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☆ Brazil's Petrobras to cut natural gas prices by 11.1%
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: 1 min

Companies Petroleo Brasileiro SA Petrobras FollowSAO PAULO, Jan 10 (Reuters) - Brazilian state-run oil company Petrobras (PETR4.SA) will cut natural gas prices by an average 11.1% starting Feb. 1, it said on Tuesday on its website. Petroleo Brasileiro SA, as the company is formally known, updates natural gas prices on a quarterly basis, pegging them to international oil prices and foreign exchange rates. Reporting by Gabriel Araujo; Editing by Steven GrattanOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

☆ Next Petrobras CEO says he will change company's fuel price policy
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +2 min

BRASILIA, Dec 30 (Reuters) - The incoming chief executive of Brazil's state-run oil company Petrobras (PETR4.SA) said on Friday he planned to tweak the country's fuel price policy, but said investors need not worry. Prates told journalists he will change the firm's pricing policy, which pegs fuel to global oil prices, but stressed that this does not mean prices will be completely unlinked to the international market. "Petrobras' pricing policy will be changed, but not necessarily to traumatize investors," he said. The company's pricing policy was at the center of turmoil during President Jair Bolsonaro's administration. Three of Petrobras' CEOs were ousted during his term, as fuel price hikes stoked inflation and hurt his popularity.

Companies Petroleo Brasileiro SA Petrobras FollowRIO DE JANEIRO, Dec 23 (Reuters) - Caio Paes de Andrade, the chief executive of Brazil's state-run oil firm Petrobras (PETR4.SA), has decided to resign before his term ends in April, but has not yet set a date for his departure, six sources told Reuters. Andrade's early exit would provide a pathway for leftist President-elect Luiz Inacio Lula da Silva to quickly install his own choice to lead the company. Lula, a leftist former president, takes office on Jan. 1. Prates has previously said the incoming government will not have an interventionist stance on Petrobras. Petrobras had previously said Andrade had accepted an invitation from future Sao Paulo state Governor Tarcisio Freitas to join his team.

☆ Honeywell to Pay $203 Million in Settlements Over Brazil, Algeria Bribery
▼ + stars: | 2022-12-19 | by ( Dylan Tokar | ) www.wsj.com time to read: +3 min

Honeywell International Inc. will pay nearly $203 million to resolve investigations in the U.S. and Brazil into bribes paid to public officials in Algeria and at Brazil’s state-owned oil company, the company said Monday. The settlements involve UOP, a U.S. subsidiary of Honeywell that manufactures catalysts used to refine oil. Investigations found that UOP had conspired to pay bribes to a former high-level Petróleo Brasileiro SA official to obtain a $425 million oil refinery contract, authorities said. U.S. authorities accused UOP of violating the U.S. Foreign Corrupt Practices Act, and the settlements require Honeywell to make compliance overhauls and file periodic reports. To carry out the bribery scheme in Brazil, UOP retained a sales agent to funnel a $4 million bribe to the unnamed official at Petróleo Brasileiro, prosecutors said.

☆ Honeywell Strikes $203 Million Settlements Over Brazil, Algeria Bribery
▼ + stars: | 2022-12-19 | by ( Dylan Tokar | ) www.wsj.com time to read: +1 min

Honeywell International Inc. will pay nearly $203 million to resolve investigations in the U.S. and Brazil into bribes paid to public officials in Algeria and at Brazil’s state-owned oil company, the company said Monday. The settlements involve UOP, a U.S. subsidiary of Honeywell that manufactures catalysts used to refine oil. Investigations found that UOP had conspired to pay bribes to a former high-level Petróleo Brasileiro SA official to obtain a $425 million oil refinery contract, authorities said. The U.S. Securities and Exchange Commission also found that Honeywell’s Belgian subsidiary had paid bribes to Algerian officials to win business with Algerian state-owned oil company Sonatrach. U.S. authorities accused UOP of violating the U.S. Foreign Corrupt Practices Act, and the settlements require Honeywell to make compliance overhauls and file periodic reports.

☆ Brazil's Petrobras reaches deal with regulator on govt stake in oilfield
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: 1 min

Companies Petroleo Brasileiro SA Petrobras FollowSAO PAULO, Dec 15 (Reuters) - Brazilian state-run oil company Petrobras (PETR4.SA) has reached a deal with oil regulator ANP to pay 780 million reais ($146.38 million) regarding the government's stake in its Jubarte oilfield, ANP said on Thursday. The deal will now be put up for public consultation and may end a legal battle between the two parties. ($1 = 5.3287 reais)Reporting by Marta Nogueira; Editing by Steven GrattanOur Standards: The Thomson Reuters Trust Principles.

☆ Petrobras CEO prospect pitches an expansive vision for oil giant
▼ + stars: | 2022-12-15 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

Magda Chambriard, a former Brazil oil regulator, also said she does not support taking back divested oil refineries and other assets or using Petrobras' profits to subsidize consumer fuel prices. Lula, who spent time in jail over a Petrobras corruption scandal, campaigned on abandoning further privatization of Petrobras, and on investing in diversification. Petrobras has sold oil refineries, retail gas stations, power plants and gas pipelines to pay debt and boost its shareholder payouts. Like Lula, she believes the way to guarantee Petrobras' future in a world determined to cut planet-warming emissions should include developing less carbon-intensive fuels, such as natural gas. Some of the dividends Petrobras distributed this year should be redirected to energy production, including exploration of new oil and gas fields, she said.

☆ Petrobras shares dive on Brazil vote to ease rules on politicians running state firms
▼ + stars: | 2022-12-14 | by ( ) www.reuters.com time to read: +2 min

SAO PAULO, Dec 14 (Reuters) - Brazil's lower house of Congress voted late on Tuesday to make it easier for politicians to take roles at state-run firms, hammering shares of the state-run oil company, devastated by a political graft scandal over the past decade. Shares in state-run oil company Petroleo Brasileiro SA (PETR4.SA) (Petrobras) closed 10% lower on Wednesday. Analysts at BTG Pactual said the revised law would be bad for governance at state-owned firms as it eliminates one of their main mechanisms of defense from political influence. Incoming Finance Minister Fernando Haddad did his best to downplay the looser controls on politicians running state firms, saying the most important way to fight corruption is with strong, independent auditors. Reporting by Eduardo Simoes, Carolina Pulice and Marcela Ayres; Writing by Steven Grattan and Gabriel Araujo; Editing by Brad Haynes, Mark Potter and Lincoln Feast.

☆ Petrobras increases its five-year investment plan - sources
▼ + stars: | 2022-11-30 | by ( Sabrina Valle | ) www.reuters.com time to read: 1 min

HOUSTON, Nov 30 (Reuters) - Petrobras' (PETR4.SA) board on Wednesday approved an increase in the company's five-year business plan, bringing it closer to $80 billion, from $68 billion now, two people with knowledge of the information said. Petroleo Brasileiro SA, as the Rio de Janeiro company is formally known, will raise investments across exploration, production and refining between 2023 and 2027, the people said. The company will also increase investments in decarbonization to around 6% of the total, from 4%, one of the people said. Reporting by Sabrina Valle; Editing by Mark PorterOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil's transition team asks Petrobras CEO to suspend company's divestment plan
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

Companies Petroleo Brasileiro SA Petrobras FollowRIO DE JANEIRO, Nov 28 (Reuters) - Brazil's government-elected transition team asked state-run oil company Petrobras' (PETR4.SA) Chief Executive, Caio Mario Paes de Andrade, to suspend the company's divestment plan so they have time to decide which asset sales would go ahead in the coming years, transition team member Mauricio Tolmasquim told Reuters on Monday. "It would be ideal to suspend everything until the new board of directors takes over," said Tolmasquim, a member of the group dealing with mines and energy issues. He said the suspension would give some time to decide which asset sales would go ahead in the coming years. Petrobras said on its website it was making itself "available" to share the necessary information "for the transition team to conclude a first diagnosis that should support the next management." Reporting by Marta Nogueira; editing by Jonathan Oatis and Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil's Lula won't have interventionist stance on Petrobras, aide says
▼ + stars: | 2022-11-24 | by ( Ricardo Brito | Tom Polansek | ) www.reuters.com time to read: +3 min

[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. REUTERS/Sergio Moraes/File PhotoBRASILIA, Nov 24 (Reuters) - Brazil's incoming leftist government will not have an interventionist stance on state-run oil giant Petrobras (PETR4.SA), a member of the transition team for President-elect Luiz Inacio Lula da Silva said on Thursday. Market participants have been showing concern over how the Lula administration might run Petrobras. He also noted that the incoming administration, and not Petrobras itself, would set a new fuel pricing policy for the country. Shares of Petrobras, which slipped by roughly a quarter since mid-October, were up more than 4% on Thursday, outperforming Brazil's Bovespa stock index (.BVSP), which rose 2.5%.

☆ Brazil transition team asks Bolsonaro govt to halt Petrobras asset sales
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

Companies Petroleo Brasileiro SA Petrobras FollowNov 22 (Reuters) - The transition team for Brazil's President-elect Luiz Inacio Lula da Silva asked the current administration to halt ongoing asset sales by state-run oil giant Petrobras (PETR4.SA) until a new Mines and Energy Minister is appointed, a member of the group said on Tuesday. The remarks by Professor Mauricio Tolmasquim, tapped last week to participate in the mining and energy group of the transition process, came after a meeting in Brasilia. A second member of the team, Senator Jean Paul Prates, said that Lula was expected to make decision on who would be Petrobras' next chief executive by early December. Lula is set to take office from incumbent President Jair Bolsonaro on Jan. 1. Reporting by Roberto Samora in Sao Paulo; Editing by Steven GrattanOur Standards: The Thomson Reuters Trust Principles.

☆ Lula to start job interviews for Petrobras overhaul, sources say
▼ + stars: | 2022-11-21 | by ( Sabrina Valle | ) www.reuters.com time to read: +4 min

Lula, who takes office on Jan. 1, has already signaled plans for a dramatic overhaul of Petroleo Brasileiro SA (PETR4.SA), as the company is formally known. Into the dustbin, according to Lula and his advisers: the company's privatization. To pull off that reboot of Petrobras strategy, Lula plans for sweeping turnover in the company's first- and second-tier management ranks, said people familiar with his thinking. SHORT LISTAs of last week, Lula had not had any direct conversations with candidates for the top Petrobras job, according to people familiar with the matter, although a short list has taken shape. Lula's advisers also say Petrobras should steer more of its profits into investments rather than its generous recent dividends.

Lula insisted in a speech that he would maintain fiscal discipline, but his comments added to growing investor skepticism that he would keep a lid on spending. Concerns have been mounting about Brazil's public finances after major outlays through the pandemic and this year's presidential election. But his advisers are already discussing with lawmakers how to open room for more spending outside a constitutional spending cap in order to deliver on campaign promises, including a possible "Transition PEC" amending the constitution. "The signals indicate that the spirit of the Transition PEC is very oriented around new public spending. Still, as tough policy tradeoffs loom, and with Lula's economic team still being defined, markets have grown less patient.

☆ Brazil's Petrobras beats profit expectations as uncertainty looms
▼ + stars: | 2022-11-03 | by ( Peter Frontini | ) www.reuters.com time to read: +2 min

The average price of Brent crude over July to September was $100.85, Petrobras said, significantly higher than the $73.47 it recorded a year earlier. Earlier on Thursday, Petrobras had said it would distribute some 43.68 billion reais ($8.5 billion) in dividends. Petrobras' revenue jumped 40% to 170.08 billion reais. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose 50.5% to 91.42 billion reais, also beating analysts' estimate of 88 billion reais. "These results demonstrate, once again, the high level of performance achieved by Petrobras," its chief executive Caio Paes de Andrade said in a statement.

☆ Brazil's Petrobras to pay out $8.5 billion dividend amid squabble
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +3 min

SAO PAULO, Nov 3 (Reuters) - Brazilian state-run oil company Petrobras (PETR4.SA) will distribute dividends of around 43.68 billion reais ($8.5 billion) on its third quarter results, the firm said on Thursday, amid controversy over its massive payouts. Exxon has said it will pay dividends of $3.7 billion, while the other four firms will pay out a figure between $1.14 billion and $2.7 billion, according to data compiled by Reuters. Nearly all global oil majors have reported blockbuster profits this quarter, helped by surging oil prices. Workers' Party head Gleisi Hoffmann wrote on Twitter before the latest dividend was revealed that the payout policy "deprives the company of its investment capacity and only enriches shareholders." They say that while the company paid roughly 130 billion reais in dividends in the first six months of the year, investments made during the same period total only 17 billion reais.

☆ Brazil's Petrobras third-quarter profit rises 48%
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, Nov 3 (Reuters) - Brazil's state-run oil firm Petrobras (PETR4.SA) on Thursday posted a stronger than expected 48% surge in third-quarter profit, boosted by higher prices for Brent crude . Petroleo Brasileiro SA, as it is formally known, reported net profit of 46.1 billion reais ($9.01 billion), above the 43.37 billion reais forecast of analysts polled by Refinitiv. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose 50.5% from a year earlier to 91.42 billion reais, also beating analysts' 88 billion reais estimate. The average price of Brent crude over July to September was $100.85, Petrobras said, significantly higher than the $73.47 it recorded a year earlier. Earlier on Thursday, Petrobras had said it would distribute some 43.68 billion reais ($8.5 billion) in dividends.

☆ Petrobras to release new strategic plan in November, director says
▼ + stars: | 2022-09-28 | by ( Rodrigo Viga Gaier | ) www.reuters.com time to read: +1 min

Companies Petroleo Brasileiro SA Petrobras FollowRIO DE JANEIRO, Sept 28 (Reuters) - Petrobras is set to present its new strategic plan for the coming years in November, an executive for Brazil's state-run company said on Wednesday, hinting it should be "consistent" with the current focus on offshore oil formation known as pre-salt. During an oil and gas event in Rio de Janeiro, Petrobras' executive director of governance, Salvador Dahan, said that the company will continue "what it has been doing" in pre-salt exploration and production. The executive did not disclosure the dollar value for the new plan. Last year, the company's plan stood at $68 billion over five years, almost 25% more than the previous program. Register now for FREE unlimited access to Reuters.com RegisterReporting by Rodrigo Viga Gaier; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil's inflation extends downtrend in mid-September on lower fuel prices
▼ + stars: | 2022-09-27 | by ( Gabriel Araujo | ) www.reuters.com time to read: +3 min

Inflation in the 12 months to mid-September hit 7.96%, well below the 8.14% forecast by economists, likely backing the central bank's recent decision of pausing its aggressive rate hiking cycle. Adding to energy state tax cuts announced earlier this year, oil giant Petroleo Brasileiro SA reduced refinery gate gasoline prices twice since mid-August, leading to lower prices at the pump. The inflation drop in September, however, was not widespread as prices fell in only three of the nine groups of products and services surveyed, IBGE said - communication, food and beverages, and transportation. The latest inflation data comes as Brazil's central bank last week chose to keep interest rates unchanged at 13.75%, pausing an aggressive tightening after 12 consecutive increases aimed at curbing high inflation. William Jackson, chief emerging markets economist at Capital Economics, said the inflation figures confirmed that the monetary tightening cycle was over.

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