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☆ Lula says Brazil's participation in OPEC+ is to stop oil producers using fossil fuels
▼ + stars: | 2023-12-02 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Thaier Al Sudani/File Photo Acquire Licensing RightsSAO PAULO, Dec 2 (Reuters) - Brazilian President Luiz Inacio Lula da Silva said on Saturday that Brazil's participation in the OPEC+ group of oil-producing countries is to convince nations to transition away from the use of fossil fuels. Brazil indicated on Thursday that it was on the brink of joining OPEC+, a group of 23 oil-producing countries. "We will lead oil-producing countries to accelerate the energy transition. Under the leadership of President Lula we want to use oil revenues to finance clean and renewable energy," he said. But Brazil is not expected to cap oil output as part of OPEC+, three sources told Reuters in a report published on Thursday.

Persons: Luiz Inacio Lula da Silva, Al Sudani, Lula, Alexandre Silveira, Silveira, Ricardo Brito, Steven Grattan, Matthew Lewis Organizations: United Nations, Change, United Arab Emirates, REUTERS, SAO PAULO, OPEC, Petrobras, PETR4, Reuters, Paulo, Thomson Locations: Dubai, United Arab, OPEC, Brazil, Africa, Latin America, South America

☆ Lula Says Brazil's Participation in OPEC+ Is to Stop Oil Producers Using Fossil Fuels
▼ + stars: | 2023-12-02 | by ( Dec. | At P.M. | ) www.usnews.com time to read: +1 min

SAO PAULO (Reuters) - Brazilian President Luiz Inacio Lula da Silva said on Saturday that Brazil's participation in the OPEC+ group of oil-producing countries is to convince nations to transition away from the use of fossil fuels. Brazil indicated on Thursday that it was on the brink of joining OPEC+, a group of 23 oil-producing countries. "We will lead oil-producing countries to accelerate the energy transition. Under the leadership of President Lula we want to use oil revenues to finance clean and renewable energy," he said. But Brazil is not expected to cap oil output as part of OPEC+, three sources told Reuters in a report published on Thursday.

Persons: Luiz Inacio Lula da Silva, Lula, Alexandre Silveira, Silveira, Ricardo Brito, Steven Grattan, Matthew Lewis Organizations: SAO PAULO, Reuters, OPEC, Petrobras Locations: OPEC, Brazil, Dubai, Africa, Latin America, South America, Sao Paulo

☆ Oil Producers Fail to Agree on More Production Cuts
▼ + stars: | 2023-11-30 | by ( Stanley Reed | More About Stanley Reed | ) www.nytimes.com time to read: +1 min

The oil producers group known as OPEC Plus met on Thursday and failed to announce new production cuts in the face of sagging prices, but Saudi Arabia later said that it would continue to trim output by one million barrels a day through March, in coordination with some other countries that were not named. Oil traders, who may have expected more substantial cuts, had a chilly response to the news. Futures fell for the day, with Brent crude down 0.4 percent, to $82.80 a barrel, and West Texas Intermediate falling more than 3 percent, to $75.25. News reports of production cuts preceded the meeting. OPEC Plus said that Brazil, an oil giant that until now has not been part of the producers group, was expected to join next year.

Persons: Brent, ”, Richard Bronze, Alexandre Silveira de Oliveira Organizations: West Texas, Plus Locations: Saudi Arabia, Brazil

☆ Brazil set to join the influential OPEC+ oil producers' alliance
▼ + stars: | 2023-11-30 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

Brazil will join the influential OPEC+ oil coalition that unites some of the biggest crude-producing nations in the world, according to Brazilian Energy Minister Alexandre Silveira. The announcement was made during a postponed OPEC+ meeting to discuss oil output strategy over 2024, amid languishing prices weighed by fragile demand recovery in China, geopolitical risks and uncertainty over supplies from U.S.-sanctioned OPEC members Iran and Venezuela. In footage shared from the meeting, Silveira said that President Lula da Silva had approved his country's membership, starting next year. "I would like to conclude my words by informing you that the honorable President Lula confirmed our entry into the OPEC+ cooperation charter from January 2024," he said. "Brazil received an invitation to join OPEC+.

Persons: Luiz Inacio Lula da Silva, Alexandre Silveira, Silveira, Lula da Silva, Lula Organizations: Brazilian Energy, OPEC, Mines and Energy, United Arab Locations: Brazil, OPEC, China, U.S, Iran, Venezuela, Saudi Arabia, Russia, United Arab Emirates, Brasilia, Correction

☆ Petrobras CEO replacement being discussed within Brazil gov't, sources say
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +1 min

President Luiz Inacio Lula da Silva has shown dissatisfaction with certain actions taken by CEO Jean Paul Prates. Lula asked the CEO to tweak Petrobras' investment plan to prioritize local job creation, Reuters reported last week. "There should be changes" in the presidency of Petrobras, one of the sources said. Last week, Mines and Energy Minister Alexandre Silveira said it was past time for Petrobras to reduce diesel and gasoline prices at its refineries. Reporting by Sabrina Valle and Lisandra Paraguassu; Writing by Peter Frontini; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

Persons: Luiz Inacio Lula da Silva, Jean Paul Prates, Lula, Prates, Alexandre Silveira, Sabrina Valle, Lisandra, Peter Frontini, David Gregorio Our Organizations: Petroleo Brasileiro SA Petrobras, HOUSTON, Petrobras, PETR4, Reuters, Mines, Energy, Thomson Locations: BRASILIA

☆ Brazilian Oil Industry Gets Support From New Congressional Caucus
▼ + stars: | 2023-10-26 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +3 min

By Anthony BoadleBRASILIA (Reuters) - Brazilian lawmakers have set up a congressional caucus to represent Brazil's oil and gas industry, led by state-run producer Petrobras, and to back the company's plans to explore offshore fields near the mouth of the Amazon River. Petrobras has planned to explore in the so-called Northern Brazilian Equatorial Margin, following major discoveries in neighboring Guyana and Suriname. We have to explore for oil at the mouth of the Amazon," Pazuello said. The Parliamentary Front in Support of Oil, Gas and Energy, as the caucus is called, was launched on Tuesday with 217 members, or 42% of the lower chamber of Congress. He said the launch of the caucus received unprecedented support in Congress and was a non-partisan effort.

Persons: Anthony Boadle BRASILIA, Eduardo Pazuello, Luiz Inacio Lula da Silva's, Pazuello, Equinor, Washington Quaquá, Jair Bolsonaro, Anthony Boadle, Rod Nickel Organizations: Reuters, Petrobras, Wednesday, Mines and Energy Ministry, Gas, Energy, Lula's Workers Party Locations: Para, Guyana, Venezuela, Suriname, Brazil, Rio de Janeiro

☆ Cambodia is focusing on decarbonizing its transportation sector, minister says
▼ + stars: | 2023-10-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCambodia is focusing on decarbonizing its transportation sector, minister saysKeo Rattanak, Cambodia's minister of mines and energy, discusses the steps the country is taking to achieve its net-zero targets.

Persons: Keo Rattanak Organizations: Cambodia

An Indigenous named Raimundo Praia from Mura people looks on in a deforested area of a non-demarcated indigenous land in the Amazon rainforest near Humaita, Amazonas State, Brazil, August 20, 2019. REUTERS/Ueslei Marcelino/File Photo Acquire Licensing RightsCompanies Brazil Potash Corp FollowBRASILIA, Oct 18 (Reuters) - A federal appeals court has overturned an injunction suspending the license for Canadian firm Brazil Potash Corp to build Latin America's largest fertilizer mine in the Amazon rainforest. She also ruled that a license must come from federal environmental agency IBAMA and not state agency IPAAM. Brazil Potash on Wednesday declined to comment on the ruling, which was based on an appeal by the state environmental agency IPAAM. Brazil Potash says it would have minor environmental impact because salt separated from the potash at a processing plant would be returned underground.

Persons: Raimundo, Ueslei Marcelino, IPAAM, Jaiza, Alexandre Silveira, Silveira, Soares, Joenia Wapichana, Sergio Mura, Stan Bharti's Forbes, Governor Wilson Lima, Anthony Boadle, Marguerita Choy, Bill Berkrot, Diane Craft Organizations: REUTERS, Rights, Brazil, Corp, Federal Regional Tribunal, Reuters, Mines, Energy, Funai, Capital, Stan Bharti's Forbes & Manhattan Group, Thomson Locations: Raimundo Praia, Mura, Humaita, Amazonas State, Brazil, BRASILIA, Manaus, , Brasilia, Autazes, Amazonas, Toronto

REUTERS/Luisa Gonzalez/File Photo Acquire Licensing RightsCompanies Ecopetrol SA FollowBOGOTA, Sept 11 (Reuters) - Colombia's government is considering revising rules to make majority state-run energy company Ecopetrol (ECO.CN) an obligatory partner in every offshore wind project, three people familiar with the matter told Reuters. If approved, the revision would make it "mandatory for Ecopetrol to take part in each offshore project," another source told Reuters. Having Ecopetrol partner up with other companies on offshore wind farms would "minimize the risks of new projects" one of the sources said, adding that the size of any given Ecopetrol stake would be "very, very small," without hinting at possible percentages. Ecopetrol's involvement in offshore wind projects would help shore up energy self sufficiency, another of the sources said. Plans to hold the bidding round to assign maritime blocks for offshore wind farms are running behind.

Persons: Luisa Gonzalez, Gustavo Petro, Colombia's, Energy Irene Velez, Andres Camacho, Oliver Griffin, Timothy Gardner Organizations: REUTERS, Reuters, The, of Mines, Energy, Thomson Locations: Bogota, Colombia, BOGOTA, Colombia's

☆ Brazil eyes tax perks for energy sector, sparking 'green' vs oil debate
▼ + stars: | 2023-08-31 | by ( Marcela Ayres | ) www.reuters.com time to read: +4 min

Last year, more than 500 qualified energy projects received some 9 billion reais ($1.85 billion) in tax exemptions. However, senior officials at the Mines and Energy Ministry are pushing to broaden the incentives to include oil refineries and fuel storage facilities. Energy Ministry officials have argued that targeting tax benefits too narrowly would curtail oil and gas investments, calling in a technical note to expand incentives to oil and natural gas exploration, production and transportation. The Energy Ministry did not immediately respond to a request for comment. Brazilian state-run oil firm Petrobras (PETR4.SA) has forecast oil production for the next four decades, even as it ramps up investments in renewable energy.

Persons: Adriano Machado, Luiz Inacio Lula da Silva's, Lula, Marcela Ayres, Brad Haynes, David Gregorio Our Organizations: National, REUTERS, Petroleo Brasileiro SA Petrobras Follow, Reuters, Finance Ministry, Mines and Energy Ministry, Finance, Energy Ministry, Mines, Investments, Petrobras, PETR4, Thomson Locations: Brasilia, Brazil, Petroleo Brasileiro SA Petrobras Follow BRASILIA, Ukraine, biorefineries, divestments

The country recorded massive increases in generation from hydro (+64 billion kWh), solar (+13 billion kWh) and wind farms (+9 billion kWh). As a result, there was a sharp decline in thermal generation (-66 billion kWh) including gas (-45 billion kWh), oil (-10 billion kWh), coal (-8 billion kWh) and biomass (-3 million kWh). Hydro power was +43 billion kWh (+11%) above the prior ten-year average in 2022 and the highest for any year since 2011. In consequence, gas-fired generation was -24 billion kWh (-37%) below the prior ten-year average and the lowest since 2011. LNG IMPORTS DOWNBrazil relies on imports to cover more than a quarter of its gas consumption – rising to almost half in years when gas generation is high.

Persons: John Kemp, Barbara Lewis Organizations: U.K . Energy Institute, Hydro, HYDRO, National Electric, ., Ministry of Mines and Energy, Thomson, Reuters Locations: Brazil, Europe, Chartbook, Bolivia, United States, Qatar, Trinidad and Tobago, Asia, Midwest

☆ 4.9 magnitude quake strikes southern Haiti; 4 dead, dozens injured
▼ + stars: | 2023-06-06 | by ( ) www.cnbc.com time to read: +3 min

The town of Jeremie in Haiti's southwest region was struck by a moderate earthquake on Tuesday, June 6, 2023. (Patrick Farrell/Miami Herald/Tribune News Service via Getty Images)An earthquake with a preliminary magnitude of 4.9 struck southern Haiti early Tuesday, killing at least four people and injuring 36 others, authorities said. The quake struck before dawn near the southwestern coastal city of Jeremie at a depth of six miles (10 kilometers), according to the U.S. Geological Survey. "There were so many people out on the street, and a lot of panic," he recalled of the moments after the quake struck. The earthquake struck almost two years after a 7.2 magnitude earthquake struck southern Haiti and killed more than 2,200 people, with Les Cayes sustaining the most damage.

Persons: Patrick Farrell, Eric Mpitabakana, Les Cayes, Frankel Maginaire, Mpitabakana, Claude Prepetit, Paul Pierre, Pierre, Prince, Ariel Henry Organizations: Miami Herald, Tribune, Service, Getty, . Geological Survey, Food, Associated Press, Civil Protection Agency, Haiti's Civil Protection Agency, Haiti's, of Mines and Energy, Radio, AP Locations: Jeremie, Haiti's, Haiti, Port

The new pricing system scraps a so-called fuel import parity policy that more closely aligned prices at the pump with the oil market and exchange rates. In a research note, JPMorgan (JPM.N) described the reworked pricing policy as "more friendly than investors expected." The policy shift will be tested when oil prices rise, and apply upward pressure on what consumers can expect to pay for motor fuels or LPG. Petrobras' new pricing policy also came under criticism from some as too opaque. The previous pricing policy was adopted seven years ago by conservative former President Michel Temer.

☆ Brazil's Petrobras scraps fuel import parity policy, shares rise
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

Companies Petroleo Brasileiro SA Petrobras FollowRIO DE JANEIRO, May 16 (Reuters) - Brazil's state-run oil giant, Petrobras (PETR4.SA), has approved a new commercial strategy to set diesel and gasoline prices, it said on Tuesday, ditching its previous import parity policy without revealing a specific fresh pricing formula. "The end of pricing parity is not good, but this was already expected." "The new policy scraps the 'import parity' terminology, but in our view it has not changed materially," Credit Suisse analyst Regis Cardoso said. The import parity policy was adopted in 2016 by former President Michel Temer. People close to Lula celebrated the announcement, with his Mines and Energy minister, Alexandre Silveira, telling reporters the policy would not impose as much volatility as the import parity used to.

☆ Ecuadorean authorities detain former energy minister in bribery probe
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +2 min

QUITO, May 15 (Reuters) - Ecuadorean authorities have detained a former energy minister amid an investigation into alleged bribery linked to state oil firm Petroecuador, the attorney general's office said on Monday. An investigation of Xavier Vera, Ecuador's former minister of mines and energy, began last October following several corruption allegations, including that he arranged jobs at Petroecuador in exchange for bribes. "The attorney general's office, with the support from (Ecuadorean police) executed an arrest warrant against Xavier V., within an investigation for alleged bribery," the attorney general's office wrote in a message via Twitter, referring to Vera. He isn't running away from the investigation, he isn't running away from the process," Vera's lawyer, Carlos Sanchez, told local television channel Ecuavisa. Reporting by Alexandra Valencia in Quito Writing by Sarah Morland Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Colombian president asks cabinet to resign ahead of reshuffle - sources
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

BOGOTA, April 25 (Reuters) - Colombia's President Gustavo Petro has asked his cabinet ministers to resign ahead of a reshuffle, two sources told Reuters late on Tuesday, as the leftist leader said he had lost his majority coalition in Congress. "The political coalition agreed as a majority has ended today due to decisions of some party presidents," Petro said in a message via Twitter late on Tuesday. Petro has largely backed his ministers, including Velez, though disagreement over the health reform proposal already lead to the exit of the education minister, Alejandro Gaviria. Interior Minister Alfonso Prada could be take over as defense minister, said one government source who declined to be identified. Others, including Velez, could hold on to their posts, the source said.

☆ Brazil's Lula mulls inflation target change as interest rates 'inexplicable'
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, April 6 (Reuters) - Brazilian President Luiz Inacio Lula da Silva on Thursday again criticized the country's interest rates, saying at a meeting with journalists that current lending costs were inexplicable and hinting at a potential change to inflation targets. "If the inflation target is wrong, change the target," Lula said, according to remarks broadcast by TV channel GloboNews. Brazil has an inflation target of 3.25% for this year, which will be lowered to 3% in 2024, but consumer prices reached 5.6% in the 12 months through February. Benchmark interest rates stand at a six-year high of 13.75%. Reporting by Eduardo Simoes and Pedro Fonseca; Writing by Gabriel Araujo; Editing by Steven GrattanOur Standards: The Thomson Reuters Trust Principles.

☆ Ex-Brazil president Bolsonaro is hoarding a stash of jewels Saudi Arabia gave him — but was just ordered to give them away
▼ + stars: | 2023-03-23 | by ( Tom Porter | ) www.businessinsider.com time to read: +3 min

Brazil's watchdog ordered former President Jair Bolsonaro to hand over valuable jewels. He received the gift on a trip to Saudi Arabia, and another stash was seized by customs. Jewelry gifted to former Brazilian President Jair Bolsonaro and former first lady Michelle Bolsonaro by the Saudi government and seized by customs officials. It later emerged that a second stash of jewels, valued at around $75,000, also entered the country undetected, and were in Bolsonaro's possession. It is this this second stash that the watchdog has ordered Bolsonaro to hand back, reports say.

☆ Bolsonaro denies 'illegal acts' in bringing Saudi jewels to Brazil -report
▼ + stars: | 2023-03-04 | by ( ) www.reuters.com time to read: +2 min

SAO PAULO, March 4 (Reuters) - Brazil's former President Jair Bolsonaro on Saturday denied committing "illegal acts" after local media reported he tried to bring into his country jewelry that the Saudi government allegedly gifted to him and his wife, according to CNN Brasil. "I'm being accused of a gift I neither asked for nor received," CNN quoted the former far-right leader as saying in an interview. The Saudi embassy in Brazil did not immediately respond to a request for comment. He is expected to meet former U.S. President Donald Trump, his political idol, at the event. ($1 = 0.9406 euros)Reporting by Paula Arend Laier; Writing by Gabriel Araujo; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

SAO PAULO, Jan 10 (Reuters) - Brazilian power company Eletrobras (ELET6.SA) is investigating whether the collapse of two transmission towers is related to anti-government riots on Sunday after finding signs of sabotage, according to two people familiar with the probe. The towers - one of which fell on Sunday and the other in the early hours of Monday - were operated by Eletrobras subsidiaries Furnas and Eletronorte. Eletrobras, the mines and energy ministry and regulatory agency Aneel have set up a crisis committee to monitor potential threats to Brazil's power grid, according to a third source. A third tower operated by power transmission company Evoltz also collapsed, according to a report by Brazil's National Electric System Operator (ONS) on Tuesday. Eletrobras, Furnas and Evoltz did not immediately respond to requests for comment.

☆ Petrobras reinforces security at refineries after threats - sources
▼ + stars: | 2023-01-09 | by ( Sabrina Valle | ) www.reuters.com time to read: +2 min

Jan 8 (Reuters) - Petroleo Brasileiro SA (PETR4.SA) stepped up security at its refineries in a precautionary measure after threats against assets, including Brazil's biggest fuel plant, two company officials said, speaking on condition of anonymity. The threats were detected by Petrobras' intelligence unit monitoring social media communications of supporters of Brazil's far-right former President Jair Bolsonaro, the two people said. The state-controlled company said on Sunday night all its assets and refineries were operating normally. The threats to Petrobras targeted assets such as refineries in Sao Paulo, Rio de Janeiro and Parana states, the people said. Brazil's Mines and Energy Minister, Alexandre Silveira, said Brazil's fuel supply would run normally, as would the country's refineries.

☆ Brazil's Petrobras CEO resigns as ministry chooses his successor -sources
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

Petrobras did not immediately comment on the resignation. Andrade had been handpicked by former right-wing President Jair Bolsonaro after three of his predecessors left following clashes with Bolsonaro over Petrobras' fuel pricing policy. Prates will need final approval as a board member and subsequently as CEO from the firm's current board of directors. Andrade's term had been set to expire in April, but Reuters reported late last year that he had decided to resign earlier. Reporting by Carolina Pulice, Peter Frontini and Marta Nogueira; Editing by Mark Porter, Bradley Perrett and Richard ChangOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil's Petrobras to play leading role on refinery expansion -new energy minister
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: +2 min

Companies Petroleo Brasileiro SA Petrobras FollowRIO DE JANEIRO, Jan 2 (Reuters) - Brazil's new mines and energy minister Alexandre Silveira said on Monday that state-run oil company Petrobras (PETR4.SA) would play a leading role in expanding the refining sector, and stressed the importance of developing renewable resources. Petrobras would encourage other groups to join the process, Silveira said during an official event to start his term in office. The ministry would seek to "revalue" biofuels and include them in Brazil's main energy system through safe and efficient long-term policies, Silveira said. Natural gas and biomass could be especially prominent as Brazil looks to build a medium- and low-carbon economy, added Silveira. "The future of our generation should be guided towards innovation and the expansion of renewable resources," he said.

☆ Brazil's Petrobras will play leading role to expand refineries, says new energy minister
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: 1 min

Companies Petroleo Brasileiro SA Petrobras FollowRIO DE JANEIRO, Jan 2 (Reuters) - Brazil's new mines and energy minister Alexandre Silveira said on Monday that state-run oil company Petrobras (PETR4.SA) would play a leading role in expanding the country's oil refining sector. During an official event inaugurating his new role, Silveira said that Petrobras would play a leading role, encouraging other groups to join the process. "It is urgent that we enlarge and expand our refineries, taking them to the country's regions and modernizing the plants," he added. Reporting by Marta Nogueira and Pedro Fonseca; Editing by Sarah MorlandOur Standards: The Thomson Reuters Trust Principles.

But Jean Paul Prates, nominated on Friday to be chief executive, has been advocating for higher investments in renewables. "Petrobras is a company for the long run and cannot just keep exploring sub-salt oil and paying dividends," Prates said in a press conference this month. Prates, a senator for the past four years, will become the first politician to hold a high-ranking office at Petrobras in several years. Petrobras, Prates and the transition team's press officer did not immediately respond to requests for comment. Prates has defended higher Petrobras investments in the refining sector as a way to secure Brazil's fuel supply.

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