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Tag Archives: Brazil

Petrobras petroleum output surpassed Exxon in 3rd quarter

RIO DE JANEIRO, Jan 8 – Brazil’s state-run oil company said on Thursday it produced more crude oil and related liquids in the third quarter than Exxon Mobil Corp, making Petroleo Brasileiro SA the world’s largest publicly traded petroleum producer for the first time. Petrobras, based in Rio de Janeiro, produced 2.209 million barrels of oil and other liquids (bpd) ...

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Failure to stop Petrobras scandal could haunt Brazil’s Rousseff

RIO DE JANEIRO/BRASILIA – When federal investigators first identified signs of corruption at Petrobras in 2009, Dilma Rousseff insisted Brazil’s state-run oil company had nothing to hide. “Petrobras has one of the most accurate accounting standards in the world,” said Rousseff, who was then chairwoman of its board and is now Brazil’s president. “If it wasn’t the case, investors would ...

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Rail shipping is back on track

LAKE CRYSTAL — Last year grain elevators, ethanol producers and others were frustrated by a shortage of rail cars and long delays in shipping their products. And analysts predicted the backups would stretch out for years. But now, with a decline in oil prices, an anemic export market for grain, a snowless December and beefed up staff at railroads, rail ...

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Petrobras bans firms amid kickback probe

SAO PAULO — Brazil’s state-run oil company says it’s temporarily suspending the country’s biggest builders and engineering firms from bidding on contracts amid investigations into a massive corruption scandal. The oil firm Petrobras says that it’s blocked 23 companies from bidding on projects while an internal probe and an investigation by prosecutors continue into alleged kickbacks and money laundering. Petrobras ...

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Why the US will power the world economy in 2015

WASHINGTON — The United States is back, and ready to drive global growth in 2015. After long struggling to claw its way out of the Great Recession, the world’s biggest economy is on an extended win streak that is edging it closer to full health. But the new year doesn’t look quite so bright in other major countries. China is ...

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Brazilian companies cut output, sell power instead in weak economy


SAO PAULO, Dec 3 – In a sign of the distortions plaguing Brazil’s stagnant economy, a wide range of companies are sharply cutting back output of their main products to instead sell electricity back into the national grid because it is more profitable. The trend includes sugar, ethanol, steel, aluminum and chemical companies, a Reuters analysis of company earnings statements ...

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Brazil’s oil giant stands up and fights against corruption


Graca Foster, a top executive at Petrobras, a Brazil-based oil company, has taken a stand against the corruption the company has been fighting for the past several months. Foster addressed the issue today for the first time since the arrests of about two dozen people, including one of the company’s top executives.  Foster explained in a conference call with investors ...

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