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Brazilian state-run oil firm Petrobras has in the last five years battled an epic corruption probe, a crippling recession and unsteady crude prices. Now, Brazil's most important company is facing yet another challenge: thieves are robbing millions of dollars worth of its fuel to sell on a thriving black market. Theft from Petrobras pipelines soared to a record high 261 incidents in the states of Rio de Janeiro and Sao Paulo last year, up from just one case in 2014, according to an August securities filing and statements made to Reuters by representatives of Petroleo Brasileiro SA , as the company is formally known.
Brazilian President Jair Bolsonaro said on Thursday that potential price fixing in the gas station industry needs to be investigated, reopening an old debate in Brazil over prices at the pump. Bolsonaro said on Facebook Live that gas prices at refineries are below what they were in the middle of last year even after state-run oil firm Petroleo Brasileiro SA hiked gas and diesel prices this week in response to an attack on Saturday on oil facilities in Saudi Arabia. Consumers are paying more than they should be, Bolsonaro said.
Brazilian state-run oil firm Petroleo Brasileiro SA has increased the average price of gasoline at refineries by 3.5% and the price of diesel by 4.2%, a company representative told Reuters. Petrobras, as the firm is widely known, said on Monday that it would wait before making any adjustments to domestic fuel prices after crude prices shot up in the wake of the weekend attacks against oil facilities in Saudi Arabia. The fuel price increases are likely to help assuage fears that the company is keeping fuel prices artificially low due to political pressures.
The weekend attacks on vital oil infrastructure in OPEC’s largest producer and the world’s top oil exporter Saudi Arabia could be a boon to Brazil
Brazilian President Jair Bolsonaro said on Monday that state-run oil firm Petrobras was not planning to raise fuel prices in response to the weekend attacks in Saudi Arabia. In an evening interview with Brazil's Record TV, Bolsonaro said he was told by Petrobras Chief Executive Roberto Castello Branco that while fuel prices set by the firm tend to follow international prices, the recent rise in oil prices was "atypical" and short-term in nature. "I talked a little bit ago with Petrobras' CEO, Castello Branco," Bolsonaro said in televised remarks.
Brazil's Petrobras has decided not to immediately hike fuel prices in response to the recent attacks on oil facilities in Saudi Arabia, the state-run oil firm said on Monday. "Recognizing that oil prices are volatile and that sudden price reactions to events can be lessened as more clarity about the impacts on production come to be known, Petrobras has decided to observe market movements in the coming days and not make an immediate price adjustment," the firm said in a securities filing.
Brazilian President Jair Bolsonaro said on Monday the chief executive of state-run oil firm Petrobras had told him that the firm was not planning to adjust fuel prices in response to the recent attacks on oil facilities in Saudi Arabia. In an interview with Brazil's Record TV, Bolsonaro said he was told by CEO Roberto Castello Branco that while fuel prices set by Petroleo Brasileiro SA, as the firm is known, tend to follow international prices, the recent rise in oil prices were "atypical" and short-term in nature.
RIO DE JANEIRO, Sept. 16, 2019 /PRNewswire/ -- Petróleo Brasileiro S.A. – Petrobras ("Petrobras") (PBR) today announced the expiration and expiration date results of the previously announced offers to exchange (the "Exchange Offers"), by its wholly-owned subsidiary Petrobras Global Finance B.V. ("PGF"), relating to seven series of its outstanding notes set forth in the tables below (the "Old Notes"). The Exchange Offers and related offers to purchase for cash previously announced (the "Cash Offers" and together with the Exchange Offers, the "Offers"), expired at 5:00 p.m. (New York City time) on September 13, 2019 (the "Expiration Date") and are expected to settle on September 18, 2019 (such date and time with respect to an Offer, as the same may be extended with respect to such Offer, the "Settlement Date").
RIO DE JANEIRO , Sept. 13, 2019 /PRNewswire/ -- Petróleo Brasileiro S.A. – Petrobras (" Petrobras ") (NYSE: PBR) today announced the pricing terms of the previously announced offers to exchange ...
ExxonMobil (XOM) along with Murphy Oil and Enauta consents to pay $1.9 million for purchasing SEAL-M-505, SEAL-M-575 and SEAL-M-637 blocks in the offshore Sergipe-Alagoas Basin.
Brazil's development bank BNDES is mulling strategies to sell its stakes in listed companies such as state-controlled oil company Petrobras SA , two sources with knowledge of the matter said on Thursday. As discussions are still ongoing, BNDES may start divestments only next year, the sources added. BNDES, which has nearly 110 billion reais ($27.23 billion) in listed assets, has been considering either a direct sale of shares through its treasury desk or share offerings, the sources said.
Brazilian authorities arrested a former energy minister's son on Tuesday for allegedly receiving 50 million reais in bribes ($12 million) together with his father, involving the construction of a giant dam. Prosecutors also allege that Edison Lobao received bribes but did not arrest him on Tuesday. Prosecutors said they were investigating corruption amounting to 1 billion reais in more than 40 contracts linked to the construction of the Belo Monte dam, one of the world's largest and located in the northern state of Para.
RIO DE JANEIRO, Sept. 9, 2019 /PRNewswire/ -- Petróleo Brasileiro S.A. – Petrobras ("Petrobras") (PBR) announces that its wholly-owned subsidiary, Petrobras Global Finance B.V. ("PGF"), has commenced two concurrent liability management transactions to purchase or exchange, as applicable, seven series of PGF's outstanding notes (the "Offers"). Only holders who have returned a duly completed Eligibility Letter certifying that they are either (1) "qualified institutional buyers" as defined in Rule 144A under the Securities Act ("QIBs") or (2) non-"U.S. persons" (as defined in Rule 902 under the Securities Act) located outside of the United States that are qualified offerees in other jurisdictions are authorized to receive the Offering Memorandum and to participate in the Exchange Offers ("Eligible Holders").
RIO DE JANEIRO/BRASILIA (Reuters) - The chief executive of a natural gas pipeline unit of Brazilian state oil firm Petrobras has been removed, the company told Reuters on Thursday, after a middleman in a graft scheme implicated him in plea bargain testimony. Transportadora Brasileira Gasoduto Bolívia-Brasil (TBG), which operates a 1,610-mile pipeline transporting natural gas from Bolivia to Brazil, said its board approved the removal of Ivan de Sá on Wednesday at the request of Petrobras, its majority shareholder. TBG did not state the reason for his removal, nor offer any further details.
BRASILIA/RIO DE JANEIRO (Reuters) - A middleman in a graft scheme at Brazilian state oil company Petrobras has implicated the chairman of global energy trading firm Vitol in a bribery operation to obtain oil contracts, as well as two high-ranking executives at rival Trafigura and its former CEO, according to plea bargain testimony seen by Reuters. The individuals named in the previously unreported documents are Ian Taylor, the chairman of Vitol, as well as Claude Dauphin, the former chief executive and chairman of Trafigura. Trafigura co-head of oil trading José Larocca and chief operating officer Mike Wainwright were also implicated in the alleged scheme.
Brazil's Lojas Americanas SA has signed a nonbinding memorandum of understanding with fuel distributor Petrobras Distribuidora SA to study a partnership in the convenience store segment, the discount retailer said on Friday. In a securities filing, Lojas Americanas said the discussions are in "preliminary stages," and no decisions have been made in terms of the partnership's structure or value, or the timeline of the negotiations.
Brazil's influential finance minister has convinced President Jair Bolsonaro to consider the once-unthinkable step of privatizing state-owned oil company Petrobras, but stiff political opposition could stifle any effort to sell the country's corporate crown jewel. Petrobras, or Petroleo Brasileiro SA, was founded in 1953 by former president Getulio Vargas following a nationalist campaign that began in the 1940s with the anthem "The oil is ours". Selling the company would cap off the drive by Economy Minister Paulo Guedes, a Chicago school-trained economist and disciple of Thatcherite economics, to maximize privatization, deregulation and free-market activity.
SAO PAULO/RIO DE JANEIRO (Reuters) - Brazil's planned privatization of eight Petroleo Brasileiro SA refineries has lured several of the world's largest trading and oil companies as prospective bidders, two sources with knowledge of the matter said. Around 20 companies have signed non-disclosure agreements granting them access to the refineries' data and signaling that they are considering a bid, the sources added, speaking on condition of anonymity to disclose private details of the sale. The first round of non-binding offers for four of the eight refineries Petrobras put on the block is due on Oct. 11, the sources said.
Find out why Brazil and India, two of the largest and most important emerging market economies, appear to be headed in very different directions.