Petrobras – Page 3 – Oil & Gas 360

Brazil’s Petrobras to sell Braskem stake by February

January 7, 2022

Nasdaq SAO PAULO, Jan 7 – Brazilian state-run oil company Petrobras PETR4.SA said on Friday it expects to sell 100% of its preferred stake in petrochemical producer Braskem SA BRKM5.SA by February. The detailed timeframe came after Petrobras announced earlier in the day that the move was planned for the first quarter of 2022. Petroleo Brasileiro SA, as the company is formally known, also reiterated in a securities filing that the move will be

Bolsonaro wants to privatize Brazil’s state-owned Petrobras

October 15, 2021

World Oil (Bloomberg) –Brazilian President Jair Bolsonaro said Thursday that he wants to privatize Petrobras, the state-controlled oil company that is under political pressure to lower fuel prices. Shares of Petroleo Brasileiro SA, as the Rio de Janeiro-based producer is known, extended a four-day surge in Sao Paulo following the remarks, outperforming the local equity gauge. Petrobras shares rose 1.1%

Petrobras says hires JPMorgan as adviser to sell Braskem stake

August 6, 2021

Nasdaq SAO PAULO – Brazilian state-run oil firm Petroleo Brasileiro SA PETR4.SA has hired JPMorgan Chase & Co JPM.N as adviser to sell its stake in petrochemical company Braskem SA BRKM5.SA, three sources familiar with the matter said. Earlier on Thursday, Petrobras executives said in a conference call with investors that it had hired advisers to sell its stake in Braskem, without elaborating. Brazilian conglomerate

Exclusive: Brazil’s Petrobras price hikes show company’s independence -CEO

July 8, 2021

Reuters RIO DE JANEIRO – Brazil President Jair Bolsonaro was not consulted or informed about state oil giant Petrobras’ decision this week to raise fuel prices, which underscores the company’s independence, Chief Executive Joaquim Silva e Luna told Reuters on Wednesday. The ex-army general chosen in April by Bolsonaro to lead the company said there has not been and there

Petrobras CEO nods to price parity, deepwater investment in market-pleasing speech

April 19, 2021

Reuters RIO DE JANEIRO – Joaquim Silva e Luna, the new chief executive of Brazil’s Petrobras, will look to respect the company’s current pricing policy and keep investing in deepwater assets, he said at his swearing-in ceremony on Monday. The comments by the former army general signaled that Petrobras’ incoming administration will attempt to maintain some form of continuity with

Exclusive: Brazil studies subsidizing domestic fuel with oil auction proceeds -source

April 14, 2021

Reuters RIO DE JANEIRO – Brazil’s government is considering using some of the proceeds from an upcoming oil auction to create a fund that would protect domestic consumers from swings in fuel prices, a source with direct knowledge of the matter told Reuters. The proceeds would come from the planned November auction of the Atapu and Sepia deepwater oil fields

At Brazil’s Petrobras, a ‘Spartan’ military man takes the reins

April 12, 2021

Reuters RIO DE JANEIRO – For many investors, the appointment of former army general Joaquim Silva e Luna as the new chief executive of Brazil’s state-run oil company Petrobras was unexpected – and unwelcome. President Jair Bolsonaro announced the 71-year-old Luna would take the helm of Petroleo Brasileiro SA, as the firm is formally known, in a Facebook post in

Petrobras top managers quit for clashing with incoming CEO’s plans – source

March 25, 2021

Reuters RIO DE JANEIRO – Petroleo Brasileiro SA’s chief financial officer and three other top executives decided to leave the state-controlled producer after clashing with plans of the company’s incoming chief executive, a person close to the executives said. Topics of disagreement between the current management and the incoming CEO, retired general Joaquim Silva e Luna, include his plans for

Exclusive: Incoming Petrobras CEO says he has no plans to push out executives

March 24, 2021

Reuters RIO DE JANEIRO – Joaquim Silva e Luna, the incoming CEO of Brazil’s state-run oil company Petrobras, told Reuters that at least part of the executive board could stay on when he takes over in April, a signal that he is not planning a wholesale shake-up of management. The former defense minister and army general added, however, that at

How a Petrobras sacking ended Bolsonaro’s free-market flirtation

March 17, 2021

Reuters RIO DE JANEIRO – For many investors, President Jair Bolsonaro killed the dream of Brazil’s free-market renaissance with a Friday night Facebook post. In a curt public statement on Feb. 19, Bolsonaro canned the head of state-run oil firm Petrobras, who had infuriated the president by raising fuel prices. Bolsonaro then named a retired Army general with no experience

Board of Petrobras approves shareholders’ meeting; end of the line for CEO

February 24, 2021

Reuters RIO DE JANEIRO – The board of Brazilian state-run oil company Petrobras on Tuesday called an extraordinary shareholders’ meeting, a move that all but guarantees the exit of Chief Executive Roberto Castello Branco. In a statement, Petroleo Brasileiro SA, as the company is officially known, said it had called the meeting in response to a request by the nation’s

Brazil’s Petrobras rebounds as board meets on succession

February 23, 2021

Reuters SAO PAULO – Brazilian state-run oil group Petrobras recovered some of its recent share price losses on Tuesday as the board met to consider Brazil President Jair Bolsonaro’s nomination of a retired general to replace the company’s market-friendly CEO. Shares in Petroleo Brasileiro SA, as the company is officially known, rose as much as 8% after back-to-back losses that

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