Brazil's state-run oil company Petrobras said on Friday it was cutting fuel prices as part of a new policy tracking international benchmarks more closely after politically driven pricing cost the company billions in recent years. Petroleo Brasileiro SA, as the company is formally known, will cut prices for diesel by 2.7 percent and gasoline by... Continue Reading →
Brazil’s Petrobras cuts fuel prices under new pricing policy
Fri Oct 14, 2016 |Reuters Brazil's state-run oil company Petrobras said on Friday that its board agreed to cut prices for diesel by 2.7 percent and gasoline by 3.2 percent under a new policy which will track international prices more closely, the company said in a filing on Friday. Petroleo Brasileiro SA, as the company... Continue Reading →
Former Brazil senator sentenced to 19 years in Petrobras probe
A former Brazilian senator was sentenced on Thursday to 19 years in prison for corruption, money laundering and obstruction of justice in the investigation of kickbacks at state-run oil company Petrobras. Gim Argello was arrested in April on evidence he took 7.35 million reais ($2.28 million) in bribes to ensure executives at major infrastructure companies... Continue Reading →
Brazil Real Gains as Oil Rebound Overshadows Chinese Slump Data
Brazil’s real advanced as a rebound in oil prices overshadowed disappointing Chinese data and increased bets on a Federal Reserve interest-rate hike that bolstered the dollar. The real gained 0.2 percent to 3.1904 per dollar at 3:24 p.m. in Sao Paulo after declining as much as 0.7 percent earlier. The Bloomberg Commodity Index gained 0.7... Continue Reading →
Brazil’s BNDES halts overseas disbursements amid graft probe
By Rodrigo Viga Gaier | Reuters Oct 11 State development bank BNDES has temporarily frozen loan disbursements worth $4.7 billion for several major engineering firms ensnared in Brazil's biggest corruption investigation. The suspension was enacted in May but only made public on Tuesday by Ricardo Ramos, director of the bank's exports division. The move blocks... Continue Reading →
Petrobras and Galp expand partnership in order to strengthen exploratory, development and production activities
10/11/2016 Rio de Janeiro, October 11, 2016 – Petróleo Brasileiro S.A. - Petrobras signed, today, a Memorandum of Understanding (MoU) with Galp Energia, SGPS, S.A. (Galp), aiming to extend the cooperation between the two companies, reinforcing their strategic alliance. Following this MoU, Petrobras and Galp intend to further enhance their partnership, considering potential joint ventures... Continue Reading →
UPDATE 1-Brazil tackling fiscal woes, on track for recovery -Meirelles
Oct 11/Reuters - The approval of a federal spending cap in a first-round vote shows Brazil is tackling its fiscal woes and is on its way to entering a sustainable growth path, Finance Minister Henrique Meirelles said on Tuesday. Meirelles said the mere expectation of a budget reform has lifted confidence, but stressed that the... Continue Reading →
BP Sees Oil Demand Growth Swamping Impact of Electric Cars
Rising demand for oil over the next two decades is likely to overwhelm the impact of the electric car on crude markets, said Spencer Dale, chief economist for BP Plc. “They’ll have a huge impact in terms of air quality, but it’s not a game changer over 20 years even with aggressive electric vehicle penetration,’’... Continue Reading →
Petrobras faces challenge of decommissioning old platforms
With 74 offshore platforms with more than 25 years of operation, Petrobras is expanding the development of their decommissioning projects, demobilization and removal of equipment at the end of an offshore oil production system. Under development or planning are the Cação fields in the Espirito Santo Basin and Marlim fields, in the Campos Basin. Solange... Continue Reading →
Temer Scores Big Win With First Vote of Brazil Spending Cap
Brazil’s President Michel Temer secured his most important congressional victory to date as the lower house overwhelmingly supported a constitutional amendment that will cap growth in public spending as part of the government’s efforts to tackle a near-record budget deficit. Lawmakers approved the controversial proposal with 366 votes in favor, while 111 voted against. The... Continue Reading →
