Feb 23 Brazilian police made two arrests and carried out 15 search warrants in the state of Rio de Janeiro on Thursday in the latest phase of a sweeping investigation into corruption at state-run oil company Petroleo Brasileiro SA. Federal police said in a statement the principal target of the day's operation were two alleged... Continue Reading →

Odebrecht wants to negotiate fines and leniency agreements related to corruption investigations with several Latin American countries by June, which would help the Brazilian engineering conglomerate avoid a mid-term negotiations throughout the region that could delay the planned sales of assets, two sources familiar with the matter said. According to these sources, Odebrecht expects to... Continue Reading →

Ecovix will present its judicial recovery plan until the first week of March. The main proposal will be the sale of part of the capital of the shipyard, controlled by Engevix. Everything will depend on Petrobras and whether or not will resume the order of two hulls for platform ships, a contract in the order... Continue Reading →

Reuters Thursday, February 23, 2017  Brazil’s government said on Feb. 22 it would relax local purchasing rules for the oil industry as of September in an effort to attract foreign investment and lower costs that have hindered development of vast offshore reserves. Mines and Energy Minister Fernando Coelho said the requirement that oil companies operating... Continue Reading →

The government will no longer accept "waivers" applications from companies that fail to meet local content requirements in upcoming oil and gas auctions. The lack of regulation regarding "amnesty" for this type of noncompliance was under pressure from the Brazilian Court of Audits (TCU) on the National Agency for Petroleum, Natural Gas and Biofuels (ANP).... Continue Reading →

Feb 22 Brazil's central bank maintained the pace of interest rate cuts on Wednesday, resisting pressure to further step up monetary easing to pull Latin America's economy out of its worst recession on record. In a unanimous vote, the bank's 9-member monetary policy committee, known as Copom, decided to lower its benchmark Selic rate by... Continue Reading →

Brazil's central bank will likely maintain its aggressive pace of interest rate cuts on Wednesday despite some calls to further step up monetary easing to rescue an economy mired in recession. The bank's 9-member monetary policy committee, known as Copom, will likely cut its benchmark Selic rate BRCBMP=ECI by 75 basis points to 12.25 percent,... Continue Reading →