A 'Chicago Boy' Takes the Reins at Petrobras
Depending on who you ask, Roberto Castello Branco, the new chief executive of Brazil's Petroleo Brasileiro SA, will either save the indebted oil major - or strip it to the bone.Tapped by far-right President Jair Bolsonaro, who took power on Tuesday, Castello Branco had said in a June newspaper column he thought Petrobras - as the company is known - should be privatized, a hardcore proposal even in an administration packed with free market advocates.He has walked back on that idea since being named as CEO in November…
Petrobras Nears Terms Over TAG Pipeline Sale
Brazil’s state-controlled oil company Petróleo Brasileiro could present a new sale and purchase agreement (SPA) before the end of December for the sale of the Transportadora Associada de Gás (TAG) pipeline, after a Brazilian Supreme Court injunction in July stalled the sale.The sale of TAG, which operates natural gas pipelines in Brazil’s north and northeast, could fetch Petrobras as much as US$7bn, in one of the company’s largest-ever asset sales, three sources familiar with the process said.
Petrobras Units Could be Sold Under New CEO
Brazil's right-wing President-elect Jair Bolsonaro said on Monday that certain units of Petroleo Brasileiro could be privatized, even though the state-run company is strategic for the state.Speaking to reporters after his team named Chicago University-trained economist Roberto Castello Branco as the next chief executive of Petrobras, Bolsonaro said its outgoing boss, Ivan Monteiro, could go to state-run Banco do Brasil, the country's largest, although no decision has been taken.(Reporting by Rodrigo Viga Gaier Editing by Chizu Nomiyama)
Castello Branco Named Petrobras CEO
Brazil's incoming far-right government on Monday tapped a University of Chicago-trained economist with experience in the oil sector to be the chief executive of state-controlled Petroleo Brasileiro SA, amid a debate over privatization of the company's assets.The nomination of Roberto Castello Branco is the latest in a string of business-friendly appointments by President-elect Jair Bolsonaro, who takes office on Jan. 1.Castello Branco, a member of Petrobras's board until 2016…
Petrobras Repays 2 Bln Real Loan, Opens Fresh Credit Line
Brazil's state-controlled oil company Petroleo Brasileiro said on Friday it prepaid a 2 billion real ($516.13 million) loan due in 2020 from Banco do Brasil, and opened a new credit line for the same amount with the same bank due in 2025.The world's most indebted oil company said that with the new credit line, it has 6 billion reais ($1.55 billion) available from Brazilian banks and $4.35 billion on tap from international banks.($1 = 3.8750 reais)(Reporting by Alexandra Alper)
Petrobras Prepays $975 Mln Worth of Bank Debt
Brazilian Petróleo Brasileiro SA has settled three bank loans worth a total of $975 million that were due 2022, the state-controlled oil company said in a securities filing on Monday.Petrobras, as the company is known, paid $325 million to Bank of America Corp, $150 million to Banco Safra SA and $500 million to Banco MUFG Brasil S.A., the filing said.(Reporting by Bruno Federowski; Editing by Bernadette Baum)
Brazilian Banks, Funds Join Arbitration Against Petrobras
Top Brazilian funds and banks like Itaú Unibanco Holding SA, Banco Bradesco SA and Banco Santander Brasil SA have joined a collective arbitration action against Petróleo Brasileiro SA seeking compensation for graft at the state-controlled oil giant, a newspaper report said on Thursday. State-owned banks Caixa Econômica Federal and Banco do Brasil SA and pension funds including Petros, Previ and Funcef also took part in the action, Brazilian newspaper Valor Econômico said, citing sources familiar with the matter. The move seeks to replicate a January settlement inked by U.S.
Petrobras Secures $606 mln Credit Line from Banco do Brasil
Brazilian state-controlled oil company Petróleo Brasileiro SA said on Monday it has hired a 2 billion real ($606 million) credit line from state lender Banco do Brasil SA expiring in Feb. 2023. In a securities filing, Petrobras, as the company is known, said the newly-contracted credit line will cost 0.40 percent a year. Reporting by Bruno Federowski
Ex-Petrobras CEO Bendine Convicted of Corruption in Brazil
Aldemir Bendine, the former chief executive of state-controlled oil firm Petroleo Brasileiro SA and Banco do Brasil, was found guilty on Wednesday of corruption charges and sentenced by a federal judge to 11 years in prison. Judge Sergio Moro ruled that Bendine used his position at Petrobras to take 3 million reais ($924,527) in bribes from construction firm Odebrecht. "The condemned took his position as CEO of Petrobras amid a corruption scandal and with the expectation that he would solve problems," Moro wrote in his ruling.
Former CEO of Brazil's Petrobras Charged with Corruption
Brazilian prosecutors on Tuesday charged the former chief executive officer of state-controlled oil company Petroleo Brasileiro with corruption, alleging he used his position to take bribes from construction firm Odebrecht. Aldemir Bendine served as CEO of Petrobras, as the company is known, between 2015 and 2016, and was brought in to clean up the firm after its central role in Brazil's massive political graft scandal. Bendine, who also led state-owned lender Banco do Brasil SA from 2009 to 2015, was arrested late last month and remained in jail.
Brazil's Previ to sell CPFL stake to China's State Grid
Brazil's largest pension fund Previ decided to sell its stake in power company CPFL Energia SA to China's utility State Grid Corp, according to a CPFL securities filing on Friday. State Grid had announced in July an agreement to buy a controlling stake at CPFL from Brazilian engineering conglomerate Camargo Correa. The deal was approved by Brazilian antitrust body Cade on Thursday, opening the way for other shareholders to exercise their right to also sell their stakes in the company.
Petrobras Announces new President, Management Changes
Petrobras reports that it has received the letter of resignation of Mr. Aldemir Bendine the functions of a member of the Board of Directors and President of the Company today. In addition, Mr. Bendine also resigned today, the office of member of the Board of Directors of Petrobras Distribuidora - BR. In view of the resignation, the Board held a special meeting that has elected Pedro Pullen Parente engineer as a member of the Board of Petrobras today. The Council at the same meeting also elected Mr.
Petrobras Tests Investor Sentiment with $6.75 Bln Bond Sale
State-controlled Petróleo Brasileiro SA raised $6.75 billion on Tuesday through a sale of five- and 10-year dollar-denominated bonds, in a closely watched return to global capital markets after the suspension of Brazilian President Dilma Rousseff. The bond sale is the first by any Brazilian company since last June and the first to test investor sentiment toward Brazil since Rousseff was removed from office last week to face an impeachment trial. Petrobras, as the company is known…
Banco do Brasil Expects Sete Brasil Finance Deal by Year-end
Banco do Brasil SA expects to reach an agreement, along with other creditors, with troubled Brazilian offshore drillship builder and leaser Sete Brasil over its outstanding debts by the end of the year, the bank's chief executive said on Monday. State-led Banco do Brasil, which plans to restart a loan program for suppliers of state-run oil company Petroleo Brasileiro SA this week, also aims to help finance companies bidding for hydroelectric concessions at an auction in November, CEO Alexandre Abreu said. (Reporting by Rodrigo Viga Gaier; Writing by Jeb Blount)
Petrobras Reaches Deal for Reorganization of Sete Brasil
Brazilian state-run oil company Petrobras and other investors reached an agreement to approve the restructuring plan of ailing oil-drilling-rig builder Sete Brasil Participações SA, two leading local newspapers reported on Friday. The plan would pave the way the refinancing of Sete Brasil's $3.8 billion in debt. Shareholders reached a deal for Sete to operate five drills in a joint venture with an international partner, newspapers Valor Economico and Folha de Sao Paulo reported, without disclosing sources for the information.
Petrobras Fuel Unit CEO Could be Out
State-controlled Brazilian oil producer Petróleo Brasileiro SA plans to replace the head of fuel distribution subsidiary BR Distribuidora SA ahead of an initial public offering plan for the unit this year, Valor Econômico newspaper said on Wednesday. According to Valor, the company commonly known as Petrobras will hire an executive recruiting firm to look for a replacement for BR Distribuidora Chief Executive Officer José Lima de Andrade Neto. The newspaper did not say how it obtained the information.
Petrobras Chairman Dissents on Fuel Unit Sale
RIO DE JANEIRO/SAO PAULO, Aug 18 (Reuters) - Petrobras Chairman Murilo Ferreira dissented in a recent vote to sell a stake of at least 25 percent in the Brazilian state- controlled company's BR Distribuidora SA fuel distribution unit to help reduce debt, board meeting minutes showed. The 10-member board of Petróleo Brasileiro SA, as the oil producer is formally known, approved the proposal 8-2 on Aug. 8, according to minutes published late on Monday. Reuters previously reported that Petrobras was considering listing BR Distribuidora…
Petrobras Seeks IPO Regulatory Nod
Petrobras looking to slash costs, sell assets; fuel unit IPO would depend on market conditions. The board of Petróleo Brasileiro SA has approved a plan to seek regulatory permission for an initial public offering of the state-controlled oil producer's fuel distribution unit, weeks after hiring the banks that will handle the deal. The decision to pursue the IPO comes as the company known as Petrobras increasingly relies on cost reductions, asset sales and decreasing capital spending as a way to keep debt sustainable in the face of a corruption scandal.
Banks Agree on $5bln Bailout of Sete Brasil
A group of five Brazilian lenders agreed to extend up to $5 billion in fresh financing for ailing rig producer Sete Brasil Participações SA, in a first step aimed at staving off bankruptcy, two sources with knowledge of the situation said opn Thursday. State-controlled lenders Banco do Brasil SA and Caixa Econômica Federal, and private-sector lenders Itaú Unibanco Holding SA, Banco Bradesco SA and Banco Santander Brasil SA will provide the financing to Sete Brasil once their boards of directors approve the plan…
Petrobras Prepares Brazil Bond Offering
Petróleo Brasileiro SA is preparing an offering of debt notes in Brazil's domestic markets that could be sold as early as next week, two sources with direct knowledge of the situation said on Tuesday. Rio de Janeiro-based Petrobras, as the state-controlled oil producer is known, seeks at least 3 billion reais($983 million) with the transaction, said a first source, who requested anonymity since the plan is in the works. If supplementary and additional allotments are placed, the offering could fetch up to 4 billion reais, the same source added.
