Nasdaq March 11 – Last year, when Brazilian President Jair Bolsonaro sacked the head of state-run oil company Petrobras amid a spat over domestic fuel prices, the market reaction was apoplectic. Preferred shares in the firm plummeted 22% in a day. Analysts quickly downgraded a slew of Brazilian assets from state banks to sovereign debt. Many investors feared the company
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
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%
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
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
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
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
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
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
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
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
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
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