Brazil's state managed oil company Petrobras said it will raise gasoline and diesel prices for the first time since 2008, a move aimed at ending refining losses and paying for the world's largest corporate spending plan.
Officials from Brazil's state-run oil company, Petrobras and the government on Thursday confirmed they are studying a fuel price increase to help offset the costs of fuel sector investments.
Brazil which currently imports 35% of the natural gas it consumes from Bolivia has found sufficient reserves to ensure self-sufficiency in the coming five years announced Mines and Energy minister Edison Lobao.
Brazil’s Mines and Energy minister Edison Lobao discarded that operations of Petrobras in Argentina could be affected by the decision from the administration of President Cristina Fernandez to expropriate YPF from Spain’s Repsol.
Brazil's government will reclaim promising oil exploration blocks won by companies in a bidding round five years ago but never formally leased to the winners, the country's energy minister Edison Lobao said.
Brazil's government unveiled new financing and other incentives for sugar cane ethanol production, vowing to work closely with the private sector to boost production in an industry that has struggled recently despite its immense promise.
Brazilian President-elect Dilma Rousseff on Wednesday nominated five Cabinet members from her most important coalition partner in an effort to secure congressional support for her government.