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Marcelo Odebrecht in 2014. Photographer: Kiyoshi Ota/Bloomberg The tale of Brazil’s political crisis is one of betrayals -- and the most explosive one may be yet to come. Marcelo Odebrecht, the former head of Brazil’s largest construction conglomerate who was arrested in a massive corruption scandal, is trying to reduce a 19-year sentence through... Continue Reading →
Brazil’s real declined for the fourth straight session as bearish sentiment on emerging-market currencies overshadowed a ruling that will push forward the investigation into former President Luis Inacio Lula da Silva amid a sprawling corruption scandal. The real declined 0.3 percent to 3.4932 per dollar as of 12:41 p.m. in Sao Paulo, after climbing as much... Continue Reading →
June 13, 2016 05:48 PM Eastern Daylight Time SAO PAULO--(BUSINESS WIRE)--Fitch Ratings has affirmed Odebrecht Engenharia e Construcao S.A.'s (OEC) Long- Term Foreign and Local Currency Issuer-Default Ratings (IDRs) and National Long-Term Ratings at 'B+' and 'A-(bra)', respectively and removed the ratings from Negative Watch. The Rating Outlook for the corporate ratings is Negative.... Continue Reading →
The Supreme Court decided on Monday to return a corruption investigation into former Brazilian President Luiz Inacio Lula da Silva to a crusading anti-corruption judge who is presiding over cases in the sprawling Petrobras graft scandal. Lula, Brazil's most influential politician, who has not ruled out running again in 2018, is under investigation for allegedly... Continue Reading →
The global oil market will be almost balanced next year as demand continues to rise faster than production, while the current oversupply is much smaller than previously thought, the International Energy Agency said. The surplus in the first half of this year is about 40 percent smaller than estimated a month ago, as consumption proves stronger... Continue Reading →
Statoil ASA may seek to partner with Petroleos Mexicanos in Mexico’s deepwater fields as the producer looks to gain a foothold in the country’s recently opened energy market. “We see opportunities to bid on deepwater farm-out agreements with Pemex if the terms and conditions are right," said Tore Loseth, vice president of Statoil Exploration in... Continue Reading →
Brazil's second-biggest fuel distributor, the Ipiranga unit of Ultrapar Participações SA , agreed to acquire a smaller peer for 2.17 billion reais ($635 million), rivaling the reach of state oil company Petrobras' distribution unit. Ipiranga, which has a network of 7,241 service stations, said in a securities filing on Sunday that the acquisition of Alesat... Continue Reading →
Brazil's main oilworkers unions on Friday held a 24-hour strike as part of nationwide protests against the government of interim-President Michel Temer, attacking his oil policies and seeking the return of suspended President Dilma Rousseff. The strike started just before midnight Thursday. Officials with the union, Sindipetro NF said there was almost no chance it... Continue Reading →
It’s longer than three soccer fields, heavier than two aircraft carriers and powerful enough to chill gas into liquid colder than the surface of Jupiter. And its maiden voyage couldn’t have come at a worse time. The world’s first modern vessel for producing liquefied natural gas was ordered by Petroliam Nasional Bhd in 2012 when LNG... Continue Reading →
BP Plc sold its Norwegian oil fields, some more than 40 years old, to a company controlled by billionaire Kjell Inge Roekke in a 10.8 billion kroner ($1.3 billion) stock deal. The new business, called Aker BP ASA, will be the seventh-largest producer in Norway, with daily oil and natural gas output of about 122,000... Continue Reading →
Brazil Energy Insight 