Daewoo Shipbuilding & Marine Engineering Co. said the worst is over for the company and it expects to post an operating profit this quarter after a record loss for 2015. The world’s second-largest shipbuilder is working on nine offshore projects as planned and doesn’t expect any further losses from them, Chief Executive Officer Jung Sung Leep... Continue Reading →
Argentina probes Brazilian construction firm Odebrecht’s local unit
Argentina is investigating whether the local unit of Odebrecht paid bribes to government officials, an Argentine prosecutor said on Wednesday, deepening the regional fallout from the biggest corruption scandal in Brazil's history. The probe laid out by Sergio Rodriguez, the lead prosecutor on public administration investigations, is a further sign of international cooperation in a... Continue Reading →
State Prosecutor Charges Brazil’s Lula With Hiding Assets
March 9,2016/Bloomberg The Sao Paulo state prosecutor’s office on Wednesday charged Brazil’s former President Luiz Inacio Lula da Silva on allegations of hiding assets, just days after federal police detained him as part of a separate investigation into corruption. The prosecutor’s press office declined to provide additional details when contacted by telephone. Newspaper O Estado... Continue Reading →
Pre-Salt Unitized Areas Auction To Be Held In 2017
The areas where unitization agreements are being negotiated by the PPSA In 2017, the Brazilian federal government plans to hold an auction for unitized areas in the Campos and Santos Basins. This information came from Marco Antonio Martins Almeida, Secretary of Oil and Gas at Brazil's Ministry of Mines and Energy, while he was attending... Continue Reading →
Pampa Energia mulls bond for Petrobras unit
BUENOS AIRES, March 9 (IFR) - Argentine power company Pampa Energia could emerge soon with a bond deal to help fund the acquisition of assets from Brazilian oil company Petrobras, a Pampa official told IFR. Pampa won the right in last week to negotiate exclusively for up to 60 days to purchase a 67.2% stake... Continue Reading →
Brazil oil measures could unlock $120 billion in investments: minister
Mar 9, 2016 Brazil's Mines and Energy Minister Eduardo Braga gestures during a interview with Reuters in Brasilia January 21, 2015. REUTERS/UESLEI MARCELINO Measures to encourage oil and gas exploration in Brazil published in the official gazette on Wednesday could unlock $120 billion in investments, Energy Minister Eduardo Braga said in a statement. The National... Continue Reading →
Brazil Real Tops Emerging-Market Rally While Swap Rates Tumble
Brazil’s real led a rally in emerging-market currencies as prices for its commodity exports advanced while a report showing slower-than-forecast inflation last month sent swap rates to a six-month low. The real gained 1.1 percent to 3.7150 per dollar as of 10:04 a.m. in Sao Paulo, the most among 24 currencies from developing nations tracked... Continue Reading →
Don’t Hold Your Breath If Betting on a Smooth Brazil Transition
Investors betting that Brazil’s corruption scandal will hasten President Dilma Rousseff’s downfall and usher in a stronger leader to pull Latin America’s largest economy from recession may want to think again. Brazil’s stock index rose the most among its global peers in the past week and the real touched an almost three-month high as corruption... Continue Reading →
Shell Seen as Best Oil Major Wager by Analysts After BG Deal
Ben Van Beurden staked his reputation on Royal Dutch Shell Plc’s $53 billion acquisition of BG Group Plc as crude slumped. Analysts are rewarding the chief executive officer by putting the enlarged company in pole position to exploit a market upturn. Shell’s shares will rise about 12.2 percent in the next 12 months, the most among the... Continue Reading →
Petrobras – Disbursement of the Financing Agreement with ICBC Leasing
Rio de Janeiro, March 8, 2016 – Petróleo Brasileiro S.A. – Petrobras informs that the amount of US$ 1 billion, associated with the financial leasing of P-52 platform, signed with ICBC Leasing (Industrial and Commercial Bank of China Leasing) and announced to the market on October 13th,2015, was disbursed today. The transaction has a 10... Continue Reading →
Brazil Energy Insight 