01 set, 2016 The local content policy, which has led many local entrepreneurs to invest in their structures, in new technologies and training, will most likely be relaxed. The Ministry of Mines and Energy is studying ways to alter the rules and the Director of Exploration and Production, José Botelho Neto, has anticipated that rules... Continue Reading →
Brazil Supreme Court overturns Odebrecht asset freeze
Thu Sep 1, 2016 /Reuters A Brazilian Supreme Court judge on Thursday overturned an audit court ruling that had frozen the assets of industrial conglomerate Odebrecht due to alleged overcharging on a refinery built for state oil company Petroleo Brasileiro SA. Last month, the TCU federal audit court froze 2.1 billion reais ($646 million) of... Continue Reading →
Brazil prosecutors reject SBM leniency deal for Petrobras graft
Federal prosecutors in Brazil rejected a $328.2 million (247.34 million pounds) deal on Thursday allowing Dutch oil-ship lesser SBM Offshore NV (SBMO.AS) to avoid prosecution for corruption related to its contracts with state-led oil company Petrobras. The decision was made by a federal prosecutor review board, which said numerous problems needed to be addressed before... Continue Reading →
Brazil’s Economic Policy Lurches Right
Brazil managed to pull off the Rio Summer Olympics and silence the naysayers. Now the country has a bigger act to manage—approve a painful austerity package to help bring on an economic rebound. Michel Temer, the provisional president who was sworn in after Dilma Rousseff was impeached on Aug. 31, is aiming to halt the... Continue Reading →
Brazilian police arrest two as corruption probe turns to major builder Queiroz Galvao
Brazil's federal police said they had arrested two people and raided properties on Tuesday over alleged corruption at building firm Queiroz Galvao, widening a sweeping investigation focused on state-run oil company "Operation Carwash" was launched two years ago to tackle price fixing, bribery and political kickbacks at Petrobras, as the company is commonly known. It... Continue Reading →
Brazil’s currency outlook may be brighter than politics suggest
Disappointment over the progress of an ambitious reform agenda by Brazil’s new President Michel Temer will probably be insufficient to cause another massive fall in the currency, even though it could rekindle market volatility and kill chances of any credit rating upgrades, a Reuters poll suggested on Thursday. The daunting task ahead of Temer is no... Continue Reading →
Brazil’s ousted President Rousseff appeals to Supreme Court
Brazil's ousted President Dilma Rousseff appealed to the Supreme Court on Thursday to overturn the Senate's decision to remove her from office for breaking budgetary rules. The Senate voted 61-20 on Wednesday to dismiss the leftist leader, confirming her conservative Vice President Michel Temer as president for the remainder of her term through 2018. Rousseff's... Continue Reading →
Brazil expects new Petrobras oil-rights deal by year-end
Brazil expects to renegotiate by year-end the price of 5 billion barrels of oil and gas rights purchased by Petrobras in a 2010 stock-for-oil swap, an energy ministry official said on Wednesday, removing a complication in the state-led company's plans to finance and develop major new offshore discoveries. Petrobras bought the rights from Brazil's federal... Continue Reading →
Brazil Keeps 14.25% Rate Amid Political Turmoil, Recession
Brazil kept borrowing costs unchanged for the ninth straight meeting on Wednesday, as policy makers grapple with a deepening recession, stubborn inflation and the fallout from a presidential impeachment trial. The central bank’s board, led for the second time by its new chief, Ilan Goldfajn, unanimously voted to maintain the so-called Selic rate at a... Continue Reading →
Investment rebound expected to end Brazilian recession, boost Temer
A rebound in spending on machinery and equipment by Brazilian companies should lead Latin America's largest economy out of a deep recession in the coming months, providing a much-needed boost for new center-right President Michel Temer. A recent survey of chief financial officers by the local American Chamber of Commerce showed nearly half of the... Continue Reading →
Brazil Energy Insight 