June 2, 2016 9:58am EDT Reuters Brazil's lower house of Congress could pass a bill in July ending the exclusive right of state-run oil company Petrobras to operate new projects in the deep-sea offshore area known as the subsalt, the head of Brazil's oil industry association IBP said on Thursday. Jorge Camargo, speaking at a... Continue Reading →
Brazil’s BNDES to Sell Assets, Seeks to Lure Private Investment
Brazil’s state development bank BNDES will sell equity assets and utilize concessions and privatizations as it seeks to attract the private investment needed to pull Latin America’s largest economy out of recession, according to the bank’s new president. Maria Silvia Bastos Marques took over as head of the bank known as BNDES on Wednesday, saying... Continue Reading →
UPDATE 1-Court ruling casts shadow over Brazil offshore oil sector
A Brazilian appeals court has ruled that a Liberian mortgage is invalid for a Brazilian-owned oil production ship, sources with direct knowledge of the matter said on Wednesday, casting further doubt over the future of secured lending for such vessels in the world's largest deepwater market. The court in São Paulo upheld a February ruling... Continue Reading →
Temer’s Blunders Are Rousseff’s Hope Back to Brazil Presidency
Believe it or not, it might be a reality.... When Dilma Rousseff stood down as Brazil’s president last month to face an impeachment trial, it looked all but certain she wouldn’t come back. Yet a series of setbacks for her interim replacement, Michel Temer, may win her the few votes she needs to return to... Continue Reading →
Early Tender Results and Early Settlement for Waterfall Tender Offers and Extension of the Early Tender Date and Increase of Consideration for Any and All Offer
Rio de Janeiro, June 1, 2016 - Petróleo Brasileiro S.A. - Petrobras hereby announces results and amendments with respect to the previously announced tender offers by its wholly-owned subsidiary Petrobras Global Finance B.V. (“PGF”). Waterfall Tender Offers Petrobras hereby announces that holders of US$7,523,494,000 and €1,920,133,000 principal amount of the outstanding notes of the series... Continue Reading →
Petrobras CEO Says No More Political Interference in Oil Company
Petroleo Brasileiro SA’s new Chief Executive Officer Pedro Parente said political interference has ended in the state-run oil producer and that fuel price decisions will now be made according to the company’s best interests. A solution to Petrobras’s debt, the largest in the industry, includes selling part of its assets, he told reporters after his... Continue Reading →
Brazil economy slows decline on government spending surge
Brazil's economy shrank for a fifth straight quarter in early 2016, but the drop was smaller than forecast due to heavier government spending in the months before a vote to impeach President Dilma Rousseff. Brazil's economy shrank 0.3 percent in the first quarter from the fourth quarter, statistics agency IBGE said on Wednesday. The contraction... Continue Reading →
Court ruling could cast shadow over Brazil offshore oil sector
An appeals court ruling on whether a Liberian mortgage is valid for a Brazilian-owned oil production ship, due on Wednesday, could cast doubt on the future of secured lending for such vessels in the world's largest deepwater market. The court in São Paulo is due to decide on the appeal by Nordic Trustee ASA to... Continue Reading →
Brazil Solicitor General Asks Court for Fines, Restitution in Corruption Scandal
Solicitor General Fábio Medina Osório is seeking more than $6 billion in penalties and repayments in cases connected to Petróleo Brasileiro A sign at a Petrobras BR gas station in Rio de Janeiro, Brazil. PHOTO: BLOOMBERG NEWS By ROGERIO JELMAYER/WSJ May 31, 2016 12:05 p.m. ET SÃO PAULO—Brazil’s top legal official has asked a court... Continue Reading →
Brazil’s Corruption Probe Likely to Expand to Other Petrobras Suppliers
So-called Car Wash investigation could extend to next year, a source said/WSJ Brazil’s corruption investigation could include more of state oil company Petróleo Brasileiro SA’s suppliers, according to a person involved in the probe. PHOTO: AGENCE FRANCE-PRESSE/GETTY IMAGES By LUCIANA MAGALHAES/WSJ May 31, 2016 3:54 p.m. SÃO PAULO—Brazilian authorities are expanding their sweeping investigation into... Continue Reading →
