Trafigura Group Pte has joined other leading energy trading houses in saying oil demand is growing "strongly" this year, suggesting that OPEC’s cheap oil strategy is spurring consumption despite weak economic growth in China and other emerging nations. “Strong consumption growth", led by gasoline demand in the U.S. and China, Trafigura said in its interim report... Continue Reading →
Angolan Party Rejects President’s Daughter as Oil Company Head
Angola’s main opposition party rejected President Jose Eduardo dos Santos’s decision to name his billionaire daughter Isabel as chairwoman of the state oil company and said it would ask parliament to debate the appointment. “The measure confirms once more the practice of nepotism by President Jose Eduardo dos Santos,” the National Union for Total Independence... Continue Reading →
Clarification of News Item: No Conflict of Interest between the Presidency of Petrobras and the Chair of the Board of Directors of the BM&FBOVESPA
Rio de Janeiro, June 6, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 237/2016-CVM/SEP/GEA-1.which requests the following clarifications: Official Letter 237/2016-CVM/SEP/GEA-1 “Dear Officer, We refer to the Notice to the Market disclosed by BM&FBOVESPA S.A. – Securities, Commodities and Futures Exchange on May 20, 2016, which contains the following affirmations: BM&FBOVESPA... Continue Reading →
Petrobras Clarification about News item: Debt with Eletrobras Companies
Rio de Janeiro, June 06, 2016 – Petróleo Brasileiro S.A. – Petrobras complies with Official Letter 239/2016-CVM/SEP/GEA-1 which requests clarifications as transcribed below: Official Letter 239/2016-CVM/SEP/GEA-1 “Dear Executive Officer, We refer to the news item published today on Valor Econômico newspaper, Seção Empresas (companies section), under the title: “State-owned company negotiates installment payment of debt... Continue Reading →
Meanwhile back at the House of Cards series -Brazil prosecutor seeks arrest of Senate president, ruling party leaders
June 7,2016 - Reuters Brazilian chief prosecutor Rodrigo Janot asked the Supreme Court to authorize the arrest of the presidents of the Senate and the ruling PMDB party and former president José Sarney for allegedly trying to obstruct police investigations, newspaper O Globo said on Tuesday. The decision to move ahead was in the hands... Continue Reading →
Shell Deepens Spending Cuts, Promises More Savings From BG
Royal Dutch Shell Plc cut spending plans further and promised increased savings following its record purchase of BG Group Plc, as Europe’s largest oil company continues to adjust to the slump in energy prices. Shell will spend $29 billion this year, it said Tuesday. That compares with a May forecast for capital expenditure “trending toward”... Continue Reading →
Angolan State Oil Producer Uncovers $50 Billion Hole,
Angola will investigate reports of a $50 billion shortfall in the accounts of the state-run oil company, local newspaper Valor Economico reported, citing unidentified people close to international consultants hired to restructure the company. The assessment uncovered “discrepancies” between the funds received and invested and showed that the company had withheld revenue to the government,... Continue Reading →
Argentina’s YPF Said to Name Total’s Ricardo Darre New CEO
YPF SA, Argentina’s state-controlled oil company, has named Total SA managing director Ricardo Darre as chief executive officer, a person familiar with the decision said. Darre, the head of the U.S. exploration and production unit since August 2014 at France’s largest oil company, was selected for the role, said the person, who asked not to be... Continue Reading →
Brazil’s Real Gains on Commodity Rally
Brazil’s real posted its longest winning streak in five weeks, swept up in a rally for emerging-market currencies that overshadowed domestic political turmoil. The Ibovespa dropped. The real advanced 1.1 percent to 3.4894 per dollar Monday in Sao Paulo, rising for the fourth consecutive day. The Ibovespa slipped 0.4 percent after swinging between gains and... Continue Reading →
Brazil’s Second-Biggest Bank Seen Needing $7 Billion Rescue Plan
In his first month as Brazil’s acting president, Michel Temer has wrestled with a record budget deficit, rising debt, corruption scandals and the Zika virus. He may want to pencil in some time for a multibillion-dollar rescue of the nation’s second-biggest bank. Caixa Economica Federal, the state-owned lender Brazil leans on to help stimulate the... Continue Reading →
