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REUTERS/Thaier Al Sudani/File Photo Acquire Licensing RightsDec 3 (Reuters) - Brazil will never join the OPEC+ group of oil-producing nations as a full member and instead only seeks to participate as an observer, Brazilian President Luiz Inacio Lula da Silva said on Sunday. Lula's remarks to reporters at the U.N. COP28 climate summit in Dubai clarified his statements a day earlier that Brazil would "participate" in OPEC+. "Brazil should join OPEC+, it could be an observer," Lula said on Sunday. "Brazil will never be a full member of OPEC, because we don't want to be. Petrobras will continue to do what it needs to do to help Brazil grow, but will expand beyond just oil to all energy, Lula added.

Persons: Luiz Inacio Lula da Silva, Al Sudani, Lula's, Lula, Jake Spring, Will Dunham Organizations: United Nations, Change, United Arab Emirates, REUTERS, OPEC, Petrobras, PETR4, São Paulo, Thomson Locations: Dubai, United Arab, Brazil, OPEC, Africa, Latin America, Berlin, São

☆ 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

☆ Brazil to join OPEC+ but won't cap oil output, Petrobras CEO says
▼ + stars: | 2023-12-01 | by ( Rodrigo Viga Gaier | ) www.reuters.com time to read: +2 min

Jean Paul Prates, CEO of Brazil's state-run oil company Petrobras, speaks during a news conference at the Petrobras headquarters in Rio de Janeiro, Brazil March 2, 2023. "We would never be part of an organization that imposes (production) quotas to Brazil, Petrobras is a publicly-traded company and we cannot have quotas." Brazil's energy minister said on Thursday the country was eager to join OPEC+ after a full technical analysis. Brazil is the largest oil producer in South America, at 4.6 million barrels per day of oil and gas, of which 3.7 million bpd are crude. Prates, who in October received OPEC Secretary General Haitham Al Ghais in Brazil, noted OPEC+ was a group that includes countries with no voting rights and to which production caps are not imposed, which would be the case of Brazil.

Persons: Jean Paul Prates, Pilar Olivares, Luiz Inacio Lula da Silva's, Haitham Al, Brazil's, Prates, Rodrigo Viga Gaier, Gabriel Araujo, Steven Grattan Organizations: Petrobras, REUTERS, DE, PETR4, Reuters, OPEC, Thomson Locations: Brazil's, Rio de Janeiro, Brazil, DE JANEIRO, OPEC, American, South America, Haitham Al Ghais

☆ 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

[1/2] A logo of Brazil's state-run Petrobras oil company is seen at their headquarters in Rio de Janeiro, Brazil October 16, 2019. Lula told Prates that Petrobras should commission 25 ships to be built in Brazilian shipyards, instead of the four currently planned. When asked for comment, Petrobras referred Reuters to a Nov. 8 statement, in which it said it is still finalizing its investment plan. Last week, Reuters reported that Petrobras' plan will include around $100 billion in investments that the firm is both analyzing and those it has already committed to. In the previous 2023-2027 plan, Petrobras projected $78 billion in investments.

Persons: Sergio Moraes, Luiz Inacio Lula da Silva, Jean Paul Prates, Prates, Lula, Brazil's, Sabrina Valle, Lisandra Paraguassu, Rodrigo Viga Gaier, Marta Nogueira, Fabio Teixeira, Roberto Samora, Gabriel Stargardter, Marguerita Choy Organizations: REUTERS, HOUSTON, RIO DE, Petrobras, PETR4, Reuters, Thomson Locations: Rio de Janeiro, Brazil, BRASILIA, RIO, RIO DE JANEIRO, Brasilia, Mato Grosso, Sul, Petrobras

☆ Global dividends slide in Q3 as miners drag
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

MILAN, Nov 15 (Reuters) - Global dividends fell 0.9% to $421.9 billion in the third quarter due to lower special dividends and a small number of corporations making large cuts to investor remuneration, a report showed on Wednesday. Janus said total dividends were slightly better than expected in the quarter despite lower one-off special payouts and exchange rate effects. "Special dividends have decreased, reflecting less M&A activity and the disappearance of windfall profits in sectors like mining," he added. The largest cuts to payouts were made by Brazilian oil group Petrobras (PETR4.SA) and Australian miner BHP (BHP.AX). More than half of mining companies reduced their payouts while 89% of companies overall raised their dividends or held them during the period, the report said.

Persons: Janus Henderson, Janus, Ben Lofthouse, Banks, Danilo Masoni, Elaine Hardcastle Organizations: MILAN, Petrobras, PETR4, BHP, Chemicals, China Construction Bank Corp, China Mobile, HK, Thomson Locations: Brazil, Taiwan, Czech, Asia, PetroChina, Europe

☆ Brazil's Petrobras lifts 2023 forecast for oil and gas output
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

Brazil's state-run oil company Petrobras logo is pictured at its building in Rio de Janeiro, Brazil July 17, 2023. REUTERS/Ricardo Moraes Acquire Licensing RightsCompanies Petroleo Brasileiro SA Petrobras FollowRIO DE JANEIRO, Nov 9 (Reuters) - Brazil's state-run oil company Petrobras (PETR4.SA) raised its projection for oil and gas production this year, after posting a 41.5% decrease in third-quarter profit on Thursday. Latin America's top oil producer posted a recurring net profit of 27.2 billion reais ($5.51 billion), while analysts polled by LSEG had expected 28.74 billion reais. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the period shrank 27.6% to 66.19 billion reais ($13.41 billion). Petrobras also said it will pay shareholders 1.344365 reais per share, totaling 17.5 billion reais in dividends.

Persons: Ricardo Moraes, LSEG, Fabio Teixeira, Chris Reese, Lincoln Organizations: Petrobras, REUTERS, Petroleo Brasileiro SA Petrobras, RIO DE, PETR4, Thomson Locations: Brazil's, Rio de Janeiro, Brazil, RIO DE JANEIRO, Brent, Santos, Campos

☆ Abu Dhabi's ADNOC makes new bid for stake in Brazil's Braskem; shares soar
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +3 min

Logos of ADNOC are seen at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. REUTERS/Toru Hanai Acquire Licensing RightsSAO PAULO, Nov 9 (Reuters) - Brazilian petrochemical producer Braskem (BRKM5.SA) on Thursday said Abu Dhabi oil company ADNOC (ADNOC.UL) has presented a new non-binding offer to buy conglomerate Novonor's stake in the firm. The petrochemical company cited a letter exchange with Novonor in its filing. The conglomerate would be granted a minority stake of up to 3% in Braskem following the deal, Braskem added. ADNOC had previously presented a joint cash-and-debenture offer alongside U.S. asset manager Apollo (APO.N) for Braskem, with other bidders for the firm including Brazil's Unipar Carbocloro (UNIP6.SA) and J&F.

Persons: Toru Hanai, Braskem, ADNOC, Folha de S.Paulo, BTG, Pedro Soares, we're, Brazil's Unipar, Gabriel Araujo, Steven Grattan, Tomasz Janowski, David Evans Organizations: REUTERS, SAO PAULO, Petrobras, PETR4, Novonor's, Sao Paulo, Novonor, Folha de, ADNOC, U.S, Apollo, Thomson Locations: Gastech, Chiba, Japan, Abu Dhabi, Sao, Braskem

☆ Brazil's consumer prices forecast to have risen faster in Sept.- Reuters poll
▼ + stars: | 2023-10-10 | by ( Gabriel Burin | ) www.reuters.com time to read: +2 min

A man pays a vendor at a fruit stand, at a supply centre (CEASA) in Brasilia, Brazil May 9, 2023. REUTERS/Adriano Machado/File Photo Acquire Licensing RightsOct 10 (Reuters) - Brazil's consumer prices likely rose faster in September, led by hikes in gasoline costs that should have brought annual inflation to the highest rate in seven months, a Reuters poll of economists showed. While it is expected to decelerate again, risks are increasingly tilted to the upside from the potential impact of the El Niño weather pattern on agricultural output which has been abundant so far this year. Brazilian state-run company Petrobras (PETR4.SA) has been raising fuel prices following movements in international oil markets in recent weeks. Higher oil prices and weather risks, combined with worries over Brazil's fiscal issues and steeper U.S. yields, have kept inflation expectations at undesirable levels, slightly above official goals.

Persons: Adriano Machado, decelerate, Yan Barros, Niño, Gabriel Burin, Andrew Cawthorne Organizations: REUTERS, Ace Capital, Petrobras, PETR4, Banco, Brasil, Thomson Locations: Brasilia, Brazil, El, Brazilian, Israel, Australia, India, Brazil's

"The most serious outcome for crude is that the conflict escalates into a more devastating proxy war which could affect crude supply," said Rebecca Babin, senior energy trader at CIBC Private Wealth US. Israel's port of Ashkelon and its oil terminal have been shut in the wake of the conflict, sources said. Goldman Sachs said the conflict reduced the likelihood of normalization of Israel's relations with Saudi Arabia, and the associated boost to Saudi production over time. The conflict is likely to lead to higher volatility and speculation in oil markets, the CEO of Brazil's Petrobras (PETR4.SA) said. High oil price due to the conflict could bolster inflation, analysts said, forcing rate hikes that could dampen demand.

Persons: recouping, Brent, WTI, Israel, Rebecca Babin, Agustin Marcarian, Goldman Sachs, Caroline Bain, Saxo Bank's Ole Hansen, Nicolas Maduro, Arathy Somasekhar, Natalie Grover, Andrew Hayley, Emily Chow, Kirsten Donovan, Lisa Shumaker, David Gregorio Our Organizations: HOUSTON, . West Texas, Reuters Graphics Reuters, Hamas, CIBC Private Wealth, Israel, REUTERS, Saudi, Analysts, Capital Economics, U.S, Petrobras, PETR4, Thomson Locations: Saudi, Israel, Ashkelon, Israel US, Venezuela, Palestinian, Gaza, Saudi Arabia, Washington, Riyadh, Vaca, Patagonian, Neuquen, Argentina, Moscow, U.S, Iran, Russia, Caracas, Mexico, Tel Aviv, Houston, London, Beijing, Singapore

Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. He said oil and gas reserves are depleting at 5-7% annually, and output will decline if companies stop investing to replace them. The Canadian government has not finalised subsidies for projects to capture and sequester emissions and is developing a cap on oil and gas emissions. Not all oil companies are reducing spending on production. Greater oil production could provide the revenue to pursue net-zero aims, Rath said.

Persons: Agustin Marcarian, Darren Woods, Amin Nasser, ", Aditya Ravi, Rystad's, Alex Pourbaix, Pourbaix, that's, Chris Severson, Baker, Omar Farouk Ibrahim, Ranjit Rath, Rath, Carlos Travassos, Yrjo Koskinen, Rod Nickel, Nia Williams, David Gregorio Our Organizations: REUTERS, Rights, World Petroleum Congress, Exxon Mobil, Aramco, Rystad Energy, International Energy Agency, Cenovus Energy, Canadian, European Union, Deloitte, African Petroleum Producers ' Organization, United Nations, Oil India, Investment, Petrobras, PETR4, University of Calgary, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Rights CALGARY , Alberta, Calgary, United States, Paris, Pembina, India, SA, Calgary , Alberta

☆ Exclusive: Brazil's Petrobras plans China subsidiary in push to boost ties, CEO says
▼ + stars: | 2023-08-31 | by ( Marta Nogueira | ) www.reuters.com time to read: +2 min

Prates said Petrobras aims to open the Chinese subsidiary next year, after getting formal approval. "It's important to them," Prates said in a phone interview during a business trip to China. "It is an interesting signal, saying that in the same way that we have a Petrobras America, we will have a Petrobras China, because both countries are equally important to us," he added. Prates said Petrobras China subsidiary would allow Petrobras to operate and participate in projects as partner even in other countries, including in Africa. Petrobras wants to increase its share of China's oil imports to 15% from the current 5% in the next 10 to 20 years, Prates said.

Persons: Sergio Moraes, Jean Paul Prates, Jair Bolsonaro, Prates, Luiz Inacio Lula da Silva, Lula, didn't, Marta Nogueira, Gabriel Araujo, Brad Haynes, David Gregorio Our Organizations: Petroleo Brasileiro S.A, REUTERS, DE, Petrobras, PETR4, Reuters, Petrobras America, White House, HK, CITIC, China Development Bank, Bank of China, Thomson Locations: Rio de Janeiro, Brazil, DE JANEIRO, SA, China, Petrobras China, United States, Beijing, Africa

☆ 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

☆ Europe's bumper Q2 puts global dividend payouts on track for record year
▼ + stars: | 2023-08-29 | by ( Marc Jones | ) www.reuters.com time to read: +4 min

This time around, the surge in global interest rates meant banks contributed half the world's dividend growth and drove a quarter of Europe's increase. At the same time, U.S. dividend growth slowed for the sixth consecutive quarter. "But the positive effect on bank margins from the end of years of ultra-low interest rates is very powerful and is driving dividend payouts". The second quarter marks a seasonal high point for Japanese dividends and payouts there rose 8.4% on an underlying basis. Its largest dividend payer, carmaker Toyota (7203.T), accounted for one third of the underlying increase with a 25% hike, despite lower profits.

Persons: Dado Ruvic, Janus Henderson, Ben Lofthouse, Lofthouse, Eli Lilly, Marc Jones, Alex Richardson Organizations: REUTERS, Companies, Global Equity, UnitedHealth Group, Intel, Blackstone, Toyota, HK, Petrobras, PETR4, Thomson Locations: Europe, Italy, Spain, Britain, Ukraine, U.S, Asia, China, Brazil, Colombia

☆ Brazil's Lula unveils $350 bln 'growth acceleration' plan
▼ + stars: | 2023-08-11 | by ( Rodrigo Viga Gaier | ) www.reuters.com time to read: +3 min

A general view of the Copa Cabana beach during Independence Day celebrations, in Rio de Janeiro, Brazil September 7, 2022. Critics say it incurred excessive spending, exacerbating Brazil's fiscal crisis, while failing to bring fundamental advances in infrastructure. The government did not immediately detail the fiscal impact of the initiative, or give a specific time frame for the plan. Yet Lula is under pressure to deliver much-needed growth to poor, under-developed regions and he wants Petrobras to be an engine of growth. "We'll accelerate growth in our country and help stop degradation of our planet," Haddad said in a speech.

Persons: Ricardo Moraes, Luiz Inacio Lula da Silva, Dilma Rousseff, Staff Rui Costa, Lula, Jair Bolsonaro, Fernando Haddad, Haddad, Rodrigo Viga Gaier, Gabriel Araujo, Steven Grattan, Anthony Boadle, Kirsten Donovan Organizations: Copa Cabana, REUTERS, Staff, Petrobras, PETR4, Finance, Sao Paulo, Thomson Locations: Rio de Janeiro, Brazil, JANEIRO, Sao

☆ Brazil launches 'growth acceleration' plan set to invest $350 billion
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +2 min

A general view of the Copa Cabana beach during Independence Day celebrations, in Rio de Janeiro, Brazil September 7, 2022. But the government said its new version would be marked by a strong partnership between the public and private sectors, with more than 1.3 trillion reais estimated to be disbursed by 2026. According to a statement, 371 billion reais are set to be invested by the federal government, while state-owned firms such as oil giant Petrobras (PETR4.SA) would inject 343 billion. The private sector, it added, is seen investing a total 612 billion reais, added. Sao Paulo, the country's wealthiest and most populous state, comes second with an estimated 179.6 billion reais being invested in major infrastructure projects.

Persons: Ricardo Moraes, Luiz Inacio Lula da Silva, Lula, Dilma Rousseff, Sao, Rodrigo Viga Gaier, Gabriel Araujo, Steven Grattan, Frances Kerry Organizations: Copa Cabana, REUTERS, Brazil's, Petrobras, PETR4, Sao Paulo, Paulo, Thomson Locations: Rio de Janeiro, Brazil, JANEIRO

☆ Protesters oppose Petrobras oil exploration plan at mouth of Amazon river
▼ + stars: | 2023-08-06 | by ( ) www.reuters.com time to read: +2 min

The logo of Brazil's state-run Petrobras oil company is seen on a tank in at Petrobras Paulinia refinery in Paulinia, Brazil July 1, 2017. REUTERS/Paulo Whitaker/File PhotoBELEM, Brazil, Aug 6 (Reuters) - Environmental demonstrators protested on Sunday against plans by Brazilian state-run oil company Petrobras (PETR4.SA) to drill for oil at the mouth of the Amazon river. Petrobras has appealed against a decision by Brazil's environmental protection agency, Ibama, to deny it permission to drill an exploratory well at the mouth of the Amazon, saying the request lacked an environmental assessment of the project. It reaches a technical opinion that must be obeyed," said the minister, who has opposed the plan to drill at the mouth of the Amazon. Lula said Guyana's president would like Petrobras to explore for oil off-shore from his country.

Persons: Paulo Whitaker, Luis Barbosa, Marina Silva, Ibama, Silva, Luiz Inacio Lula da Silva, Lula, Leonardo Benassatto, Leslie Adler Organizations: Petrobras Paulinia, REUTERS, Environmental, Petrobras, PETR4, Amazon, Thomson Locations: Paulinia, Brazil, BELEM, Amazon, Suriname, Guyana, Amapá

☆ Brazil's Ambev Q2 net profit falls 15%, misses estimates
▼ + stars: | 2023-08-03 | by ( Natalia Siniawski | ) www.reuters.com time to read: +2 min

REUTERS/Paulo WhitakerAug 3 (Reuters) - Brazilian brewer Ambev (ABEV3.SA) on Thursday reported a 15.2% decline in second-quarter net profit, narrowly missing market forecasts. The subsidiary of Belgium's Anheuser-Busch InBev (ABI.BR) posted profit of 2.60 billion reais ($540.34 million), below the 2.68 billion reais average estimate of analysts polled by Refinitiv. Revenue rose 20% from the same period a year earlier to 18.9 billion reais, as cost pressures continued to ease but missing the 19.80 billion reais consensus view. Earnings before interest, tax, depreciation and amortization (EBITDA) grew in all business units, though sales volume declined 2.2%. "Our top-line performance remained resilient and cost pressures continued to decelerate leading to bottom-line growth," CEO Jean Jereissati said in a statement.

Persons: Paulo Whitaker, Ambev, Jean Jereissati, Itau, Natalia Siniawski, Jane Merriman, Christopher Cushing, Tomasz Janowski Organizations: Bebidas, REUTERS, Belgium's Anheuser, Busch InBev, Refinitiv, Petrobras, PETR4, Thomson Locations: Companhia, Fortaleza, Brazil, Central America, Caribbean, Panama, Dominican Republic, Vale, VALE3

☆ Brazil's Petrobras to trim dividends under new policy
▼ + stars: | 2023-07-29 | by ( Peter Frontini | ) www.reuters.com time to read: +1 min

SAO PAULO, July 28 (Reuters) - Brazilian state-run oil firm Petrobras' (PETR4.SA) board of directors on Friday approved a new shareholder remuneration policy that will trim its hefty dividend and allow share buybacks, according to a securities filing. Under the new policy, Petrobras' quarterly dividend will have to be at least 45% of its free cash flow, down from the current 60%, when the firm's gross debt is below $65 billion. In 2022, Petrobras paid a total of 215.8 billion reais to its shareholders, including the Brazilian government, which holds a controlling stake in the firm. Petrobras will announce its second-quarter dividends and earnings on Aug. 3 after the market closes. Reporting by Carolina Pulice and Peter Frontini; Editing by Brendan O'Boyle and Kylie MadryOur Standards: The Thomson Reuters Trust Principles.

Persons: Jean Paul Prates, Carolina Pulice, Peter Frontini, Brendan O'Boyle, Kylie Madry Organizations: SAO PAULO, Petrobras, SA, Reuters, Thomson

But OPEC ministers and executives from oil companies told a two-day conference in Vienna governments needed to turn their attention from supply to demand. But record profits from oil and gas last year and relatively low returns from renewable energy prompted some investors to demand companies renew their focus on oil and gas to raise profits. DEMAND HITS RECORDMeanwhile, oil demand has reached new peaks of above 102 million barrels per day this year, recovering from a dip during the COVID-19 pandemic. It is expected to rise further, driven by strong demand from Asia and for petrochemical production, oil executives and analysts said. The oil industry has long said lower investment in oil and gas in the absence of a reduction in oil demand will only lead to higher prices.

Persons: Bernard Looney, Wael Sawan, Abu, Sultan al Jaber, Patrick Pouyanne, Jean Paul Prates, Prates, Amin Nasser, Dmitry Zhdannikov, Barbara Lewis Organizations: BP, of, Petroleum, Reuters, Bloomberg, Wall Street, Companies, Shell, BBC, Investments, Rystad Energy, Petrobras, PETR4, Saudi Aramco, Thomson Locations: Vienna, VIENNA, Ukraine, Asia, Abu Dhabi

☆ Petrobras wins appeal in multi-billion dollar labor case
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

Companies Petroleo Brasileiro SA Petrobras FollowBRASILIA, June 26 (Reuters) - Brazil's state-run oil company Petrobras (PETR4.SA) has won its appeal in the Supreme Court against a 2018 labor conviction, avoiding billions of dollars in payments. Petrobras was charged in 2018 by Brazil's top labor court for divergences in the minimum salary remuneration agreed between the company and its employees, known as RMNR. The company was then liable to pay at least 17 billion reais ($3.57 billion) in salary corrections. The final decision to annul the case comes more than a year after supreme court Justice Rosa Weber asked for its temporary suspension. In a statement, Petrobras said it was awaiting the full written judgment "to provide information to the market about the decision."

Persons: Rosa Weber, Ricardo Brito, Carolina Pulice, Isabel Woodford Organizations: Petroleo Brasileiro SA Petrobras Follow, Petrobras, PETR4, Thomson Locations: Petroleo Brasileiro SA Petrobras Follow BRASILIA

Santander and Goldman Sachs were the latest to upgrade their recommendations on the oil company to "Buy". They announced the change late on Tuesday, citing an attractive valuation and limited impacts from recent changes to key company policies. That followed similar calls earlier this month by Morgan Stanley and JPMorgan, which upgraded Petrobras to "Overweight" mentioning less disruptive policy changes than initially expected and lower risk perceptions, respectively. Analysts now await an announcement on the firm's dividend policy by July, but they do not foresee a major shift. "We believe the company's financial vigor and the government's fiscal needs make the case for limited changes," said Santander analysts, who raised their rating to "Outperform".

Persons: Goldman Sachs, Morgan Stanley, Goldman, Luiz Inacio Lula da Silva's, Gabriel Araujo, Brad Haynes, Emma Rumney, Sharon Singleton Organizations: SAO PAULO, Petrobras, PETR4, Santander, JPMorgan, Thomson Locations: Brazil

☆ Petrobras eyes global expansion as Brazil hopes fade, sources say
▼ + stars: | 2023-06-01 | by ( Marta Nogueira | ) www.reuters.com time to read: +4 min

[1/3] A worker walks inside the Brazil's Petrobras P-66 oil rig in the offshore Santos basin in Rio de Janeiro, Brazil September 5, 2018. Petrobras' main bet on replenishing its reserves had been the Equatorial Margin, some 2,200 km of deepwater and ultra-deepwater assets along Brazil's northern and northeastern coast. According to one of the sources, the Equatorial Margin has been the company's "Plan A, B, and C" for restocking reserves. In March, Reuters reported that Petrobras was among at least 10 companies including Shell and Chevron to consider bidding on a Guyana oil auction, now scheduled for July. Such projects could also add scope for foreign expansion, said Mauricio Tolmasquim, Petrobras' chief energy transition and sustainability officer.

Persons: Pilar Olivares, Luiz Inacio Lula da Silva, Ibama, Jean Paul Prates, Prates, Lula, Mauricio Tolmasquim, Marta Nogueira, Gabriel Stargardter, David Gregorio Our Organizations: Petrobras, REUTERS, RIO DE, Brazil's Petrobras, Reuters, Petroleo, government's Energy Research, Ocean, Exxon Mobil, Estado, S, Shell, Chevron, Brazil, Thomson Locations: Santos, Rio de Janeiro, Brazil, RIO, RIO DE JANEIRO, Foz de Amazonas, Guyana, Suriname, Colombia, Argentina, Bolivia

☆ Brazil's top court sentences ex-President Collor to prison for corruption
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +2 min

[1/2] Then-Senator Fernando Collor de Mello, also a former Brazilian president, during a vote session on the impeachment of President Dilma Rousseff in Brasilia, Brazil, May 11, 2016. REUTERS/Ueslei Marcelino/File PhotoBRASILIA, May 31 (Reuters) - Brazil's supreme court voted on Wednesday to sentence former President Fernando Collor de Mello to 8 years and 10 months in prison on corruption and money laundering charges. The Brazilian prosecutor's office accused Collor, 73, of having received around 30 million reais ($6 million) in bribes from a subsidiary of state-run oil company Petrobras (PETR4.SA). The top court convicted the former senator in mid-May, but justices had still to decide on his sentence, which he can appeal. A rakish, dynastic heir with a penchant for expensive sports cars, Collor was one of Brazil's original free-marketeers whoopposed Brazil's entrenched protectionism and sought to privatize state-run firms in his curtailed presidency.

Persons: Fernando Collor de Mello, Dilma Rousseff, Ueslei Marcelino, Collor, Brazil's, Ricardo Brito, Carolina Pulice, Anthony Boadle, Grant McCool Organizations: REUTERS, Brazilian, Petrobras, PETR4, Thomson Locations: Brazilian, Brasilia, Brazil, BRASILIA, Alagoas

"Inflation expectations are still very high," Campos Neto told a seminar hosted by newspaper Folha de S.Paulo on Monday, highlighting elevated long-term forecasts as particularly problematic. "Long-term forecasts remained little changed," the central bank chief said. "And we have a problem that are long-term inflation expectations persistently stuck around 4%". In the minutes of its May meeting, the central bank expressed concerns about inflation expectations, saying it continued "to assess that de-anchored expectations raise the cost of bringing inflation back to the target". Campos Neto acknowledged that headline inflation has been slowing down in Brazil, but noted that the core index remains "high" and "well above target".

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