Brazilian President Jair Bolsonaro suggested on Monday he may tinker with state-run company Petrobras' profit policy, cutting the percentage distributed to shareholders, as he looks to curb fuel price hikes ahead of the country's October elections. In a speech during an event in Sao Paulo, Bolsonaro said that all the oil companies in the world have reduced their profit margins during this economic crisis, except for Petrobras. Last week, Bolsonaro fired the then Minister of Mines and Energy, Bento Albuquerque, and replaced him with high-ranking Economy Ministry official Adolfo Sachsida in another sign of political turmoil over fuel-price hikes by Petrobras.
(Bloomberg) -- Expensive offshore exploration setbacks for international oil majors including Shell Plc and Exxon Mobil Corp. are throwing cold water on their plans to turn Brazil into a profit center. Most Read from BloombergMeet the Hedge-Fund Manager Who Warned of Terra’s $60 Billion ImplosionOmicron Is Turning Out to Be a Weak VaccineU.S. Stocks Extend Losses in Late Session Selloff: Markets WrapGoldman’s Blankfein Says US at 'Very, Very High Risk' of RecessionOne-Time Richest Singapore Tyco
Brazil's antitrust watchdog CADE said on Friday that the sale of state-run oil company Petrobras' Reman refinery to fuel distributor Atem was approved with no restrictions. Petroleo Brasileiro SA, as the company is formally known, had announced in August 2021 an agreement to sell the refinery, which is located in the northern state of Amazonas, for $189.5 million. Reman is one of eight refineries the company has put up for sale as part of a 2019 agreement with the antitrust regulator to enhance competition in Brazil's oil refining sector.