QUOTE AND NEWS
Wall Street Journal  1 hr ago  Comment 
Brazil’s Petrobras said it has nominated the chief executive of mining giant Vale as its next board chairman, as the oil company scrambles to deal with the fallout from a vast corruption scandal.
Financial Times  Mar 27  Comment 
Appointment is set to further enrage investors
Wall Street Journal  Mar 26  Comment 
Brazil’s state-run oil firm Petróleo Brasileiro said that it appointed Luciano Coutinho, head of the country’s development bank, as its new chairman.
Wall Street Journal  Mar 26  Comment 
The former chief executive of Brazil’s beleaguered state-run oil firm Petroleo Brasileiro SA said Thursday she is “ashamed” of allegations of bribery at a Petrobras project.
BBC News  Mar 26  Comment 
One of Brazil's biggest engineering companies, Galvao Engenharia, files for bankruptcy protection after Petrobras stopped payments.
TheStreet.com  Mar 26  Comment 
NEW YORK (TheStreet) -- Shares of Petrobras are lower by 2.57% to $5.88 in morning trading today despite rising oil prices, as Standard & Poor's issued a bearish outlook on the Brazilian state-owned energy company. S&P reiterated its BBB-...
Financial Times  Mar 26  Comment 
Galvão Engenharia is first big construction group to break under strain
Financial Times  Mar 25  Comment 
Corruption allegations and falling prices damp enthusiasm for pre-salt drilling
TheStreet.com  Mar 24  Comment 
NEW YORK (TheStreet) -- Shares of Petrobras  rose 1.69% to $6.02 in morning trading Tuesday despite Standard & Poor's downgrading its outlook on the Brazilian state-owned energy company. S&P reiterated its BBB- rating on Petrobras on Monday...
New York Times  Mar 24  Comment 
A majority of Brazilians favor impeaching President Dilma Rousseff because of an economic slump and a snowballing corruption scandal at the state-run oil company Petrobras, according to a poll released Monday.




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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