Odebrecht SA has signaled its executives will seek a plea bargain in Brazil’s largest-ever corruption case, after its former chief executive officer was sentenced to 19 years in prison. In a statement entitled "Commitment to Brazil" posted on its website, the construction and engineering conglomerate says it decided in favor of a "definitive cooperation" with... Continue Reading →
Brazil Real Drops as Central Bank Moves to Weaken Currency
Brazil’s real dropped ahead of a central bank intervention to weaken the currency. The central bank will offer up to 20,000 foreign-exchange reverse swap contracts on Wednesday, equivalent to buying dollars in the futures market. It will also reduce rollover auctions to 2,500 contracts a day from 3,600 previously. The real lost 1.6 percent to... Continue Reading →
Petrobras Results Announcements
Presentation of webcast, 22/03/2016 4th Quarter 2015 and Fiscal year 2015 PBR 4th Q 2015 webcast presentation
Brazil police targets Odebrecht in new anti-corruption raid
Brazilian federal police were seeking to arrest 15 people on Tuesday as part of the corruption investigation centered on state-run oil producer Petroleo Brasileiro SA (PETR4.SA), police and federal prosecutors said. Tuesday's operation, codenamed "Xepa", uncovered a bribe-payment scheme led by Odebrecht SA [ODBES.UL], Latin America's largest engineering and construction conglomerate, police said in a... Continue Reading →
Petrobras 4th Quarter 2015 Results
Rio de Janeiro – March 21, 2016 - FOURTH QUARTER OF 2015 RESULTS - Audited by independent auditors, stated in millions of Reais, prepared in accordance with International Financial Reporting Standards - IFRS issued by the International Accounting Standards Board – IASB (a free translation of the original in Portuguese). • Consolidated net loss was... Continue Reading →
Petrobras – New well in Libra confirms the presence of good quality oil
Rio de Janeiro, March 21, 2016 – Petróleo Brasileiro S.A. – Petrobras informs that the Libra Consortium has concluded the drilling and the evaluation of the well 3-BRSA-1322-RJS (3-RJS-741), located in the block northwest area, in the Santos Basin pre-salt, confirming the discovery of good quality oil (28º API) in reservoirs with excellent productivity. The... Continue Reading →
Petrobras Huge Writedown Prompts Surprise Loss as Rout Bites
Petroleo Brasileiro SA reported a massive loss after writing down the value of assets because of the collapse in oil prices. The 46.4 billion reais ($12.8 billion) of writedowns in the value of its assets and investments, mainly from its exploration and production division, are worth more than a third of the company’s market value. They... Continue Reading →
Brazil Impeachment Upheaval Proves to Be a Boon for Its Coffers
Mounting speculation that Brazil President Dilma Rousseff will be impeached is making it cheaper for the cash-strapped nation to borrow. At a local bond auction Thursday, Brazil sold 1.5 billion reais ($415 million) of notes due in January 2020 to yield 14.1 percent, the lowest since August. A week earlier, the government issued 3.85 billion... Continue Reading →
Brazil’s Petrobras probes human resources practices, paper says
Brazil's state-run oil producer Petroleo Brasileiro SA is investigating practices in its human resources department that could have left the company vulnerable to billions of reais in liabilities, newspaper Valor Economico said on Monday. Petrobras' head of governance, João Elek, is leading the internal probe after an anonymous report of 11 potentially controversial measures taken... Continue Reading →
Brazil’s Rousseff lacks Senate votes to defeat impeachment: senator
Brazil's ruling coalition lacks the votes in the Senate to defeat a request to remove left-leaning President Dilma Rousseff from office if it is approved by the lower house, a senior senator in the coalition's largest party said on Sunday. The leading member of the Brazilian Democratic Movement Party (PMDB), who asked not to be... Continue Reading →
