Petrobras – Page 4 – Oil & Gas 360

Petrobras sheds $41 billion in market value in 2 months

December 15, 2022

Oil Price Shares of leading Brazilian National Oil Company (NOC) Petroleo Brasileiro SA aka Petrobras (NYSE: PBR) lost R$30 (~US$5.6) billion in market value on Wednesday after the country’s lower house of Congress voted late on Tuesday to make it easier for politicians to take roles at state-run firms. The preferred shares of the oil and gas giant dropped 7.9% on Tuesday’s session, while the common shares fared

Brazil transition team asks Bolsonaro govt to halt Petrobras asset sales

November 22, 2022

Investing The transition team for Brazil’s President-elect Luiz Inacio Lula da Silva asked the current administration to halt ongoing asset sales by state-run oil giant Petrobras until a new Mines and Energy Minister is appointed, a member of the group said on Tuesday. The remarks by Professor Mauricio Tolmasquim, tapped last week to participate in the mining and energy

Brazil’s Petrobras swaps CEOs amid political blowback on fuel prices

June 20, 2022

Nasdaq SAO PAULO, June 20 – The chief executive of Brazil’sstate-run oil company Petrobras PETR4.SAresigned on Monday in the face of mounting pressure from politicians after the firm announced a fuel price hike last week, adding to inflation concerns in an election year. Petroleo Brasileiro SA, as the company is formally known, said in a securities filing that Chief Executive

Exclusive: U.S. asked Brazil’s Petrobras if it could raise oil output; it said no

May 10, 2022

Reuters U.S. government officials in March asked Brazil’s state-run oil company Petrobras whether it could increase crude output after Russia’s invasion of Ukraine sent global prices soaring, three people with knowledge of the matter told Reuters. They came away empty-handed, the sources said. Officials at Petrobras, formally Petroleo Brasileiro SA, said output levels were a function of business strategy rather than diplomacy and also

ANALYSIS-Petrobras bulls charge ahead despite risks in Brasilia

March 11, 2022

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

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

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