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Business 05 Feb 2015 | 8:08 AM

Petrobras management quits, race on to find replacements

RIO DE JANEIRO: The chief executive and other senior management at Brazil's Petrobras resigned on Wednesday amid a festering corruption scandal, setting off a scramble to find replacements capable of restoring investor confidence in the state-run oil company.

Business 30 Dec 2014 | 10:50 AM

Petrobras deadline prompts some bondholders to push for default

RIO DE JANEIRO: Petrobras, Brazil's state-run oil company, could be declared in technical default on some of its foreign debt as early as Tuesday if bondholders pursue efforts to force it to speed up its assessment of losses in a giant corruption scandal.

Business 28 Sep 2013 | 12:00 AM

SapuraKencana sees little risk of contract default with debt-hit Petrobras

PETALING JAYA: SapuraKencana Petroleum Bhd does not expect the uncertainties surrounding the financing ability of Brazilian energy giant Petrَleo Brasileiro SA (Petrobras), which accounts for around 50% of the former’s outstanding orderbook, to pose a significant risk to the company.

Business 17 Jun 2015 | 12:00 AM

Petrobras likely to delay details of spending cut

RIO DE JANEIRO: Brazil’s state-run oil company Petrobras will likely delay details of major cuts to its US$221bil five-year spending plan until July, two sources said, when the government plans to announce a rescue programme for the industry.

Economy 30 Jun 2014 | 12:00 AM

Ratings firms fret over cost of Petrobras' new Brazil oil rights

RIO DE JANEIRO: Ratings firms have expressed concern about a Brazilian government decision to sell billions of dollars worth of offshore oil rights to Petrobras, saying the move will weigh on the state-run oil company’s cash flow and creditworthiness.

Business 24 Oct 2016 | 12:00 AM

Petrobras settles lawsuits with Pimco and investors

RIO DE JANEIRO: Brazil’s state-run oil company Petroleo Brasileiro SA (Petrobras) settled four lawsuits brought by investors including Pacific Investment Management Co after the nation’s biggest-ever corruption case torpedoed the company’s market value.

Commodities 04 Apr 2017 | 10:50 PM

Petrobras says Exxon expressed 'strong interest' in pre-salt oil

SAO PAULO: U.S. oil company Exxon Mobil Corp expressed to Brazil's state-controlled company Petrobras "strong interest" in the exploration of deep-water oil fields off the Brazilian coast, Petrobras Chief Executive Pedro Parente said on Tuesday.

Business 14 Jan 2016 | 12:00 AM

Petrobras mulls sale of Braskem stake

BRASILIA: Brazil’s state-controlled oil producer Petrobras is seeking to sell its 5.8 billion Brazilian real (US$1.4bil) stake in petrochemical producer Braskem SA, newspaper Folha de S. Paulo reported.

Business 03 Nov 2014 | 12:00 AM

Auditor refuses to sign off Brazil Petrobras’ Q3 results

RIO DE JANEIRO: Brazil’s Petrobras failed to get its third-quarter earnings approved by PriceWaterhouseCoopers (PwC) as the auditing firm demanded wider investigation into a corruption scandal plaguing the state-run oil company, newspaper O Estado de S.Paulo said.

Corporate News 20 Dec 2017 | 12:00 AM

Petrobras makes a year’s worth of deals in just a week

RIO DE JANEIRO: Petrobras, carrying the largest debt load among global oil majors, is rolling a year’s worth of promises into a week of significant announcements aimed at trimming the gap before an unpredictable presidential campaign starts to gear up.