QUOTE AND NEWS
New York Times  5 hrs ago  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.
Reuters  11 hrs ago  Comment 
A majority of Brazilians favor impeaching President Dilma Rousseff due to an economic slump and a snowballing corruption scandal at state-run oil company Petrobras, according to a poll released on Monday.
TheStreet.com  Mar 23  Comment 
NEW YORK (TheStreet) -- Shares of Petrobars are climbing, up 3.31% to $5.78 in late morning trading Monday, as oil prices turn green, bouncing back from losses earlier in the day following comments made by Saudi oil minister Ali al Naimi....
Reuters  Mar 20  Comment 
Brazil's state-run Petrobras said on Friday it shut its P-58 offshore oil production ship after the country's petroleum regulator ANP found irregularities on board the vessel, one of the company's most important offshore production systems.
Reuters  Mar 20  Comment 
Brazil's antitrust regulator has secured the cooperation of some engineering firms and executives in the first leniency agreement arising from a bribery scandal at state-run Petrobras, the agency said on Friday.
Forbes  Mar 20  Comment 
There is never a good time for any company to get embroiled in a corruption scandal. However, the ongoing humiliation of mammoth proportions engulfing Brazil’s Petrobras has shaken the country’s oil and gas sector at a time when it is worst...
Reuters  Mar 20  Comment 
Prosecutors who uncovered Brazil's biggest corruption case called on Friday for tougher prison sentences and more legal powers to crack down on rampant graft that costs taxpayers more than the annual budget for education and health.
Financial Times  Mar 20  Comment 
With Petrobras mired in a corruption scandal, Rousseff hopes an economic boost will lift flagging ratings
TheStreet.com  Mar 20  Comment 
NEW YORK (TheStreet) -- Shares of Petrobras  are up 4.28% to $5.49 in late morning trading Friday, rebounding from yesterday's losses as oil prices turn positive on German Chancellor Angela Merkel's upbeat comments about Greece, according to...




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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