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OAS SA, the Brazilian builder seeking to emerge from bankruptcy protection, agreed to sell its stake in toll-road operator Invepar to Brookfield Asset Management Inc., according to a person with knowledge of the matter. Brookfield will pay 1.35 billion reais ($356 million) for OAS’s 24 percent stake in Invepar, according to the person, who asked... Continue Reading →
Anadarko Petroleum Corp. approached Apache Corp. about a combination that would be the largest deal for an independent oil and gas producer in the U.S. this year, according to people familiar with the matter. Apache rejected an initial proposal from its rival and is working with Goldman Sachs Group Inc. to advise on its options,... Continue Reading →
Brazil's Petrobras and unions failed to reach an agreement on Monday over worker demands that the state-run oil company reverse budget cuts and cancel assets sales aimed at trimming its massive debt, union and company officials said. The week-old strike, already the biggest in 20 years, now risks an impasse that could hurt domestic fuel... Continue Reading →
Brazil’s real declined to the lowest level this month amid renewed speculation Finance Minister Joaquim Levy may leave his post, while increased bets that the Federal Reserve will raise rates in December is hurting demand for emerging-market assets. The real dropped 0.5 percent to 3.8181 percent at 9:38 a.m. in Sao Paulo, the weakest since... Continue Reading →
Update on Oil Workers’ Strike - 11/09 11/09/2015 Rio de Janeiro, November 9, 2015 – Petróleo Brasileiro S.A. – Petrobras informs that the strike coordinated by the oil workers’ unions still continues and the impact in the oil output in Brazil remains around 115,000 barrels a day. Petrobras is making all efforts to pursue the... Continue Reading →
Verde Asset Management, Brazil's largest hedge fund, stepped up purchases of state-controlled oil producer Petróleo Brasileiro SA bonds in October to take advantage of high yields, but warned that the company is not acting with sufficient urgency to cut debt. In a monthly letter to investors on Monday, money managers led by Luis Stuhlberger said... Continue Reading →
Petroleo Brasileiro SA, the Brazilian state-run oil company grappling with plunging crude prices, a sweeping corruption scandal and the global oil industry’s heaviest debt load, has a new problem on its hands: Unions. The company’s workers started a strike this week that has already cut daily output and shut 30 offshore platforms. Unlike in previous... Continue Reading →
Nov 7 (Reuters) - Brazil's state-run oil company Petroleo Brasileiro SA is increasing efforts to weaken the impact of a five-day strike, taking back control of at least two offshore oil units from striking workers, the main union behind the walk-out said on Friday. In the Campos Basin northeast of Rio de Janeiro, workers were... Continue Reading →
Nov 7 (Reuters) - Brazil's state-run oil company Petroleo Brasileiro SA said on Friday two amendments to its contract to supply naphtha to Braskem SA, Latin America's largest petrochemical company are worth 950 million reais ($252 million). The contract amendments extend the terms of an agreement for Petrobras, as the oil company is known, to... Continue Reading →
Brazil’s former President Luiz Inacio Lula da Silva is losing some of his political capital, as spreading corruption investigations into the activities of his inner circle threaten his credibility. A growing number of Brazilians blame the predecessor and mentor to President Dilma Rousseff for the country’s largest-ever corruption scandal, which involves kickbacks at state-run oil... Continue Reading →
