Brazil on Monday banned IESA Oil & Gas from government work for paying bribes, the third construction and engineering company barred in the massive graft and political kickbacks scandal involving contracts with state oil company Petrobras. The Ministry of Transparency, Brazil's primary anti-corruption agency, said IESA would not be able to bid for new government... Continue Reading →

The Camargo Correa Construction company is rumored to be for sale and China’s giant CCCC China Communications Construction Company is a likely candidate. French and Spanish companies are also rumored to be in the list of suitors. Three billionaire sisters are the controlling shareholders of multinational construction and cement conglomerate Camargo Correa. The conglomerate was... Continue Reading →

Reuters Brazil's federal police launched an operation on Monday to investigate fraud at pension funds of major state-run companies, carrying out seven arrest warrants, over a hundred search warrants and freezing assets worth 8 billion reais ($2.46 billion), police said in a statement. The pension funds under investigation are those of state-run banks Caixa [CEF.UL]... Continue Reading →

Pemex expected oil majors to line up for a historic chance to help it tap the giant Perdido reserves in ultra-deep waters of the Gulf of Mexico. So far sign-ups for an auction have only trickled in. Days before the Sept. 5 deadline to begin the bidding process to join Petroleos Mexicanos’s first oil production joint venture... Continue Reading →

Prysmian Brazil, global leader in cables and systems for energy and telecommunications sectors, has just signed a contract worth US $ 1.4 million, with the Indonesian Star Energy, to supply energy cabling systems to be installed in the gas drilling platform Kakap PSC, located in the Natuna Sea, in Jakarta. The project scope includes the... Continue Reading →

01 set, 2016 The local content policy, which has led many local entrepreneurs to invest in their structures, in new technologies and training, will most likely be relaxed. The Ministry of Mines and Energy is studying ways to alter the rules and the Director of Exploration and Production, José Botelho Neto, has anticipated that rules... Continue Reading →

Thu Sep 1, 2016 /Reuters A Brazilian Supreme Court judge on Thursday overturned an audit court ruling that had frozen the assets of industrial conglomerate Odebrecht due to alleged overcharging on a refinery built for state oil company Petroleo Brasileiro SA. Last month, the TCU federal audit court froze 2.1 billion reais ($646 million) of... Continue Reading →

Brazil's federal police said they had arrested two people and raided properties on Tuesday over alleged corruption at building firm Queiroz Galvao, widening a sweeping investigation focused on state-run oil company "Operation Carwash" was launched two years ago to tackle price fixing, bribery and political kickbacks at Petrobras, as the company is commonly known. It... Continue Reading →