Brazil's President Dilma Rousseff speaks during a news conference at the Planalto Palace in Brasilia, Brazil March 11, 2016. REUTERS/UESLEI MARCELINO Graft money skimmed from overpriced contracts to build the Belo Monte hydroelectric dam in the Amazon funded President Dilma Rousseff's 2010 and 2014 election campaigns, a ruling Workers' Party senator has testified according to... Continue Reading →
Brazil prosecutors seek $2 bln from Odebrecht, Petrobras executives
Brazilian prosecutors late on Saturday accused executives from construction conglomerate Odebrecht and state-run oil company Petrobras of misconduct and demanded they pay 7.3 billion reais ($2 billion) in damages. Prosecutors accused Odebrecht of paying bribes to win multi-billion dollar contracts with Petrobras as part of a massive corruption scheme that implicated dozens of politicians and... Continue Reading →
Brazil’s PMDB to decide on breaking with Rousseff in 30 days
Brazilian President Dilma Rousseff's main coalition partner served notice on Saturday that it could break from her embattled Workers' Party government in 30 days and join opposition efforts to unseat the leftist leader. At a rowdy convention of the fractious Brazilian Democratic Movement Party (PMDB), leaders quashed a motion by irate delegates who wanted to... Continue Reading →
Brazilians return with force to streets to demand Rousseff’s exit
Demonstrators depicting Brazil's former President Luiz Inacio Lula da Silva (L) and Brazil's President Dilma Rousseff attend a protest against Rousseff, part of nationwide protests calling for her impeachment, in Brasilia, Brazil, March 13, 2016. REUTERS/UESLEI MARCELINO Protesters poured en masse onto the streets of Brazil's major cities on Sunday to demand the removal... Continue Reading →
New Traces Of Oil In Libra
Petrobras reports second evidence of oil in the 3-BRSA-1322-RJS well in the Santos pre-salt layer [11.03.2016] / By Gabriela Medeiros/Brazil Energy Petrobras registered finding traces of oil while drilling the 3-BRSA-1322-RJS well in the Libra area in the Santos Basin pre-salt layer. This was the second time the company reported traces of oil during the... Continue Reading →
Petrobras scandal claims Marcelo Odebrecht, its biggest name yet
http://www.ft.com/cms/s/0/0074dda0-e775-11e5-bc31-138df2ae9ee6.html#ixzz42d5ovbzr March 11, 2016 2:55 pm Petrobras scandal claims Marcelo Odebrecht, its biggest name yet Samantha Pearson in São Paulo ©AFP Marcelo Odebrecht is said to have been lifting makeshift weights in a windowless cell in the south of Brazil At first glance, the event looked like any other attended by Marcelo Odebrecht during his... Continue Reading →
Pemex Woes Trigger 2,000 Provider Job Cuts as Boom Turns to Bust
Petroleos Mexicanos’ woes are hitting home for suppliers that less than two years back were preparing for an oil boom. Cotemar, one of Mexico’s largest oil service providers, will lay off as many as 2,000 workers after Pemex suspended two of the company’s contracts amid massive budget reductions, according to a company official, asking not to... Continue Reading →
Buyers bet on Brazil regime change
Investors swooped on Brazil's first sovereign bond deal since 2014 on Thursday, as the country's deepening corruption scandal bolstered expectations of a change in government. The country took advantage of a strong rally in global credit to print a US$1.5bn due April 2026 bond at 6.125%, the most it has paid for 10-year funding since... Continue Reading →
Brazil’s Rousseff says not resigning in political crisis
Brazil's President Dilma Rousseff speaks during a news conference at the Planalto Palace in Brasilia, Brazil March 11, 2016. REUTERS/UESLEI MARCELINO Brazil's President Dilma Rousseff rejected calls for her resignation on Friday midst a political storm deepened by a massive corruption scandal and blamed her opponents for causing a crisis that has damaged the Brazilian... Continue Reading →
Brazil’s Odebrecht mulls sale of Braskem’s majority stake
Grupo Odebrecht SA , Latin America's largest engineering conglomerate, is considering selling the majority stake it has in petrochemical producer Braskem SA, according to three sources with direct knowledge of the situation. Odebrecht, controlled by the namesake millionaire Brazilian family, could exit Braskem in a joint transaction with state-controlled oil producer Petroleo Brasileiro SA, said... Continue Reading →
Brazil Energy Insight 