Rio de Janeiro, June 1, 2016 - Petróleo Brasileiro S.A. - Petrobras hereby announces results and amendments with respect to the previously announced tender offers by its wholly-owned subsidiary Petrobras Global Finance B.V. (“PGF”). Waterfall Tender Offers Petrobras hereby announces that holders of US$7,523,494,000 and €1,920,133,000 principal amount of the outstanding notes of the series... Continue Reading →
Petrobras CEO Says No More Political Interference in Oil Company
Petroleo Brasileiro SA’s new Chief Executive Officer Pedro Parente said political interference has ended in the state-run oil producer and that fuel price decisions will now be made according to the company’s best interests. A solution to Petrobras’s debt, the largest in the industry, includes selling part of its assets, he told reporters after his... Continue Reading →
Brazil economy slows decline on government spending surge
Brazil's economy shrank for a fifth straight quarter in early 2016, but the drop was smaller than forecast due to heavier government spending in the months before a vote to impeach President Dilma Rousseff. Brazil's economy shrank 0.3 percent in the first quarter from the fourth quarter, statistics agency IBGE said on Wednesday. The contraction... Continue Reading →
Court ruling could cast shadow over Brazil offshore oil sector
An appeals court ruling on whether a Liberian mortgage is valid for a Brazilian-owned oil production ship, due on Wednesday, could cast doubt on the future of secured lending for such vessels in the world's largest deepwater market. The court in São Paulo is due to decide on the appeal by Nordic Trustee ASA to... Continue Reading →
Brazil Solicitor General Asks Court for Fines, Restitution in Corruption Scandal
Solicitor General Fábio Medina Osório is seeking more than $6 billion in penalties and repayments in cases connected to Petróleo Brasileiro A sign at a Petrobras BR gas station in Rio de Janeiro, Brazil. PHOTO: BLOOMBERG NEWS By ROGERIO JELMAYER/WSJ May 31, 2016 12:05 p.m. ET SÃO PAULO—Brazil’s top legal official has asked a court... Continue Reading →
Brazil’s Corruption Probe Likely to Expand to Other Petrobras Suppliers
So-called Car Wash investigation could extend to next year, a source said/WSJ Brazil’s corruption investigation could include more of state oil company Petróleo Brasileiro SA’s suppliers, according to a person involved in the probe. PHOTO: AGENCE FRANCE-PRESSE/GETTY IMAGES By LUCIANA MAGALHAES/WSJ May 31, 2016 3:54 p.m. SÃO PAULO—Brazilian authorities are expanding their sweeping investigation into... Continue Reading →
Not a stone unturned – Bradesco CEO Trabuco, Two Other Bank Managers Indicted in Brazil
Got the Cappi of the Cappos.... Bloomberg/ Julia Leite and Francisco Marcelino Banco Bradesco SA Chief Executive Officer Luiz Carlos Trabuco Cappi and two other company executives were indicted by Brazil federal police amid the so-called Zelotes probe into alleged fraud in tax cases. Shares slumped as much as 8 percent. The indictments were confirmed by federal... Continue Reading →
QuickTake Q&A: Brazil’s Carwash Is More Trouble for Ruling Party
Two years on, a corruption investigation in Brazil is still producing fresh revelations. Overshadowed at times by the broader political perils of President Dilma Rousseff -- who is suspended from office and facing an impeachment trial in the Senate -- the probe known as Carwash has implicated state-run oil giant Petrobras, large construction companies and... Continue Reading →
Brazil’s Real Set for Worst Month Since September Amid Crisis
Brazil’s real extended its worst monthly slide since September after the resignation of a second minister in two weeks cast doubt on Acting President Michel Temer’s ability to restore confidence in Latin America’s largest economy. The real dropped 0.6 percent to 3.5913 per dollar at 10:21 a.m. in Sao Paulo, extending this month’s decline to... Continue Reading →
Petrobras – New CEO and changes to Management
Rio de Janeiro, May 30, 2016 - Petróleo Brasileiro S.A. - Petrobras hereby announces that it received today a letter of resignation from Mr. Aldemir Bendine of Petrobras’ Board member and CEO positions. Additionally, Mr. Aldemir Bendine also resigned today, the office of Member of the Board of Petrobras Distribuidora – BR. In light of... Continue Reading →
Brazil Energy Insight 