Camargo Correa SA, the Brazilian family-owned conglomerate that exited several businesses over the past year, has put a cement unit up for sale, a column in newspaper O Globo said on Sunday. According to Globo columnist Lauro Jardim, Camargo Correa values the unit known as InterCement SA at around 20 billion reais ($6.47 billion). The... Continue Reading →
Sevan Marine to pay ANP fines for Piranema Spirit FPSO
zoomPiranema Spirit cylindrical FPSO Sevan Marine, a designer of a cylindrically shaped floating platforms, has agreed on a settlement with Piranema LLC for the payment of “ANP fines incurred to date.” ANP or Agência Nacional do Petróleo, Gás Natural e Biocombustíveis is the Brazilian federal government agency regulating the oil and gas sector. Sevan... Continue Reading →
CORRECTED-Petrobras resorts to top court to free divestment plan
Brazil's state-run oil company Petrobras has asked the Supreme Court to lift an injunction obtained by an oil workers' union that froze sales of its assets, including its fuels distribution unit, a court official said on Friday. Petrobras filed the request on Thursday in a bid to lift the injunction that blocked a divestment plan... Continue Reading →
Petrobras has put up for sale at a minimum bid of US $ 40 million two drilling rigs that cost US $ 720 million at the beginning of the decade.
Petrobras has put up for sale at a minimum bid of US $ 40 million two drilling rigs that cost US $ 720 million at the beginning of the decade. The units are part of a package of seven probes that will be auctioned by the state-owned company in May. The P-59 and P-60 rigs... Continue Reading →
Pre-salt can yield R $ 1.2 trillion in royalties and taxes
Study shows outlook for the coming decades With 20 billion barrels in untapped oil and gas reserves, the pre-salt could yield the country at least 1.2 trillion reais in taxes and royalties. This is shown by a study commissioned by the Brazilian Association of Petroleum Services Companies (Abespetro) So far, the pre-salt has already produced... Continue Reading →
Brazilian corruption probe sends politicians running for cover
Brazilian politicians are scrambling to negotiate an amnesty for illicit funding as part of efforts to shield themselves from a widening graft probe that has engulfed President Michel Temer's government and the Congress. Lawmakers have for months sought a legislative slight-of-hand to evade the rapidly expanding "Car Wash" investigation that has exposed systematic corruption on... Continue Reading →
Brazil’s Temer says economy turning around, confidence rising
The Brazilian economy has begun to turn around, jobs are being created, and business confidence is slowly recovering, President Michel Temer said on Friday, touting initial successes of his recovery plan. Speaking at a business meeting in Sao Paulo, Temer pointed to the latest cover of The Economist showing Brazil beginning to lift off among... Continue Reading →
Petrobras ordered to restart asset sales
zoomFPSO Cidade de Itajaí, located on the Baúna field. Image source: Teekay Brazilian court has ordered the state-owned oil company Petrobras to restart its assets sale program, meant to help the company reduce its massive debt, except for two projects. Brazil’s Federal Accounting Court (TCU) on Wednesday overturned an injunction from December last year that... Continue Reading →
Brazil Heralds $1.2 Billion Raised in Key Infrastructure Auction
Brazil raised 3.72 billion reais ($1.2 billion) with the auction of four airports on Thursday in the latest test of President Michel Temer’s strategy of jump-starting growth via private investments. The auction, the first of its kind since 2013, had bids for all the airports. Fraport AG Frankfurt Airport Services Worldwide got contracts to operate... Continue Reading →
BRIEF-Moody’s changes outlook on Brazil’s Ba2 issuer rating to stable from negative
Moody's * Changes outlook on brazil's ba2 issuer rating to stable from negative * Moody's on brazil says risk of contingent liabilities from government-related entities, captured in negative outlook, has been significantly reduced * Moody's on brazil says expectation that the downside risks reflected in the negative outlook are abating and macroeconomic conditions stabilizing *... Continue Reading →
Brazil Energy Insight 