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Brazil's Vice President Michel Temer said on Tuesday he is not seeking to run for president in 2018, but his PMDB party is keen to launch its own candidate and has released a pro-business economic agenda as its platform. The PMDB, the largest party in Brazil's ruling coalition, has clashed repeatedly with President Dilma Rousseff... Continue Reading →
A union representing workers at state-run oil company Petroleo Brasileiro SA in Brazil's most important production area said on Monday it remains on strike over back pay and the state-owned oil company's plans for assets sales. Sindipetro Norte Fluminense workers operate oil platforms and other services in the Campos Basin, the source of 64 percent... Continue Reading →
A Brazilian congressional ethics committee decided on Monday to investigate whether lower house speaker Eduardo Cunha lied in a corruption hearing about Swiss bank accounts that prosecutors say he controls. The probe threatens the political career of Cunha, the sole member of Congress with authority to take up impeachment requests filed against President Dilma Rousseff.... Continue Reading →
11/16/2015 Rio de Janeiro, November 16th, 2015 – Petróleo Brasileiro S.A. – Petrobras informs that in line with its strategy of diversifying funding sources, is concluding negotiations the Export Credit Agency (ECA) from Italy – SACE, from the United Kingdom - UK Export Finance (UKEF), from Japan - Nippon Export and Investment Insurance (NEXI) and... Continue Reading →
Apache Corp. and Anadarko Petroleum Corp., two exploration businesses that may find themselves as targets in an industry consolidation, are run by chief executives with smaller golden parachutes than similar-sized oil and gas companies. The dollar incentive for takeovers for Apache CEO John Christmann was $8.4 million as of the company’s fiscal year-end when he was... Continue Reading →
Royal Dutch Shell Plc plans to retain four senior executives from BG Group Plc after the merger between the two oil and gas groups completes next year, according to an internal memo sent on Monday. The announcement comes less than two weeks after Shell revealed organizational changes as it prepares for its biggest ever takeover,... Continue Reading →
Nov 16 Brazil's Federal Police on Monday began a new round of arrests and search and seizure operations in the states of Rio de Janeiro and Bahia related to a corruption probe involving state-controlled oil producer Petróleo Brasileiro SA, police said. In a statement, the police said officers were making 11 search and seizure orders... Continue Reading →
Petroleo Brasileiro SA is looking to fight back the junk debt ratings that have made its borrowing costs balloon. The oil industry’s most indebted major producer is studying ways to borrow against future crude exports as part of an effort to cut its dependency on international capital markets, Chief Financial Officer Ivan Monteiro said during a... Continue Reading →
Oil stockpiles have swollen to a record of almost 3 billion barrels because of strong production in OPEC and elsewhere, potentially deepening the rout in prices, according to the International Energy Agency. This “massive cushion has inflated” on record supplies from Iraq, Russia and Saudi Arabia, even as world fuel demand grows at the fastest pace... Continue Reading →
Brazilian lawmakers approved legislation that may boost fiscal revenue by providing incentives for citizens to repatriate fortunes, handing the government a win in its push to shore up the nation’s finances. The bill allows Brazilians to bring money back into the country by paying a fee while averting tax-evasion charges. The measure is part of Finance... Continue Reading →
Brazil Energy Insight 