Brazil is poised to sharply increase oil exports this year as heavy investments spur new output and demand for its lighter crudes win more buyers, especially in China and India. Production is projected to rise 210,000 barrels per day (bpd) in 2017, second only in the size of additional supply to the United States among... Continue Reading →

Odebrecht SA, the family-controlled engineering conglomerate ensnared in Brazil's worst corruption scandal ever, is considering going public once it finalizes a thorough overhaul of corporate governance practices, a senior executive told Reuters on Thursday. An initial public offering remains one of several options the group and the namesake family that controls it are analyzing as... Continue Reading →

The Odebrecht corruption scandal could threaten public-private partnerships that are needed to build infrastructure throughout Latin America, the president of the Inter-American Development Bank (IADB) said on Thursday. The Brazilian builder admitted to paying hundreds of millions of dollars of bribes in 12 countries, mostly in Latin America, as part of a settlement with U.S.... Continue Reading →

Brazil's former speaker of the lower house, Eduardo Cunha, was found guilty and sentenced to more than 15 years in prison on corruption charges on Thursday, according to the ruling from a federal court. The former politician's defense team said they would appeal the decision but Cunha will remain imprisoned pending appeal. Cunha, who drove... Continue Reading →

The Brazilian government on Wednesday enacted a bigger spending freeze than anticipated while keeping tax hikes to a minimum as it seeks to reach a fiscal deficit target key to regaining the country's investment-grade rating. Finance Minister Henrique Meirelles told a news briefing the government would freeze 42.1 billion reais ($13.48 billion) in spending to... Continue Reading →

Odebrecht Óleo & Gás SA, the offshore oil drilling firm owned by Brazil's Odebrecht SA [ODBES.UL], could seek an out-of-court reorganization with creditors to speed up the restructuring of $5 billion in debts, two people familiar with the plan said on Monday. According to the people, an out-of-court workout would help the company known as... Continue Reading →

Brazil will start to sell oil and natural gas from production sharing contracts with oil companies around September, the head of the state firm managing these contracts, Ibsen Flores, told Reuters on Tuesday. Flores, the president of Brazil's state-controlled company Pré-sal Petróleo SA (PPSA), said companies working through the relatively new contracts are expected to... Continue Reading →

Brazil will start to sell oil and natural gas from production sharing contracts with oil companies around September, the head of the state firm managing these contracts, Ibsen Flores, told Reuters on Tuesday. (Reporting by Marta Nogueira; Writing by Marcelo Teixeira; Editing by Richard Chang)

Public prosecutors in Peru have not ruled out investigating the country's biggest builder, Grana y Montero (GRA.LM) (GRAM.N), or people linked to the company as part of an investigation into its scandal-plagued Brazilian partner Odebrecht, a source in the attorney general's office said on Tuesday. The Justice Department said late on Monday that prosecutors in... Continue Reading →