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 ...
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 telecommunications firm Oi SA is in talks with Spain's Telefonica SA and Italy's Telecom Italia SpA to sell its mobile network to avoid insolvency, five people with knowledge of the matter said. Oi has been struggling to turn around its business since filing for bankruptcy protection in June 2016 to restructure approximately 65 billion reais of debt. Brazil's largest fixed-line carrier expects to raise more than 10 billion reais ($2.4 billion) by selling its mobile operations, according to two of the sources, who spoke on condition of anonymity because the talks are confidential.
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.
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.
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.
The Brazilian Senate late on Wednesday approved a bill that will modernize Brazil's telecommunications law and boost companies in the sector by lifting restrictions on asset sales, according to the upper house's news service, Agencia Senado. The bill, known as PLC 79, had already passed the lower house of Congress and will now go to President Jair Bolosonaro to be signed into law. The law aims to encourage investment in broadband in remote areas of Brazil by allowing companies to own outright telecom assets, such as cellphone towers and valuable real estate, that they may sell if they so ...
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.