QUOTE AND NEWS
Reuters  Jul 24  Comment 
Prosecutors and federal police in Brazil unearthed the country's largest-ever corruption scandal by tying a ring of black-market money changers to a price-fixing and political kickback scheme at state-run oil firm Petrobras .
TheStreet.com  Jul 24  Comment 
NEW YORK (TheStreet) -- Shares of Petrobras  were lower by 5.72% to $6.51 in afternoon trading Friday, along with other oil related stocks, as crude prices fall following the release of U.S. oil rigs data from Baker Hughes , according to...
Reuters  Jul 24  Comment 
Brazilian oil workers began a 24-hour strike on Friday in an effort to stop moves to shrink state-run oil company Petroleo Brasileiro SA, or Petrobras, according...
Reuters  Jul 23  Comment 
Brazil's main oil workers union is considering an open-ended strike in September if a 24-hour walkout scheduled for midnight Thursday fails to stop moves to shrink...
Reuters  Jul 22  Comment 
The Swiss Attorney General's office said on Wednesday it has widened a corruption investigation into Brazilian oil firm Petrobras to include Latin America's largest engineering and construction company, Odebrecht SA, and its subsidiaries.
TheStreet.com  Jul 22  Comment 
NEW YORK (TheStreet) -- Shares of Petrobras  were lower by 5.15% to $7.09 in afternoon trading Wednesday, along with other oil related stocks as crude prices fall following the release of data from the U.S. Energy Information Administration,...
The Hindu Business Line  Jul 22  Comment 
Brazil's state-run oil firm Petrobras confirmed on Tuesday it had found irregularities in the approval of a 2009 contract to provide naphtha to petrochemical company Braskem SA and had reported th...
Financial Times  Jul 22  Comment 
Portugal says it will assist Brazil over alleged corruption
TheStreet.com  Jul 21  Comment 
NEW YORK (TheStreet) -- Petrobras shares are gaining by 2% to $7.64 in Tuesday's mid-day trading session, as oil prices rise due to a weak dollar, The Wall Street Journal reports. The dollar is down by 0.60% on The Wall Street...




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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