Renée Pereira, O Estado de S.Paulo 31 May 2017 Despite the crisis in the naval sector, the Board of Directors of the Merchant Marine Fund (CDFMM) approved in the last months almost R $ 3 billion for the construction of new shipyards. The projects are aimed at repairing medium and large ships and do not... Continue Reading →
Vard buys PJMR stake in Vard Promar shipyard
Vard Holdings announced the acquisition of the control of the Vard Promar shipyard, located in Pernambuco, and acquired a 4.85% stake in PJMR (Ariovaldo Rocha, president of Sinaval). The value of the transaction is R $ 5.5 million. The Vard group, controlled by Italian state-owned company Fincantiere, will now have 100% control of the local... Continue Reading →
Brazil set for steep rate cut despite political storm
Brazil's central bank is widely expected to maintain its rapid pace of interest rate cuts on Wednesday despite a political crisis that has clouded the future of an economy slowly emerging from its worst recession ever. Corruption allegations against President Michel Temer, which threaten to unseat the center-right politician and derail his economic reform agenda,... Continue Reading →
Brazil Supreme Court judge orders Temer to respond to police questions
Tue May 30, 2017 FILE PHOTO: Brazil's President Michel Temer speaks at the Planalto Palace in Brasilia, Brazil, May 18, 2017. REUTERS/Ueslei Marcelino/File Photo Brazilian President Michel Temer must respond within 24 hours to federal police questions about his alleged involvement in a sprawling political graft probe, a Supreme Court judge ruled on Tuesday, a... Continue Reading →
Brazil’s President Says He Will Remain in Office Despite Resignation Demands
Michel Temer makes first direct comments to foreign reporters since the country’s supreme court authorized a corruption investigation of the president Brazilian President Michel Temer on Monday. PHOTO: JOÉDSON ALVES/EUROPEAN PRESSPHOTO AGENCY By Samantha Pearson and Paulo Trevisani Updated May 29, 2017 10:02 p.m. ET SÃO PAULO—Brazilian President Michel Temer is banking on the country’s... Continue Reading →
PETROBRÁS RECEIVES APPROVAL FOR ITAPU DEVELOPMENT PLAN
May 29, 2017 The Itapu field, part of the Onerous Cession and located in the Santos Basin pre-salt, will receive an FPSO with the capacity to produce 120,000 barrels of oil per day. Petrobras, which operates the area, has received approval from the ANP for the field development plan. The FPSO is expected to be... Continue Reading →
Petrobras takes DOF’s anchor handler for one year
DOF informed in an Oslo Stock Exchange filing on Monday that the anchor handling tug and supply vessel Skandi Admiral has been awarded a one-year contract with the Brazilian state-owned oil company Petrobras. The shipping company said that the contract will start by the end of May or in early June. The 1999-built Skandi Admiral is... Continue Reading →
Brazil’s Temer urges court to end uncertainty overshadowing growth
President Michel Temer urged Brazil's top electoral court to decide quickly on a case alleging illegal funding of his 2014 campaign in order to lift political uncertainty overshadowing a recovery in Latin America's largest economy. Helped by bumper soy and corn harvests, Brazil's economy eked out growth in the first quarter following its most painful... Continue Reading →
Dominican Republic arrests officials in Odebrecht bribery probe
Nearly a dozen people, including current and former top officials, were arrested in the Dominican Republic early Monday for ties to $92 million in bribes paid by the Brazilian construction company Odebrecht to obtain public works contracts. Those arrested included Victor Diaz Rua, who had previously served as the country's public works minister, as well... Continue Reading →
Brazil Outlook Lowered to Negative by Moody’s on Temer Probe
Brazil’s credit outlook was cut by Moody’s Investors Service, which said the corruption scandal ensnaring President Michel Temer poses a rising threat to the recovery of Latin America’s largest economy. Moody’s reduced the nation’s outlook to negative from stable and kept its rating at two levels below investment grade at Ba2, according to a statement... Continue Reading →
Brazil Energy Insight 