QUOTE AND NEWS
TheStreet.com  Nov 10  Comment 
NEW YORK (TheStreet) -- Petrobras is now under investigation by the U.S. Department of Justice and the SEC relating to allegations of bribery against the Brazilian state-controlled oil company, as Petrobras continues to deal with its own...
Financial Times  Nov 9  Comment 
Move raises international profile of scandal at Brazil’s state-controlled oil company
Wall Street Journal  Nov 7  Comment 
Brazilian state-run oil firm Petroleo Brasileiro said it would raise fuel prices in the country starting midnight Friday, following months of agitation from investors for such a move.
Reuters  Nov 6  Comment 
State-run Brazilian oil producer Petrobras raised its wholesale gasoline and diesel prices for the first time in more than 11 months on Thursday in a move that could bolster the finances of the heavily indebted company after years of refining losses.
Wall Street Journal  Nov 6  Comment 
Brazil’s state-run oil firm Petrobras said late Wednesday that there is no fixed date, or set amount, for a keenly anticipated fuel price hike for the country—after the board of directors finished a daylong meeting, its second in less than a...
TheStreet.com  Nov 5  Comment 
NEW YORK (TheStreet) -- Shares of Petroleo Brasileiro Petrobras SA are down 1.1% to $11.19 on falling oil prices, despite receiving support from Brazil's finance minister Guido Mantega yesterday to raise gasoline prices, Bloomberg reports....




RELATED WIKI ARTICLES
 

Petroleo Brasileiro SA, also known as Petrobras, is a Brazil based holding company that engages in the exploration, production, refining, and sale of crude oil and other energy sources. Petrobras operates over 100 production platforms, 16 refineries, 30,000 kilometers of transportation ducts and more than 6,000 gas station in Brazil, Argentina, Mexico, Portugal, the United States, Peru and Turkey.[1]

While almost all of Petrobras’s barrels of oil and gas reserves come from Brazil, the company has the potential of becoming a major net exporter of oil.[2] In particular, Chinese energy companies and Chinese banks agreed in to finance the development of Petrobras’s offshore oil fields in exchange for guaranteed supplies of oil once the fields developed. However, low oil prices have the potential of reducing Petrobras’s exploration efforts because of the expensive equipment and technology required to develop deepwater oilfields.[3] Despite low gasoline and diesel prices, Petrobras plans to continue expanding its domestic refining and distribution operations.


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Competition

Petrobras remains the largest government owned oil company in Brazil, so it faces very little competition on its home turf. It is difficult for competitors to enter the market given the preferential treatment Petrobras has with the Brazilian government. Despite the opening up of the Brazilian oil market, Petrobras has maintained its market share.



References

  1. Reuters: PBR Profile
  2. Reuters: PBR Profile
  3. moneymornings.com: Petrobras will be poised for big economic gains
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