) (BVL:GRAMONC1) a leading Engineering and Construction company, expresses its full cooperation with the actions of the Office of the Prosecutor regarding investigations into the projects in which our company, along with other Peruvian companies, participated as a partner with the Brazilian company Odebrecht. Read more
Copersucar partners with BP on ethanol complex in Brazil
SAO PAULO (Reuters) - Brazil’s Copersucar, one of the world’s largest ethanol merchants, and BP’s Brazil unit said on Thursday they will form a 50-50 logistics joint venture in the country. The venture will operate Copersucar’s recently built ethanol storage complex in the Brazilian city of Paulínia, the country’s largest fuels hub. The announcement comes... Continue Reading →
Brazil Energy Insight 