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Brazilian prosecutors on Thursday presented formal charges against Jorge Zelada, the former head of state-run oil firm Petrobras' international division, and five others, saying they favored U.S. company Vantage Drilling in a rig contract. The most recent charges presented in Brazil's largest-ever corruption scandal included money laundering and corruption, and Zelada will stand trial with... Continue Reading →
In a securities filing distributed early on Friday, Petrobras said the listing of BR Distribuidora would depend on global and domestic market conditions. Petrobras will pursue all the necessary authorizations from securities industry watchdog CVM as well as other regulatory agencies to carry out the transaction, the filing said. Petrobras did not specify terms of... Continue Reading →
RIO DE JANEIRO, Aug 6 (Reuters) - Brazilian state-led oil company Petroleo Brasileiro SA said its second-quarter net income plunged 89 percent after a one-time charge for underperforming assets that caught analysts off guard. The 1.28-billion-real charge was taken as Petrobras' new executives and board of directors try to control the company's $132 billion debt,... Continue Reading →
Board of Brazil's Petrobras approves plan for fuel unit IPO SAO PAULO Aug 7 The board of Petróleo Brasileiro SA has approved a plan to request regulatory permission to list the state-controlled oil producer's fuel distrbution unit on the São Paulo Stock Exchange. In a securities filing distributed early on Friday, the company known as... Continue Reading →
Royal Dutch Shell is considering investing billions in Brazil, set to become a focal point after the planned acquisition of BG Group, even as it prepares to sell huge chunks of its business to pay for the $70 bln deal. Despite a broad drive to cut spending in the face of persistently low oil prices,... Continue Reading →
Latin America's largest economy has a 70 percent chance of losing its investment grade rating in the next few years, according to the median estimate in a Bloomberg News survey of economists. Standard & Poor's said last week it may downgrade the country's rating and revised its outlook to negative from stable. Brazil's bonds are... Continue Reading →
The central bank almost doubled the amount of foreign-exchange swap contracts that it will offer to roll over Friday after a reduction in early July. Ibovespa futures dropped after Petroleo Brasileiro SA, the state-controlled oil company at the center of a burgeoning corruption scandal, reported earnings that trailed forecasts. The real dropped for a seventh... Continue Reading →
PETROBRAS - FIRST HALF 2015 RESULTS Rio de Janeiro – August 6, 2015 - FIRST HALF OF 2015 RESULTS - Reviewed 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... Continue Reading →
Petrobras - Settlement of Tax Contingency 08/06/2015 Rio de Janeiro, August 6, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby announces that, due to the publication of Joint Ordinance RFB/PGFN n. 1064 and Regulatory Instruction 1576 on August 3, 2015, decided to include in said program the processes related to Financial Operations Tax on loans... Continue Reading →
Brazil’s embattled state oil company is deriving more gains from crude below $65 than at any point of the commodities super-cycle. A combination of lower international prices and a slumping domestic economy turned Petroleo Brasileiro SA’s money-losing refining unit into a profit center, second-quarter earnings published Thursday show. That’s because it was selling imported fuel... Continue Reading →
Brazil Energy Insight 