MercoPress. South Atlantic News Agency
Lack of refining capacity and capped fuel prices hit Petrobras profits
Brazil’s state-controlled oil producer Petrobras said third-quarter profit slid 40%, missing analysts’ estimates, on higher fuel imports and refining losses. Net income dropped to 3.39 billion Reais (1.55bn dollars) from 5.66 billion Reais a year earlier, the company said on Friday in a regulatory statement. Read full article
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Oct 28th, 2013 - 11:24 am - Link - Report abuse 0“Brazil’s state-STRANGLED oil producer Petrobras said third-quarter profit slid 40%”
This is the trouble with all socialist and commie governments in SA.
They “think” (because they clearly do not think) that capping fuel prices helps the economy by attempting to “control” the market. It does not, only Mr. Market controls the market, not a bunch of dead-heads.
So, who pays for the capping? EVERYBODY of course but it starts with Petrobras and eventually the numbnuts in charge will have to agree to a price rise, but the damage is done then.
I wonder why there are insufficient refineries (of the correct type)? Could it be lack of money to build them, of course it is, the money is allocated to “save” the electorate paying the real price of fuel.
Brazil: the way back to the past.
This is an oil company? An oil company that can't refine what it digs up? This from a country that wants to be seen as a “world leader”? A world leader in stupidity? Refinery lost US$4 billion, did it? Aren't refineries supposed to MAKE money? Hang on. Let's think. There it is. http://en.mercopress.com/2013/10/28/rousseff-and-mantega-dispute-imf-report-on-brazil-as-incoherent
Oct 28th, 2013 - 11:37 am - Link - Report abuse 0It's all about “methodology”. Anybody think Brazilians have no more clue than argies?
The corrupt government of Brazil in the last ten years passed an image of great development thru lying. The truth always comes up and now the whole world sees what we Brazilians feel at home: an underdevelopment process. The only development in this contry were the provate bank accounts of those in charge.
Oct 28th, 2013 - 12:42 pm - Link - Report abuse 0Two new refineries should come on stream in 2014. They have the capacity to refine 380,000 barrels of oil per day.
Oct 29th, 2013 - 10:20 am - Link - Report abuse 0Petrobras will produce one million barrels more in 2014. It did not need to import oil or gasoline, and fill their coffers of money.
Brazil is getting rich, very rich.
#4 This was the funniest/saddest joke to begin my day with... Brazil is getting so rich that slums, beggars and drug addicts are everywhere no matter in a big or small town, criminality rampant and on the rise year after year, unsafe even to be inside an apartment in a closed heavily protected condo. A corrupt government, a disgrace that affects and is part of everyones life in this country. There is not much to be proud of in this country. My guess is that besides Cuban docts Brazil import Cuban psychiatrists to treat those who think this is a developing country!
Oct 29th, 2013 - 12:11 pm - Link - Report abuse 0Our human development indicators are better. Your are worse.
Oct 29th, 2013 - 03:23 pm - Link - Report abuse 0Our debt decreases (very small). Your debt increases (above 100% of GDP).
Our people are young. Your people are old.
Our country have 8,500,000 km2. Your country is 35 times smaller.
The present and the future belongs to Brazil. The past belongs to England.
We have been operating nuclear submarines for over half a century, the French are still showing you how to build yours and when they have finished, you will go crawling for someone to show you how to use them. My bet is you will be knocking on the doors of the US or British Navies.
Oct 29th, 2013 - 04:25 pm - Link - Report abuse 0Your not in the same league, you would like to be, but your not!
Knocking at your door? No. The death is 100 times better.
Oct 29th, 2013 - 04:40 pm - Link - Report abuse 0Knocking at your door? No. The death is 100 times better.
United States, despite the spies, are more reliable and friends. Maybe I knocked on door of them, but never in your door.
8 Brasileiro Stop speaking bullshit to developed people from developed countries. Brazil is mostly a slum governed by a corrupt government and corrupt politicians. (Brasileiro, pára de dizer bobagem pra gente de países desenvolvidos, a maior parte do Brasil é uma favela governado por um governo corrupto!)
Oct 29th, 2013 - 06:09 pm - Link - Report abuse 06. http://www.indexmundi.com/g/r.aspx?c=br&v=67
Oct 29th, 2013 - 06:59 pm - Link - Report abuse 0You are far from rich.
Maybe being so poor for so long makes you feel rich, but alas your just barely out of the jungle and have a long way to go before anyone could consider you civilized or even clean.
10 yankeeboy Brazil is as rich as India - 10 years of a corrupt government lying that we are rich make some idiot Brazilians and ninformed foregners believe in this. There are rich people here, yes, a strong middle class, and a majority of extremely poor people. Very bad public services, transportation, health care (even very expensive provate health care is bad), extremely high taxes, bad roads, bad, bad, bad, even the beaches are becoming bad! Drugs and violence is so high that I wolud advise foreigners to avoid coming here ( (Brazilians are killed like flies in urban violence and road accidents). I am ashamed to be Brazilian and have to live here.
Oct 29th, 2013 - 09:29 pm - Link - Report abuse 0Commenting for this story is now closed.
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