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The opening of Petroleos Mexicanos’s first-ever gasoline station in Houston featured several cultural reminders of the company’s origins. There were mariachis dressed in traditional Charro suits, trumpet-heavy Mexican music and, of course, tacos. Quite a show for one of the world’s most indebted oil companies. Pemex, as the world’s eighth-largest oil company is known, opened... Continue Reading →
Colombia’s state-controlled Ecopetrol SA is targeting reduced production next year as the company slashes its investment budget amid falling oil prices. The combined business group is targeting output of 755,000 barrels of oil equivalent per day next year, down from a 2015 target of 760,000 barrels, Ecopetrol said in a statement Monday. The board approved an investment... Continue Reading →
To the Editor: Re article entitled, “Brazil’s Debt King: The Professor Who Oversaw a Boom Gone Wrong” (Dec. 10): Placing a group of facts together, even when they are true, doesn’t necessarily lead to a truthful or balanced understanding. That’s what Bloomberg did in its reporting. The story presents a distorted and biased view of... Continue Reading →
Dec 10,2015/Reuters Marcelo Odebrecht, the former chief executive of Grupo Odebrecht, has formalized his departure from Latin America's largest engineering group after six months in prison on corruption charges, the Brazilian company said on Thursday. He also stepped down as chairman of petrochemical producer Braskem SA, Odebrecht Oleo e Gas, Odebrecht Realizações Imobiliarias and Odebrecht... Continue Reading →
Royal Dutch Shell Plc said it would cut about 2,800 jobs to meet a pledge of reducing operating costs by $3.5 billion following its takeover of BG Group Plc. That equates to 3 percent of Shell and BG’s combined workforce as The Hague-based company consolidates offices and its administration structure once the acquisition is completed, it... Continue Reading →
Tens of thousands of Brazilians took to the streets on Sunday to demand President Dilma Rousseff's ouster, but the first nationwide protests since formal impeachment proceedings began were smaller than similar events earlier this year. Pollster Datafolha said 40,000 people turned out in Brazil's largest city of Sao Paulo, down from 135,000 in an August... Continue Reading →
Royal Dutch Shell Plc got clearance from antitrust authorities in China for the takeover of BG Group Plc, removing the final regulatory hurdle for its biggest-ever deal. The clearance from China’s Ministry of Commerce follows similar approvals from authorities in Brazil, the European Union and Australia. BG and Shell will now seek assent from their shareholders... Continue Reading →
Oil fell below $35 a barrel in New York for the first time since 2009 as Iran reiterated its pledge to boost crude exports, bolstering speculation OPEC members will exacerbate the global oversupply. Futures fell as much as 2.7 percent to $34.67 a barrel in New York, the lowest since Feb. 19, 2009. They lost... Continue Reading →
Filipe Pacheco/Bloomberg December 14, 201 Brazil’s real declined the most among regional currencies on worsening prospects for the economy as President Dilma Rousseff fights attempts to impeach her. The real dropped 0.5 percent to 3.8925 per dollar as of 9:44 a.m. in Sao Paulo, on course for its lowest level on a closing basis since... Continue Reading →
Critics of President Dilma Rousseff are organizing street protests in more than 90 cities throughout Brazil on Sunday, providing the first gauge of public opinion since Congress opened impeachment proceedings. Civic groups posted lists of rallying points and times on social media, calling on Brazilians to march in favor of Rousseff’s ouster. "Impeachment: with you on the... Continue Reading →
