Brazil's Braskem signs naphtha contract with Petrobras Brazilian petrochemical firm Braskem SA said on Friday it signed a naphtha contract with state-run oil firm Petrobras, valid until the end of October. The contract continues the terms of a previous deal, but Braskem said in a statement that it continued to work with Petroleo Brasileiro SA<... Continue Reading →
Brazil might do well to take heed for upcoming auction
Angola risks losing investment from foreign oil companies as costly government regulations and low world prices make the country, vying to be Africa’s largest producer, less attractive to operate in, an industry executive said. A series of measures introduced by Angola’s government in recent years has pushed production costs up as much as $500 million... Continue Reading →
Brazil well prepared to cope with U.S. rate rise, minister says
Brazil is well prepared to cope with any market volatility resulting from a U.S. interest rate rise, Finance Minister Joaquim Levy said on Monday. Levy told a meeting in Madrid that Brazil's banks were well capitalized and it has large foreign exchange reserves. "That reassures us that even if there starts to be volatility after... Continue Reading →
Brazil prosecutors charge Lula’s former chief of staff
A top aide to Luiz Inacio Lula da Silva when he was president was charged with corruption, money laundering and racketeering on Friday, making him one of the most senior members of Brazil's ruling Workers' Party targeted by prosecutors in a massive kickback scandal. Jose Dirceu, who was Lula's chief of staff between 2003 and... Continue Reading →
Petrobras Said to Cut Parties, Chauffeurs to Save $12 Billion
Petroleo Brasileiro SA is doing away with chauffeured cars, overseas training programs, office parties and other perks as part of a plan to save $12 billion in corporate spending, people familiar with the measures said. The chief executive officer and heads of divisions will be allowed to keep their cars with drivers, though, the people said, citing an... Continue Reading →
Real closes at 13 year high
The Brazilian Real closed at 13 year high at R$3.8585 against the USD. For the week the Brazilian currency devalued 7.62%, for the year at 45.07% and for the 12 months at 72.06%. The currency has taken a beating caused basically by the lack of political stability, besides the economic problems caused by poor economic... Continue Reading →
Brazil Real Leads Weekly World Losses as Fiscal Concern Prevails
Brazil’s real extended its weekly decline to the biggest since March as assurances that Finance Minister Joaquim Levy would remain in his post failed to quash concern the country will lose its investment-grade rating. The currency swung between gains and losses Thursday before Chief of Staff Aloizio Mercadante said that the architect of Brazil’s efforts to... Continue Reading →
Exxon Pre Salt Interest
Undisclosed sources say that Exxon has team at Petrobras analyzing four pre salt blocks that may be for sale or participation. The blocks are Carcara and Jupiter in the Santos Basin and Pão de Açucar and Tartaruga in the Campos Basin. The majors (Shell and Exxon) show interest in the larger offshore blocks.
Brazilian Finance Minister Joaquim Levy Comes Under Fire From All Sides
When he came aboard this year as Brazil’s finance minister, Joaquim Levywas hailed by many as the fiscal hawk who would bring discipline to the country’s big-spending leftist government. Nicknamed “Joaquim Scissorhands” for his penchant for cost-cutting, the conservative economist, who holds a doctorate from the University of Chicago, set aggressive fiscal targets and vowed... Continue Reading →
Evercore, Rothschild Hiring for Brazil Debt-Restructuring Wave
Brazil’s political and economic crises are creating one bright spot for finance bankers and lawyers looking for work: Firms including Rothschild and G5 Evercore are hiring to help ailing companies restructure their debt. Boutique advisory firm G5, in which Evercore Partners Inc. has a 47 percent stake, hired Ricardo Moura and Marcio Santiago Goncalves, former... Continue Reading →
Brazil Energy Insight 