Petrobras agrees two-month deal supplying naphtha to Braskem SEPT 10/Reuters Brazil's state-run oil company Petroleo Brasileiro SA said on Thursday it agreed to supply naphtha to Latin America's largest petrochemical producer Braskem for two more months as the companies keep negotiating a long-term contract. The contract has been under intense scrutiny after prosecutors charged executives... Continue Reading →
Exclusive: Petrobras spending plan already obsolete, new cuts likely
Brazil's state-run oil company Petrobras, which slashed its five-year spending plan by 40 percent in June, will likely cut back further as growing debt costs, falling oil prices and a weak currency have already made the plan obsolete, two company sources told Reuters on Thursday. Standard & Poor's decision to cut Brazil's sovereign credit rating... Continue Reading →
Petrobras Crowned New King of Junk Bonds After Rating Downgrade
There’s a new king in the $2 trillion global junk bond market. Brazil’s state-owned oil producer Petroleo Brasileiro SA, with $56 billion of outstanding securities, has become the world’s largest non-investment grade corporate issuer after Standard & Poor’s cut its credit rating seven months after a similar move by Moody’s Investors Service. The Rio de... Continue Reading →
Fat Paycheck, Lifetime Tenure: the Sweet Civil Service in Brazil
One reason for goldplated government jobs was a program five decades ago to lure qualified Brazilians from the beaches of Rio de Janeiro to the arid savanna of the new capital, Brasilia. This exacerbated fierce distortions in the economy: Brazilians pay unusually high taxes to finance a bloated state sector that provides poor public services.... Continue Reading →
Oil falls more than 2 percent after Goldman cuts forecasts
Oil prices fell more than 2 percent on Friday after Goldman Sachs cut its crude forecasts, citing global oversupply and concerns over the Chinese economy, and after Saudi Arabia dismissed the idea of an oil producer summit. Joining a long list of banks cutting their price forecasts, Goldman Sachs on Friday reduced its 2015 U.S.... Continue Reading →
Petrobras Cut to Junk by S&P Following Brazil Downgrade
Petrobras Cut to Junk by S&P Following Brazil Downgrade Paula Sambo September 10, 2015 — 5:02 PM BRT Reuters S&P joins Moody's in taking away Petrobras investment grade Rate cut could lead to selloff by institutional investors Petroleo Brasileiro SA, the oil producer mired in Brazil’s largest-ever corruption investigation, was downgraded to junk by Standard... Continue Reading →
Brazil credits resilient after junk rating
Brazilian credits were rebounding Thursday from earlier lows after S&P downgraded the country, which is facing its worst economic crisis in decades, to junk. Troubled state oil giant Petrobras saw its 2024s widen 40bp-50bp on the news of the downgrade on Wednesday before tightening to 695bp-685bp. The sovereign's five-year CDS was trading at around 390bp... Continue Reading →
Brazil’s Loss Is Levy’s Gain as Cut to Junk Favors Austerity
Brazil’s return to junk may be exactly what Finance MinisterJoaquim Levy needed. Standard and Poor’s dressing down of Latin America’s largest economy on Wednesday could finally convince lethargic policy makers to revive the economy and close the biggest budget deficit in at least two decades. "The downgrade creates a more favorable environment for approving measures because... Continue Reading →
Companies registered and approved for the 13th round of the ANP oil rights
13th Round attracts companies of 17 countries: Angola, Argentina, Bermudas, Brazil, Canada, China, Colombia, USA, France, Holland, Japan, Norway, Panama, Portugal, UK, Russia e Thailand. º Name Nome Fantasia Group Country 1 Alvopetro S.A. Extração de Petróleo e Gás Natural Alvopetro Alvopetro Canadá 2 Anadarko Exploração e Produção Petróleo e Gás Natural Ltda Anadarko Anadarko... Continue Reading →
Brazil’s Rouseff, Cabinet Meet as Downgrade Deepens Economic Turmoil
Brazilian President Dilma Rousseff called an emergency cabinet meeting Thursday after a sovereign-debt downgrade sent the real reeling and left the government scrambling to address the nation’s fast-deteriorating economy. Ratings firm Standard & Poor’s cut Brazil’s debt rating to junk-grade BB+ in a surprise move late Wednesday that highlighted mounting political challenges to the government’s... Continue Reading →
