Tag Archives: Oil & Gas (TRBC level 3)

The Petrobras drama ‘doesn’t bode well’ for Brazil -Fitch | Instant News


LONDON, February 25 (Reuters) – The sacking of the head of Brazil’s state-owned energy company Petrobras by the country’s president does not bode well for Latin America’s largest economy, rating agency Fitch said on Thursday, although it would not hurt him immediately. credit score.

“This is not a good sign,” Shelly Shetty, deputy head of Americas Sovereigns Fitch, said in a web broadcast. “It shows Brazil is vulnerable to one step forward and two steps back.”

Brazil’s currency, stocks and bonds fell on Monday after President Jair Bolsonaro moved on Friday evening to topple Petrobras chief Roberto Castello Branco following weeks of clashes over rising fuel prices.

On whether the move could impact BB-Brazil’s credit rating, which is already on a downgrade warning, Shetty said: “We want to get more clarity and are waiting to see how this problem settles.”

“The key to the ranking is the prospect of reform,” he said. (Reporting by Marc Jones Editing by Bill Berkrot)

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Viva Energy Australia posted an annual loss as the pandemic hit demand | Instant News


FILE PHOTOS: Logo of Viva Energy refinery and fuel distributor, depicted in Corio, Victoria, Australia, 28 June 2020. REUTERS / Sonali Paul

(Reuters) – Australian fuel supplier Viva Energy Group on Wednesday reported a full-year loss compared to last year’s gain, impacted by falling global fuel demand due to the COVID-19 pandemic.

Coronavirus-related curbs on international travel and a domestic lockdown hit the refinery market for most of 2020, impacting their profits and jeopardizing the future of their factories.

Viva’s underlying net loss on taxes on a replacement cost basis was A $ 35.9 million ($ 28.4 million) in the year ended December 31, compared to A $ 135.8 million profit in the prior year.

The Victoria-based company said sales volumes for the year fell 16% to 12,339 million liters, within the company’s forecast range of 12,250 to 12,350 ml provided in December.

The company’s refinery operations resulted in an underlying EBITDA loss on a replacement cost basis of A $ 95.1 million in 2020 due to the pandemic. Replacement costs eliminate the impact of crude oil inventories and foreign exchange movements.

Viva also said it had made material progress in developing its gas terminal project at Geelong in Victoria, which the company wanted to revive following threats of closure.

($ 1 = 1.26 Australian dollars)

Reporting by Nikhil Subba and Tejaswi Marthi in Bengaluru; Edited by Forward Samuel

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Brazil’s CVM supervisor opens a second investigation into the Petrobras overhaul | Instant News


The logo of the Brazilian oil company Petrobras is depicted at a gas station in Rio de Janeiro, Brazil, February 22, 2021. REUTERS / Ricardo Moraes

BRASILIA (Reuters) – Brazilian market regulator CVM said on Tuesday it had opened a second investigation into the announcement of an overhaul in state-controlled oil giant Petrobras, which sparked a two-day stock sell-off that wiped out more than 100 billion reais ($ 18.3 billion) . the value.

CVM on Monday announced the opening of an investigation into the leadership change announced by Brazilian President Jair Bolsonaro on Friday in a social media post. The commission said it was opening a second investigation in response to investors’ complaints.

($ 1 = 5.47 reais)

Reporting by Anthony Boadle

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Brazilian prosecutors are trying to block Bolsonaro from changing documents – CEO Petrobras | Instant News


BRASILIA, February 23 (Reuters) – Prosecutors at Brazil’s federal audit court, known as TCU, are trying to block state-controlled oil company Petrobras from replacing its executive officer as President Jair Bolsonaro announced.

According to a document seen by Reuters on Tuesday, prosecutors said they wanted to investigate whether the Petrobras reshuffle was motivated by Bolsonaro’s personal political interests as he plans to run again in the 2022 general election.

Reporting by Ricardo Brito, written by Anthony Boadle; Edited by Chizu Nomiyama

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UPDATE 1-Samsung Heavy South Korea completed a $ 149 million Brazilian corruption investigation | Instant News


(Added Samsung Heavy archives; paragraph 4)

BRASILIA, February 23 (Reuters) – South Korean shipbuilder Samsung Heavy Industries agreed to pay 812 million reais ($ 148.56 million) in a waiver deal with Brazilian authorities to complete a corruption investigation, federal prosecutors said late Monday.

On its website, the prosecutor’s office said the deal was part of global negotiations between US and Brazilian companies and authorities to resolve alleged crimes over contracts with state-owned oil maker Petroleo Brasileiro SA.

A Samsung Heavy representative confirmed that the company signed a pact with Brazilian authorities but declined to comment further, saying more information would be disclosed in the regulatory filing.

In Tuesday’s regulatory filing, Samsung Heavy said, “The company has accepted and approved the results of the Brazilian authorities’ investigation to resolve management uncertainties, which may arise from the litigation process, if it lasts long.”

Petrobras, as Brazil’s company is called informally, is at the center of an investigation into Operation Car Wash, Brazil’s biggest corruption scandal, which has involved hundreds of government officials and businesses since 2014.

US authorities have been involved in past settlement deals related to the Petrobras corruption investigation because the company has US-listed storage shares.

Under the agreement, Petrobras will receive compensation of 706 million reais, while Samsung Heavy will pay a fine of 106 million reais to the government. ($ 1 = 5,4659 reais) (Reporting by Ricardo Brito and Jake Spring; Additional reporting by Heekyong Yang in Seoul; Editing by Aurora Ellis and Clarence Fernandez)

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