Chevron Corp. will go ahead with a $36.8 billion expansion of the Tengiz oil project in Kazakhstan as crude’s recovery to near $50 a barrel and a steep drop in costs allows explorers to ramp up. The company and its partners including Exxon Mobil Corp. will spend $27.1 billion on facilities, $3.5 billion on wells... Continue Reading →
Exclusive: Brazil’s Cemig hires banks to sell gas business, hydroelectric plants
Cia Energética de Minas Gerais SA has hired at least three investment banks to prepare the sale of small hydropower plants and a gas distribution unit, according to three sources with direct knowledge of the plans, part of efforts by Brazil's second largest power distribution firm to cut its debt. Cemig (CMIG4.SA), which is controlled... Continue Reading →
Venezuela Refuses to Default. Few People Seem to Understand Why.
It’s been almost two years now since the renowned Harvard economist Ricardo Hausmann caused a stir in his native Venezuela by posing an uncomfortable question. Why does a country that’s so starved for cash keep honoring its foreign debts? In other words, how does it justify shelling out precious hard currency to wealthy bondholders in... Continue Reading →
What else is new? -Brazilian police target former Workers Party treasurer in Petrobras probe
Brazil's federal police served five arrest warrants and conducted search and seizure operations in three states on Monday, in the latest round of a sweeping corruption probe around state-run oil firm Petroleo Brasileiro SA. Police said contractors paid at least 39 million reais ($11.99 million) in bribes to executives of Petrobras, as the oil company... Continue Reading →
Brazil police raid pulpmaker controlled by billionaire Batista family
This probe gets very close to Finance Minister Meirelles... Brazilian police on Friday raided offices of pulpmaker Eldorado Celulose controlled by the billionaire Batista family, a company spokesman said, in the latest stage of the country's biggest-ever corruption investigation. Brazilian media had reported that police targeted JBS SA, the world's largest meatpacker which is also... Continue Reading →
Can you imagine if SHE comes back? Most Brazilians unhappy with interim president: poll
Brazil's interim President Michel Temer attends a ceremony of the social welfare program Bolsa Familia (Family Allowance) at the Planalto Palace in Brasilia, Brazil, June 29, 2016. REUTERS/ADRIANO MACHADO TPX IMAGES OF THE DAY An overwhelming majority of Brazilians do not approve of interim President Michel Temer's style of government or trust him after six... Continue Reading →
Last episode??? Brazil could dismiss Rousseff the day before Olympics ends
Brazil's Senate President Renan Calheiros, attends a news conference at the National congress in Brasilia, Brazil, June 30, 2016. REUTERS/ADRIANO MACHADO Brazil's Senate could take its final vote on the impeachment of suspended President Dilma Rousseff the day before the closing ceremony of the Olympic Games in Rio de Janeiro, a senior lawmaker said on... Continue Reading →
Pemex in Talks With Up to 10 Banks to Find Refinery Partners
Petroleos Mexicanos said it is in talks with as many as 10 investment banks including Goldman Sachs Group Inc., Bank of America Corp. and Credit Agricole SA to help the ailing oil producer find partners to improve its inefficient refining process. Pemex, whose refineries lose more than $5 billion a year, has requested proposals from... Continue Reading →
Brazilian Real Extends Best Month Since 2003 Amid Rate Fixing
Brazil’s real extended its best monthly gain since 2003 in a volatile day as traders speculated that banks are buying dollars in an attempt to control the central bank rate used in settling some financial contracts. The currency gained 0.6 percent to 3.2007 per dollar at 12:36 p.m. in Sao Paulo, extending its advance this month... Continue Reading →
Brazil police raid offices of major builders in railway probe
Brazil's federal police on Thursday raided the offices of at least 12 builders to seek evidence of a cartel handling railway projects, antitrust watchdog Cade said. Cade did not specify where the raids were conducted but said police suspected some of Brazil's largest construction companies, including Odebrecht SA, OAS SA and Andrade Gutierrez SA, were... Continue Reading →
