I've been working offshore in Brasil for over a year now & wouldn't touch Petrobras with a 10 foot pole but VALE is another story.
They're not dependent on the Brasilian economy so this is more of a global recovery play.
They are involved in rail & port facilities (mostly to assist getting their product to world markets) & have interests in power generation & fertilizer production for use here in Brasil but for the most part their fortunes are dependent on world economic activity.
You have to keep in mind that the government here is highly interventionist; as is reflected in the change of CEO recently (he wouldn't play ball when the government wanted the company to spend on community projects.)
However; where PBR is full of bureaucracy & incompetence; VALE appears to be well managed (I guess it's easier digging holes on land than it is drilling them underwater.)