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OIL RIGS The woes of the Paraguacu shipyard, where Luciano Neri was employed, illustrate Brazil’s broader difficulties. It holds contracts totaling $4.8 billion to build six deep-water oil rigs for state-controlled Petroleo Brasileiro SA’s projects. The yard is owned by Enseada Industria Naval, a consortium of Odebrecht SA, OAS SA, UTC Engenharia SA and Japan’s... Continue Reading →
Petrobras Woes Giving These Bond Speculators a Windfall by Pablo Rosendo Gonzalez 8:01 PM BRT March 11, 2015 (Bloomberg) -- Petroleo Brasileiro SA’s woes are turning into a windfall for one group of bond investors. Facing billions of dollars in writedowns and all but shut out of overseas debt markets because of a widening kickback... Continue Reading →
http://www.ft.com/cms/s/0/0fdb4796-c6f8-11e4-9e34-00144feab7de.html#ixzz3U51hn2N0 GLOBAL INSIGHT March 11, 2015 8:58 am Petrobras scandal lays bare Brazil’s political fragilities Joe Leahy in São Paulo/FT President Rousseff faces a bruising second term — if she makes it that far ©AP Going by the first two months of her second term, Brazil’s President Dilma Rousseff is in for a brutal four years until... Continue Reading →
Petrobras Bankers Have $30 Billion on the Line By Paula Sambo 8:07 PM BRT March 10, 2015 The headquarters of Petroleo Brasileiro in Rio de Janeiro .Photographer: Dado Galdieri/Bloomberg (Bloomberg) -- Aldemir Bendine never worked in the oil industry, but he already knew plenty about Petroleo Brasileiro SA before becoming its chief executive officer last... Continue Reading →
Vale CEO Ferreira Said to Be in Talks to Head Petrobras Board By Anna Edgerton Sabrina Valle 9:20 PM BRT March 10, 2015 (Bloomberg) -- Vale SA Chief Executive Officer Murilo Ferreira is being sounded out to take over as chairman of the board of Brazil's beleaguered oil producer Petroleo Brasileiro SA, people with knowledge... Continue Reading →
The oil price Dead cat rally The price of oil has bounced. But a recovery is some way off Mar 10th 2015 | Business and finance/The Economist STRONG demand and tight supply have stoked a rise in the oil price. Last week, it reached more than $60 for Brent (the benchmark price for North Sea oil) and... Continue Reading →
Former Petrobras Executive Says He Took Bribes Pedro Barusco, a former high-level manager, said he believes the governing party took twice as much as he did Former Petrobras executive Pedro Barusco listens to a question during his testimony before Congress in Brasilia, Brazil, on Tuesday. He told congressmen that he took bribes while working at... Continue Reading →
State oil firm's scandal scrambles Brazil's offshore dreams By ADRIANA GOMEZ LICON Associated Press AP Photo/Felipe Dana RIO DE JANEIRO (AP) -- Oil was to have been Brazil's "passport to the future," but the grand dreams tied to state company Petrobras have been brought to a screeching halt not only by falling crude prices, but... Continue Reading →
http://www.ft.com/cms/s/0/92136f40-c6fd-11e4-8e1f-00144feab7de.html#ixzz3TzJMabgC March 10, 2015 9:36 am Optimists see end for Brazil currency slide Joe Leahy in São Paulo When Brazil’s central bank met in late January to consider increasing interest rates, it predicted the currency, the real, would hover at R$2.65 to the dollar for the next two years. On Monday, the currency closed at about... Continue Reading →
Rousseff Says Any Brazil Impeachment Requires Justification By Raymond Colitt Arnaldo Galvao 5:23 PM UYT March 9, 2015 (Bloomberg) -- Brazil’s President Dilma Rousseff said any move for Congress to impeach her requires a specific justification. “You have to lay out reasons for an impeachment,” she told journalists in Sao Paulo on Monday, a day... Continue Reading →
Brazil Energy Insight 