03/23/2016 Rio de Janeiro, March 23, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 121/2016/CVM/SEP/GEA-1, which requests the following clarifications: Official Letter 121/2016/CVM/SEP/GEA-1 “Dear Officer, We refer to the news item published on this date in the Economia (Economy) section of the newspaper O Globo, entitled Petrobras tem novo prejuízo histórico... Continue Reading →
INSIGHT-Brazil graft crackdown spurs work for lawyers, corporate change
In the midst of Brazil's worst recession in decades, lawyer Thiago Jabor Pinheiro switched firms to focus full-time on one of the only booming fields in the scandal-plagued country: compliance and corporate ethics. For Pinheiro, a massive corruption investigation unfolding at state-run oil firm Petrobras offers a golden opportunity. The scandal broke just as a... Continue Reading →
Pressure on Brazil’s Rousseff may rise as jobless lose benefits
More than 2 million Brazilians are set to lose unemployment benefits by June, data obtained by Reuters show, threatening to erode support for embattled President Dilma Rousseff among her core working class supporters when she needs them most. The expiration of benefits could fuel frustration and feed a growing wave of protests against Brazil's left-leaning... Continue Reading →
Clarification on News: Investigation by the Federal Accounting Court (TCU) of Petrobras’ headquarters in Vitória
03/22/2016 Rio de Janeiro, March 22, 2016 – Petróleo Brasileiro S.A. – Petrobrás hereby responds to Official Letter 119/2016/CVM/SEP/GEA-1, which requests the following clarifications: Official Letter 119/2016/CVM/SEP/GEA-1 “Dear Officer, We refer to the news item published today in the Radar Online column, under the title: “TCU extends investigation on Petrobras’ headquarters in Vitória”, including the... Continue Reading →
Petrobras Clarification on News: Cash balance in 2016
03/22/2016 Rio de Janeiro, March 22, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 780/2016-SAE, which requests the following clarifications: Official Letter 780/2016-SAE “Dear Officer, In an article published by Agência Estado – Broadcast newspaper, in 03.22.2016, states, among other information, that: 1. Petrobras plans to end the year 2016 with... Continue Reading →
Petrobras Clarification of News Item: Lawyers’ Fees – Nestor Cerveró
03/21/2016 Rio de Janeiro, March 21, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 117/2016-CVM/SEP/GEA-1, which requests the following clarifications: Official Letter 117/2016-CVM/SEP/GEA-1 “Dear Officer, We refer to the news item published on March 15, 2016 in the electronic medium O Antagonista, entitled: Dida autorizou Petrobras a bancar advogado de Cerveró... Continue Reading →
Petrobras Clarification on News: Sale of Control of BR Distribuidora
03/21/2016 Rio de Janeiro, March 21, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 118/2016-CVM/SEP/GEA-1, which requests the following clarifications: Official Letter 118/2016-CVM/SEP/GEA-1 “Dear Officer, We refer to the news item published on March 18, 2016 in the electronic medium REUTERS BRASIL, entitled Petrobras considera abrir mão de controle da BR... Continue Reading →
The tarnished president should now resign
Brazil’s political crisis Time to go The tarnished president should now resign Mar 26th 2016 | From the print edition/Economist DILMA ROUSSEFF’S difficulties have been deepening for months. The massive scandal surrounding Petrobras, the state-controlled oil giant of which she was once chairman, has implicated some of the people closest to her. She presides over an economy... Continue Reading →
UPDATE 1-Petrobras reinventing itself after oil price drop -CFO
Brazil's state-controlled oil company Petrobras is being forced to turn itself into a smaller operation as crude prices have fallen more than expected, making it impossible to finance its once-ambitious plans, the company's chief financial officer said on Tuesday. CFO Ivan Monteiro made the comment on a conference call with investors a day after Petroleo... Continue Reading →
Halliburton-Baker Hughes Deal Runs Into Opposition From Total
Halliburton Co.’s bid to buy oil-services rival Baker Hughes Inc. was opposed by the world’s fifth-largest producer Tuesday, a day after being stalled by European regulators. Total SA Chief Executive Officer Patrick Pouyanne said Tuesday that the planned tie-up of the world’s second- and third-largest oil services providers is not good news for explorers and... Continue Reading →
