Jan 14, 2016 Reuters Petróleo Brasileiro SA, the Brazilian state-controlled firm at the center of a massive corruption investigation, said asset divestments hinged on a number of undetermined "global and external factors", as regulators questioned it over the sale of a stake in petrochemical giant Braskem SA. In a securities filing on Thursday, Petrobras, as... Continue Reading →
Brazil’s Rousseff signs amnesty to undeclared offshore assets
Brazilian President Dilma Rousseff on Thursday signed a bill that gives amnesty to holders of undeclared offshore assets in exchange for a fine, part of efforts to cut a swelling budget gap and revive investment in the recession-hit economy. The law offers amnesty from prosecution to Brazilians if they bring unreported foreign funds home... Continue Reading →
Ex Petrobras executive convicted in Rio of fraud, sentenced to jail
Jan 13, 2016 Reuters Jorge Zelada (C), former director of Petrobras' international division, is escorted by federal police officers as he arrives to the Institute of Forensic Science in Curitiba, Brazil, July 2, 2015. REUTERS/GABRIEL JOSE A judge in Rio de Janeiro convicted a former executive of Brazil's state-run oil firm Petrobras of fraud on... Continue Reading →
Brazil’s Petrobras mulls sale of Braskem stake – newspaper
Brazil's state-controlled oil producer Petrobras is seeking to sell its 5.8 billion Brazilian real ($1.4 billion) stake in petrochemical producer Braskem SA, newspaper Folha de S. Paulo reported on Wednesday. Petróleo Brasileiro SA (Petrobras) has hired Brazilian bank Banco Bradesco SA as a financial adviser and has started to pitch the sale to foreign investors,... Continue Reading →
Here’s Why Brazil’s Inflation Won’t Hit Target Anytime Soon
Why does Brazil's inflation stay so stubbornly high despite even more interest-rate hikes in the horizon? The one-word answer is indexation. A vestige of the country's hyperinflation period in the 1990's, when annual price gains reached heights above 6,000 percent, indexation was meant to protect Brazilian companies and citizens from depreciating purchasing power by linking costs such as... Continue Reading →
Petrobras cuts spending plan again as oil-price drop bites
Petróleo Brasileiro SA (PETR4.SA), Brazil's state-controlled oil producer, on Tuesday slashed its investment plan for the third time in just over six months as it tries to preserve cash to pay its debt, the industry's largest. With oil prices at more than 10-year lows and the company's $15.1 billion asset sale stalled, Petrobras cut its... Continue Reading →
BP Plans to Cut 4,000 More Jobs as Crude-Oil Slump Deepens
BP Plc plans to cut 4,000 jobs in its crude-oil production division this year as prices trade near a 12-year low. The company will reduce its worldwide upstream workforce to less than 20,000, London-based spokesman David Nicholas said by phone. The cuts include 600 people working at North Sea projects: they’ll lose their positions over the... Continue Reading →
Petrobras cleared to raise refinery output without controls
Brazil's Petrobras received a license on Monday allowing it to boost crude processing by 35 percent at its controversial RNEST refinery, the local government said, a move that lets the company delay installation of promised pollution controls. Under the license, Petroleo Brasileiro SA, as government-controlled Petrobras is formally known, can process up to 100,000 barrels... Continue Reading →
Petrobras Reduces Output Estimates on Deeper Spending Cuts
Brazil’s state-controlled oil producer Petrobras further cut spending and reduced estimates for its production growth amid the worst oil market in a generation and a massive corruption scandal. The stock tumbled. Petroleo Brasileiro SA, as the company is formally known, slashed its business plan in the five years through 2019 to $98.4 billion, the latest... Continue Reading →
Petrobras – Adjustments to the 2015-2019 Business and Management Plan
01/12/2016 Rio de Janeiro, January 12, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby announces that its Board of Directors has approved certain adjustments to the 2015-2019 Business and Management Plan (2015-2019 BMP). These adjustments are designed to preserve the fundamental objectives of deleveraging and the generation of value for shareholders established by the 2015-2019... Continue Reading →
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