QUOTE AND NEWS
BBC News  Mar 7  Comment 
Brazil's Supreme Court backs an investigation into dozens of politicians over their alleged involvement in a corrupt scheme involving state oil firm Petrobras.
Reuters  Mar 6  Comment 
Brazil's Supreme Court has agreed to investigate dozens of politicians, including the top leaders of Congress, in connection with a multibillion-dollar kickback scam at state-run oil company Petrobras, a court official said on Friday.
Forbes  Mar 6  Comment 
Once an A-lister among Latin American oil companies, Petrobras is now washed up and living in a trailer park.
TheStreet.com  Mar 6  Comment 
NEW YORK (TheStreet) -- Shares of Brazilian state-run energy company Petrobras  fell 1.4% to $5.99 in early afternoon trading Friday as the Brazilian Supreme Court is expected to unseal a list of 54 names today, including congressmen and...
Reuters  Mar 6  Comment 
U.S. investment firm Huxley Capital Corp filed a lawsuit on Thursday in a New York court against Brazilian construction group OAS SA, alleging the debt-laden company is hiding assets from creditors at two valuable subsidiaries.
Reuters  Mar 5  Comment 
A corruption scandal at state-run oil company Petrobras has entered a volatile new phase that could lead to jail for some of Brazil's best-known politicians and business leaders while making a likely recession even worse.
TheStreet.com  Mar 5  Comment 
NEW YORK (TheStreet) -- Shares of Petrobras are down 2.25% to $6.07 Thursday afternoon, as Brent crude future prices trade below $61 a barrel due to the dollar's sharp rise compared to the euro, according to Reuters. Brent crude for April...
TheStreet.com  Mar 5  Comment 
NEW YORK (TheStreet) -- Shares of Petrobras  slumped 1.38% to $6.09 in late morning trading today as Deutsche Bank downgraded the Brazilian, state-owned oil and gas company to "hold" from "buy" and lowered its price target to $9.70 from...
Reuters  Mar 5  Comment 
The opening of a Brazilian congressional probe into alleged corruption at state-run oil company Petroleo Brasileiro SA erupted into a shouting match on Thursday when lawmakers rushed the dais and accused the probe's leader of seeking to manipulate...




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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