Petrobras News & Updates

Article: Petrobras Settles With Pimco, Investors Over Corruption Losses

October 22, 2016

Brazil’s state-run oil company Petroleo Brasileiro SA settled four lawsuits brought by investors including Pacific Investment Management Co. after the nation’s biggest-ever corruption case torpedoed the company’s market value. Petrobras’ board approved agreements with Pimco Total Return Fund, Janus Overseas Fund, Dodge & Cox International Stock Fund and Al Shams Investments, according to a statement…

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Article: Brazil police arrest former finance minister in Petrobras probe

September 22, 2016

Brazilian police arrested former Finance Minister Guido Mantega on Thursday as a sweeping corruption investigation struck further at the heart of the Workers Party (PT) that ran the country for 13 years. Police investigators told a news conference they took Mantega, long a confidant of recently impeached former President Dilma Rousseff and an early member…

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Article: The Petrobras Scandal’s Biggest Target

September 14, 2016

Luiz Inacio Lula da Silva, the man who remade modern Brazil as its president from 2003 to 2010, has reportedly been charged in the country’s biggest-ever corruption scandal. The development comes two weeks after Dilma Rousseff, his political protege, was removed from office over a separate scandal. Prosecutors allege that Lula, as he is widely…

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Article: Brazil’s Lula charged as ‘top boss’ of Petrobras graft scheme

September 14, 2016

Brazilian prosecutors charged ex-President Luiz Inacio Lula da Silva on Wednesday with being the “boss” of a vast corruption scheme at state oil company Petrobras, in a major blow to the leftist hero’s hopes of a political comeback. It was the first time that Lula, still Brazil’s most popular politician despite corruption accusations against him…

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Article: Petrobras Corruption Investigation Said to Ramp Up in U.S.

May 13, 2016

U.S. authorities are investigating more than a dozen companies as part of an international bribery probe that has already led to more than 150 arrests in Brazil, according to people familiar with the matter. Prosecutors in the U.S. and Brazil are effectively dividing the investigation to suit their respective strengths as they pursue suspected graft…

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Article: What is the Petrobras scandal that is engulfing Brazil?

March 31, 2016

Brazil’s President Dilma Rousseff is in danger of being impeached only 15 months into her second four-year term. But while the impeachment officially cites allegations that she manipulated the federal budget to disguise a growing deficit, it is a sprawling scandal at Petrobras, the state-owned oil company, that has taken a greater toll on her…

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Article: How the Petrobras Scandal Ensnared Lula—and Upturned Brazilian Politics

March 16, 2016

The former Brazilian President Luiz Inácio Lula da Silva was hailed as a savior of his country. But he now finds himself caught in a scandal It was a story so inspiring, they made it into a movie. The 2009 film Lula: Son of Brazil showed the ascent of Luiz Inácio Lula da Silva from…

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Article: China Petrobras loan cuts need for government bailout -Itau BBA

March 1, 2016

A credit line of up to $10 billion from China’s state development bank to Petrobras cuts the risk that Brazil’s state-run oil company would need government assistance to pay for debt and investment in 2016, Banco Itau BBA said on Monday. The loan from China Development Bank, announced on Friday, is enough to pay nearly…

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Article: Petrobras Gets $10 Billion Chinese Loan in Oil Supply Deal

February 29, 2016

Petroleo Brasileiro SA secured a $10 billion loan from China Development Bank Corp. as the beleaguered state-owned oil producer endures the worst crude market in a generation and faces more than double that amount in maturities over the next two years. The lifeline is part of a deal to supply crude to the Asian country,…

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Blog: Standard & Poor’s downgrades Petrobras after Brazil sovereign cut

February 18, 2016

According to Reuters, Standard & Poor’s has downgraded the foreign currency bond rating of Brazil’s state-run oil company Petroleo Brasileiro SA or Petrobras to “B+” from “BB” after the ratings agency cut Brazil’s sovereign rating on Wednesday. Until a corruption scandal and oil price drop undermined its finances in 2014 and 2015, Petrobras often had a…

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