French sugar group Tereos said on Friday Brazil's Petrobras had raised its stake in their sugar and ethanol joint venture Guarani to 45.9 percent through a capital injection of 268 million reais ($69.75 million). Tereos, which said this was the final step of a strategic partnership signed with Petrobras in 2010, remains the majority shareholder... Continue Reading →
Petrobras scandal runs Rolls-Royce through ‘Car Wash’
http://www.ft.com/cms/s/0/9d7dec5e-7740-11e5-a95a-27d368e1ddf7.html#ixzz3q2nteW82 October 29, 2015 11:54 pm Petrobras scandal runs Rolls-Royce through ‘Car Wash’ Richard House ©EPA To the streets: prompted by the Lava Jato inquiry, anti-government protesters demonstrate in São Paulo The entanglement of Rolls-Royce in the complex web of corruption cases surrounding Petrobras, Brazil’s state-owned oil company, is a powerful reminder of the scale and reach... Continue Reading →
Petrobras – Naphtha supply agreement extension
Petrobras - Naphtha supply agreement extension 10/29/2015 Rio de Janeiro, October 29, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby announces that its competent bodies will appreciate the proposed terms for the signature of new amendments to the naphtha supply agreements to Braskem, allowing supply to continue during negotiations for a long-term contract. Petrobras has... Continue Reading →
Petrobras – Clarification on News: Reduction in Expenses with Exploration and Production
Petrobras - Clarification on News: Reduction in Expenses with Exploration and Production 10/30/2015 Rio de Janeiro, October 30, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to BM&FBovespa Official Letter 3251/2015-SAE which requested the following clarification: BM&FBOVESPA OFFICIAL LETTER 3251/2015-SAE “An article published on October 29, 2015 in the newspaper O Estado de São... Continue Reading →
Switzerland Probes Banks to Gauge Exposure in Petrobras Scandal
Switzerland’s finance regulator is investigating local banks to gauge their exposure to a widening scandal surrounding Brazilian oil producer Petrobras Brasileiro SA. The regulator, known as Finma, said it is looking into whether banks and securities trading firms met their due diligence obligations in possible cases of money laundering, and whether any possible incidents were... Continue Reading →
Exxon Beats Estimates as Refining Profit Doubles Amid Oil Slide
Exxon Mobil Corp. posted higher-than-expected profit as soaring margins on processing oil into fuels blunted the impact of collapsing crude markets. Third-quarter net income fell to $4.24 billion, or $1.01 a share, from $8.07 billion, or $1.89, a year earlier, Irving, Texas-based Exxon said in a statement on Friday. Per-share profit was 13 cents higher... Continue Reading →
Chevron Cuts More Jobs and Spending as Oil Downturn Saps Profit
A pumpjack operates above a Chevron Corp. oil well near Taft, California. Photographer:Chip Chipman/Bloomberg Chevron Corp. said it’s cutting its workforce by about 10 percent amid the worst oil-market slump since the 1980s even as the company posted third-quarter profit that surpassed analysts’ expectations. Chevron said in a statement Friday that it will cut 6,000... Continue Reading →
Brazil’s main oil union to strike against Petrobras from Sunday
Oct 30- Brazil's largest oil workers union said on Friday it will start an open-ended strike against Petrobras on Sunday in a bid to overturn moves to shrink the state-run oil company. FUP, which represents platform, refinery and other workers, will join a number of smaller unions already on strike. In a statement, FUP said... Continue Reading →
BG Profit Beats Estimates as It Raises Production Forecast
BG Group Plc, which agreed to be acquired by Royal Dutch Shell Plc in April in the year’s biggest energy deal, reported third-quarter earnings that beat analysts’ estimates after it raised oil and natural gas production. Adjusted net income fell 63 percent to $280 million from $759 million a year earlier, BG said Friday in... Continue Reading →
Distressed debt sales get under way in Brazil
http://www.ft.com/cms/s/3/2936e9c0-7e45-11e5-a1fe-567b37f80b64.html#ixzz3pzGAGRcj EM SQUARED October 29, 2015 6:12 pm Distressed debt sales get under way in Brazil Luke McLeod-Roberts NPL rates remain low but signs are they will rise and vulture funds are positioning accordingly ©AFP Brazil’s plunge into negativity is turning into a godsend for distressed asset hunters, arriving in search of cut-price corporate restructurings.... Continue Reading →
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