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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 →
It rankles when you lose $20. But hey, at least it isn’t $4.4 trillion. That is roughly how much revenue the world’s oil producers will forego over the next three years, based on the current outlook for prices and demand, relative to what was expected just a year ago. With Brent crude having tumbled back... Continue Reading →
Brazilian debt prices took another sharp leg down on Thursday as fears intensified that the sovereign will be demoted to junk-rated territory. Faith in Brazil's ability to get its fiscal house in order is fading as the popularity of President Dilma Rousseff plummets in the polls and Congress resists spending cuts. The latter problem was... Continue Reading →
A growing number of legislators in Brazil’s largest party see an impeachment of President Dilma Rousseff as an option to pull the country out of its deepening economic and political crisis. One-third of the Brazilian Democratic Movement Party in the lower house is working toward impeachment proceedings within a constitutional framework, said Darcisio Perondi, a... Continue Reading →
Grupo BTG Pactual SA is trimming assets and bolstering regulatory capital ratios in an effort to weather a protracted economic downturn and political crisis in Brazil, its chief executive officer said on Thursday. CEO André Esteves has trimmed both the assets and the loan book of the largest independent emerging markets-based investment bank by 6.7... Continue Reading →
Brazilian petrochemical giant Braskem SA on Thursday reported a sharp jump in quarterly profit, and its chief executive said it had proposed a flexible new supply contract with state-run oil firm Petrobras . In a press conference to discuss Braskem's second-quarter results, CEO Carlos Fadigas said the company had offered to buy naphtha from Petrobras,... Continue Reading →
Prumo Logistica SA, the developer of the Acu port in Rio de Janeiro, agreed to sell a 20 percent stake of its oil terminal for $200 million to Marquard & Bahls AG’s Oiltanking GmbH. The deal values Prumo’s oil-terminal unit at $1 billion, or more than 1.5 times the parent company’s market valuation as of... Continue Reading →
Aug 6. Desperate to fix a fiscal crunch threatening its investment grade credit rating, Brazil is aiming to lure back some of an estimated $150 billion in unreported assets held abroad in tax havens and secret bank accounts. The cash-strapped government is looking to raise 10 billion reais ($3 billion) this year by offering an... Continue Reading →
