Tag: Petrobras

• Tuesday, December 1st 2015 - 07:32 UTC

  Petrobras board chairman resigns; apparent disagreements with CEO Bendine

  

  Murilo Ferreira has resigned as chairman of Brazilian state oil company Petrobras, the firm said Monday. Ferreira, the CEO of mining giant Vale, took a leave of absence in September and Luiz Nelson Guedes de Carvalho, who has served as interim chairman since then, will continue in that role for the moment, the company said in a brief statement.

• Saturday, November 21st 2015 - 08:01 UTC

  Petrobras back to normal activity as splinter union ends 20-day strike

  

  Earlier on Friday a key Petrobras workers union voted to end a 20-day strike that disrupted output. Workers at the Sindipetro Norte Fluminense local, who had ignored the largest oil workers' union FUP's call to end the strike that started on November first, will return to work Friday evening at onshore operations, union spokesman Tezeu Bezerra.

• Friday, November 20th 2015 - 07:36 UTC

  Brazil considering plan to bolster Petrobras capital with 'hybrid securities'

  

  Brazil’s government is considering a debt plan to bolster the capital of heavily indebted state-controlled oil Petrobras, Agencia Estado news agency reported on Thursday. Under the plan, the Brazilian Treasury would transfer so-called hybrid securities to Petrobras, which would then book the securities as equity until it sold new stock, Estado reported.

• Friday, November 20th 2015 - 05:48 UTC

  UK Export Finance extends US$ 500m credit to debt-strapped Petrobras

  

  Brazil's oil company Petrobras has concluded negotiations with international export credit agencies (ECAs) for a total of US$1.84bn. According to a company statement. The financing will contribute towards its fundraising efforts for 2016.

• Wednesday, November 18th 2015 - 08:22 UTC

  Petrobras splinter union refuses to end strike and calls members to abandon offshore vessels

  

  Brazilian oil workers union local responsible for the bulk of the country's oil and gas output told its members on Tuesday to abandon Petrobras vessels operating in the Campos Basin, Brazil's most productive oil district.

• Friday, November 13th 2015 - 09:10 UTC

  Petrobras reports huge 3Q losses: sharp devaluation of the currency blamed

  

  Brazil's scandal-plagued state oil giant Petrobras on Thursday announced third-quarter losses of about US$ 1 billion, mainly due to the sharp devaluation of the Brazilian currency.Petrobras, mired in a hugely damaging scandal involving bribes and high-level political payoffs, posted losses of 3.76 billion Reais in the quarter, compared with a loss of 5.3 billion Reais a year earlier.

• Thursday, November 12th 2015 - 08:07 UTC

  Petrobras striking workers consider salary offer but insist the company must reverse investment cuts

  

  Brazil's energy giant Petrobras offered striking workers a 9.54% wage hike on Wednesday in an effort to end a 10-day strike and prevent it from causing further production losses. But union officials said the deal makes almost no concessions on their most important demands. These include calls on Petrobras to reverse investment cuts and block planned assets sales designed to reduce Petrobras' debt.

• Tuesday, November 10th 2015 - 06:49 UTC

  Another can of worms in Petrobras: 1.2bn dollars for a century old Texas refinery

  

  Brazilian officials are investigating allegations that Petrobras overpaid hundreds of millions of dollars for the Pasadena, Texas, refinery and funneled money into a massive kickback scheme that's led to dozens of convictions and arrests and fueled calls for the impeachment of president Dilma Rousseff, who chaired the company until 2010.

• Friday, November 6th 2015 - 14:16 UTC

  Petrobras strike strong support fuelled by resistance to sale of assets and cutting investments

  

  Brazilian union leaders say stronger than expected support for a strike at Petrobras is due to growing worker opposition to a creeping privatization of the state oil company. The strike, which began on Sunday, has become the biggest stoppage in two decades at Petrobras and shows workers back union efforts to renationalize the company and cut foreign participation in the oil industry, union leaders say.

• Tuesday, November 3rd 2015 - 06:42 UTC

  Petrobras import of US condensate help address refining shortage, but faces tax controversy in Brazil

  

  Petrobras’ move to start buying processed U.S. condensate will help output at its domestic refining network, but the purchases have exposed a wrinkle in Brazilian law that could allow the state-run company to import the light oil duty-free, tax lawyers and traders said. Typically, condensate is considered a very light form of crude found in oil or natural gas wells and in raw form is not taxable in Brazil.