Brazil’s federal police raided the offices of the consortium building the second-largest Olympics complex in Rio de Janeiro, clouding the run-up to the mega-event whose chief advocate will also face investigation in a separate case. Authorities executed a search-and-seizure warrant at the headquarters of the Deodoro Sports Complex’s northern section, which was built by Queiroz Galvao... Continue Reading →
Petrobras Stock Rally Offsets Political Tension
The Ibovespa rose for the fourth time in five days as state-controlled Petroleo Brasileiro SA followed oil higher, offsetting increased political tension. Petrobras, as the Brazilian oil producer is known, contributed the most to the benchmark equity index’s advance as Brent crude advanced to an eight-month high. The rally overshadowed concern it may be difficult... Continue Reading →
BP-Prumo’s NFX starts importing maritime diesel to Brazil’s Acu port
Jun 7, 2016 Reuters NFX, the joint venture between oil company BP and port operator Prumo Logistica, has begun importing maritime fuel to the Brazilian port of Acu, the company said in a statement on Tuesday. NFX said its first shipment arrived on June 3 and it expects to import 4.5 million tonnes of maritime... Continue Reading →
Trafigura -Global Oil Demand Is Growing ‘Strongly
Trafigura Group Pte has joined other leading energy trading houses in saying oil demand is growing "strongly" this year, suggesting that OPEC’s cheap oil strategy is spurring consumption despite weak economic growth in China and other emerging nations. “Strong consumption growth", led by gasoline demand in the U.S. and China, Trafigura said in its interim report... Continue Reading →
Angolan Party Rejects President’s Daughter as Oil Company Head
Angola’s main opposition party rejected President Jose Eduardo dos Santos’s decision to name his billionaire daughter Isabel as chairwoman of the state oil company and said it would ask parliament to debate the appointment. “The measure confirms once more the practice of nepotism by President Jose Eduardo dos Santos,” the National Union for Total Independence... Continue Reading →
Clarification of News Item: No Conflict of Interest between the Presidency of Petrobras and the Chair of the Board of Directors of the BM&FBOVESPA
Rio de Janeiro, June 6, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 237/2016-CVM/SEP/GEA-1.which requests the following clarifications: Official Letter 237/2016-CVM/SEP/GEA-1 “Dear Officer, We refer to the Notice to the Market disclosed by BM&FBOVESPA S.A. – Securities, Commodities and Futures Exchange on May 20, 2016, which contains the following affirmations: BM&FBOVESPA... Continue Reading →
Petrobras Clarification about News item: Debt with Eletrobras Companies
Rio de Janeiro, June 06, 2016 – Petróleo Brasileiro S.A. – Petrobras complies with Official Letter 239/2016-CVM/SEP/GEA-1 which requests clarifications as transcribed below: Official Letter 239/2016-CVM/SEP/GEA-1 “Dear Executive Officer, We refer to the news item published today on Valor Econômico newspaper, Seção Empresas (companies section), under the title: “State-owned company negotiates installment payment of debt... Continue Reading →
Meanwhile back at the House of Cards series -Brazil prosecutor seeks arrest of Senate president, ruling party leaders
June 7,2016 - Reuters Brazilian chief prosecutor Rodrigo Janot asked the Supreme Court to authorize the arrest of the presidents of the Senate and the ruling PMDB party and former president José Sarney for allegedly trying to obstruct police investigations, newspaper O Globo said on Tuesday. The decision to move ahead was in the hands... Continue Reading →
Shell Deepens Spending Cuts, Promises More Savings From BG
Royal Dutch Shell Plc cut spending plans further and promised increased savings following its record purchase of BG Group Plc, as Europe’s largest oil company continues to adjust to the slump in energy prices. Shell will spend $29 billion this year, it said Tuesday. That compares with a May forecast for capital expenditure “trending toward”... Continue Reading →
Angolan State Oil Producer Uncovers $50 Billion Hole,
Angola will investigate reports of a $50 billion shortfall in the accounts of the state-run oil company, local newspaper Valor Economico reported, citing unidentified people close to international consultants hired to restructure the company. The assessment uncovered “discrepancies” between the funds received and invested and showed that the company had withheld revenue to the government,... Continue Reading →
Brazil Energy Insight 