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Petrobras stock “worthless” say analysts

Petrobras’s stock is worthless and a growing group of investors believe Brazil’s state-controlled oil company will convert debt into equity in a move that will benefit bondholders over shareholders, BTG Pactual said in a research report.

Other News

Brazilian prosecutors charge 12 people over alleged bribery scheme

Brazilian prosecutors said 12 people have been charged in connection with an alleged bribery scheme involving SBM Offshore and Petrobras. Police said they had executed four arrest warrants as part of an investigation known as "Operation Black Blood". It is understood two of the suspects are already in jail.

Oil & Gas

Support for strike by Petrobras workers in Brazil is growing, unions claim

Support for a strike at Petrobras is growing according to Brazilian union leaders as workers show their opposition to privatisation of the state-owned oil company. A strike began last Sunday and has become the biggest stoppage in 20 years at Petrobras as workers back union efforts to rationalise the company and cut foreign participation in the oil industry. The focus of industrial action has recently changed to focus on nationalist and anti-capitalist demands rather than wages.

Other News

Petrobras ends offshore helicopter tender

Petrobras has cancelled an ongoing tender for heavy and medium helicopters used in its offshore operations. Era Group said Aeroleo Taxi Aero, its Brazilian joint venture, had received notification after Petrobras has carried out a review of its aviation needs. It was concluded no additional contract was needed amid the challenges of the current marketplace.

Oil & Gas

Tributes paid to former Petrobras chief executive

A former chief executive of Petrobras has passed away after battling cancer. Jose Eduardo Dutra, who was 58-years-old, died yesterday following a battle with cancer. The Workers’ Party presidents was a geologist and union leader who was elected as a senator more than 20 years ago.

Oil & Gas

Transocean mentioned in Petrobras carwash corruption probe

Transocean Ltd., the world’s largest offshore rig contractor, has been linked for the first time to the corruption probe of Petroleo Brasileiro SA, the state-owned energy giant at the center of Brazil’s biggest corporate scandal. A former executive at Brazil’s state-run oil company has testified to receiving what he says were payments made by someone claiming to be a Transocean agent in exchange for a rig- operation contract from Petrobras. “Transocean has a long-standing commitment to and upholds the highest standards for corporate ethics and compliance,” the company said in an e-mailed response. “Our employees -- and everyone conducting business on our behalf -- are required to adhere to our high standards for integrity, honesty, financial discipline and legal and regulatory compliance.”

Oil & Gas

Petrobras board approves sale of 25% of fuel unit, two oppose

The board of directors of Brazil's state-controlled oil company Petroleo Brasileiro SA approved the sale of at least 25 percent of its fuel unit BR Distribuidora, according to board minutes published in a securities filing late Monday. Reuters previously reported that Petrobras would seek to sell at least a quarter of the unit, which controls Brazil's largest service-station network. A sale is expected as early as the end of this year. Petrobras, as the company is known, wants to sell $15.1 billion of assets by the end of 2016 to help reduce its $132 billion of debt, the largest of any oil company.