Brazil Transport Agency to Revise Govt-set Freight Prices
National transport agency ANTT will revise Brazil's minimum truck freight prices, the regulator said in a statement late on Saturday, without providing details or a time-frame for an announcement of new government-set values.ANTT said on its website it would "promote the necessary adjustments" after "variations in the price of diesel fuel."On Friday, state-run oil company Petroleo Brasileiro SA lifted diesel prices by 13 percent at the refinery gate after oil regulator ANP disclosed…
Brazil to Stop Beaching Ships in South Asia
Brazilian authorities plan to implement legislation to help prevent that vessels owned by exporters such as Petrobras and Vale wind up on South Asia's beaching yards, Bloomberg reported. The report said that earlier this month, authorities decided to develop a legal framework to ensure former Brazilian ships don’t end up with recyclers notorious for using dirty and dangerous methods, federal environmental watchdog Ibama said by email. Brazilian companies could face fines of as…
Petrobras Authorized to Export Idle LNG Cargoes
Brazil's Petroleo Brasileiro SA has been authorized to export idle liquefied natural gas (LNG) in the spot market, according to the Wednesday issue of the official gazette. According to the text, Petrobras has been given the green light to export up to 6.6 million cubic meters, assuming this would not result in supply problems for the domestic market. As a state-controlled company, some of Petrobras' commercial strategies require energy ministry authorization. Petrobras operates three regasification terminals in Brazil…
Petrobras to Name Silva to New Top Strategy Post
Brazil's state-led oil company Petroleo Brasileiro SA plans to appoint Nelson Silva, the former head of BG Plc in Brazil, as chief of strategy and management, a newly created position on its senior management committee, company sources told Reuters. Silva came to Petrobras ealier this month as an advisor to new Chief Exectutive Pedro Parente, who was apointed by Brazil's interim-Presdient Michel Temer to cut the company's massive debt and find ways to revive investment. (Reporting by Rodrigo Viga Gaier; Writing by Jeb Blount; Editing by Richard Chang)
DryShips Posts Profit for 1Q
Greece-based DryShips Inc. (DRYS) reported first-quarter of 2016 net income of $55.4 million, after reporting a loss in the same period a year earlier. The company said it had profit of $2.05 per share. Losses, adjusted for non-recurring gains, came to 78 cents per share. Vessel impairment charges and loss on sales, of $40.8 million, or $1.53 per share. Net income pick-up from the Company's 40.4% ownership in Ocean Rig, of $116.5 million, or $4.36 per share. The operator of oil rigs and dry cargo carriers posted revenue of $11.9 million in the period.
Former Petrobras Exec Sentenced over Vantage Drilling Contract
A Brazilian judge sentenced the former head of state-run oil company Petrobras' international division to 12 years and two months in jail for corruption and money laundering on Monday, part of the country's largest-ever graft investigation. Federal judge Sergio Moro said Jorge Zelada had unduly awarded U.S. company Vantage Drilling a 2009 contract with Petrobras for the drillship Titanium Explorer in exchange for bribes stashed in undeclared accounts in Monaco and Switzerland.
Petrobras Names Coutinho as New Chairman
Brazil's state-run oil company Petroleo Brasileiro SA said on Thursday Luciano Coutinho, the head of Brazil's state development bank BNDES, will be its new chairman. Coutinho will replace former finance minister Guido Mantega as chairman, the company said in a statement. (Reporting by Stephen Eisenhammer)
Vale CEO Ferreira to Lead Petrobras Board
Brazil's government has selected Murilo Ferreira, the chief executive officer of miner Vale SA, to head the board of state-run Petroleo Brasileiro SA, according to a filing from the oil company on Friday. The board will vote on the nomination at a shareholder's meeting on April 29, the filing said. The Brazilian government is Petroleo Brasileiro's controlling shareholder. On Thursday Petrobras, as the state-run firm is better known, named Luciano Coutinho, the head of Brazil's state development bank BNDES as its chairman until the next shareholder meeting.
Former Petrobras Exec Sentenced to 5 Years Jail
A Brazilian judge sentenced a former international director at state-run oil firm Petroleo Brasileiro SA to five years in prison for money laundering on Tuesday, the second company executive convicted in an ongoing corruption probe. Federal Judge Sergio Moro said there was ample evidence to support charges by prosecutors that the former director, Nestor Cervero, used bribe money stolen from the company to buy a luxury apartment in Rio de Janeiro. Cervero was fired from Petrobras, as the company is known, in 2014 and arrested in January as he stepped off a plane from Europe.
Brazil Convicts First Engineering Exec in Petrobras Scandal
Three executives of Brazil's Camargo Correa group were convicted on money laundering, corruption and other charges on Monday, the first construction-industry executives to be sentenced in a giant price fixing and bribery scandal involving state-run oil company Petrobras. The convictions were handed down by Judge Sergio Moro of Brazil's Federal Court in Curitiba, Brazil, the court said in its ruling. The convicted included Dalton dos Santos Avancini, chief executive officer of Camargo Correa Construções e Participações SA…
Former Petrobras Exec Sentenced for Samsung Drillship Bribe
A Brazilian judge sentenced Nestor Cervero, former international chief of state-run oil firm Petrobras, to just over 12 years in prison on Monday for corruption and money laundering related to a bribe allegedly paid to the speaker of Brazil's lower house of Congress. Cervero and two other defendants are accused of organizing bribes from Korean shipbuilder Samsung Heavy Industries in exchange for two drillship contracts, the Petrobras 10000, which was leased jointly by Petrobras and Mitsui in 2006, and the Vitoria 10000, hired by Petrobras in 2007.
Brazil Gives SBM Ultimatum in $250M Bribery Settlement
Brazil has told Dutch SBM Offshore NV, the world's top oil production ship leaser, to agree soon to a $250 million bribery settlement if it wants to regain its biggest client in the world's largest oilship market, a government source told Reuters. The ultimatum gives SBM several days to sign a leniency deal that includes financial reparation and other clauses such as cooperation with a corruption investigation. The settlement, which has been under negotiation for months, would lift a ban on the Amsterdam-based firm from bidding for new business with Petrobras, Brazil's state-run oil company.
Oil Union to Strike Against Petrobras
Brazil's largest oil workers union said on Friday it will start an open-ended strike against Petrobras on Sunday in a bid to overturn moves to shrink the state-run oil company. FUP, which represents platform, refinery and other workers, will join a number of smaller unions already on strike. In a statement, FUP said the decision to strike had been made after more than 100 days of negotiations with Petroleo Brasileiro SA, as the company is formally known. Petrobras, in an emailed statement, said oil production or refining is not affected by the strike.
Brazil Oil Workers' Union Proposes Ending Petrobras Strike
Leaders of Brazil's largest oil workers' union said on Friday they had proposed ending a 13-day strike at state-run oil firm Petroleo Brasileiro SA . In a Facebook message, the union said a historic strike had been necessary to preserve workers' rights. (Reporting by Gustavo Bonato and Caroline Stauffer)
Brazil Prosecutors Charge 12 in SBM Offshore Graft Scheme
Brazilian prosecutors on Thursday charged 12 people with a bribery scheme involving Dutch firm SBM Offshore NV, the world's top leaser of oil production ships, and state oil firm Petroleo Brasileiro SA . Police said they had four arrest orders as part of the scheme, dubbed "Operation Black Blood," though two of them involved suspects already in jail in the southern city of Curitiba, the epicenter of a broader investigation into price fixing and bribery on Petrobras contracts with engineering firms.
Sixth Victim of Petrobras Explosion Found
A sixth victim of last week's deadly explosion on a Petrobras offshore oil and natural gas production ship has been found, according to a statement on Wednesday from BW Offshore Ltd, which operates the vessel for Brazil's state-run oil company. The body of the Brazilian crew member of the Cidade de Sao Mateus, a floating oil production, storage and offloading (FPSO) ship, was found during a search of the vessel on Tuesday, BW Offshore said. Of the victims, five are Brazilian and another is Indian. Three other Brazilian crew members are still missing nearly a week after the accident.
Petrobras Scandal About to Hit Brazil's Political Class
Brazil's top prosecutor is expected to file charges in coming days against politicians implicated in the Petrobras corruption scandal, a political bombshell that could involve members of Congress and President Dilma Rousseff's government. Under Brazilian law, lawmakers and cabinet members can only be tried by the Supreme Court. Prosecutor Rodrigo Janot has said he plans to file cases with the court by the end of the month against politicians involved in the graft scheme at Petrobras.
FSL Trust: 2012 Was a 'Dismal' Year for Shipping
"The industry witnessed another dismal year as weakness in freight rates and asset values persisted in 2012. This resulted in a spate of defaults, restructurings and bankruptcies as shipping companies struggled with the poor market conditions. Unfortunately, FSL Trust was not spared from the unprecedented downturn. FSL Trust reported full year 2012 revenue of US$106.1 million, which was 4.2 per cent lower compared to the previous year. Net cash generated from operations declined by 25.4 per cent to US$47.6 million.
Petrobras Starts Production in GOM
State-run Brazilian oil company Petrobras said on Tuesday it had started oil and natural gas production at its ultra-deep field in the U.S. Gulf, 280 miles (450 km) off the coast of Louisiana. Petroleo Brasileiro SA as the company is officially called said the Jack/St. Malo production platform has can handle 170,000 barrels of oil a day and 1.2 million cubic meters of natural gas, rates that could be increased in the future. The St. Malo hydrocarbon field is located along a geological formation known as the Walker Ridge in the Gulf of Mexico.
Petrobras Starts Furnaces at RNEST Refinery
Petroleo Brasileiro SA began operating the furnaces in the atmospheric distillation unit at its Abreu e Lima or "RNEST" refinery near Recife, said the state-run oil company in a statement on Thursday. Those approvals mean the refinery can soon start producing both gasoline and diesel fuel, the ANP said on Thursday. The refinery was originally expected to start operations four years ago. The Brazilian state of Pernambuco has limited processing capacity at the first train to processing 45…
Petrobras Executive Extends Leave Amid Investigation
Brazil's state-run oil company Petroleo Brasileiro SA extended a leave of absence for the head of its tanker and pipeline unit, Transpetro, for 30 more days according to a filing on Friday. Transpetro President Sergio Machado stepped down temporarily on November 3 as police investigated a corruption scandal at the company that has delayed the release of audited earnings, implicated an array of major contractors and threatened to ensnare dozens of politicians. (Reporting by Brad Haynes and Alberto Alerigi Jr.; Editing by Chizu Nomiyama, Reuters)
Petrobras Delays Results as Corruption Scandal Grows
Brazil's state-run oil company Petroleo Brasileiro SA said it delayed the release of its third-quarter financial results for a second time on Friday as a result of new developments in a widening corruption probe. Prosecutors on Thursday indicted executives of some of the country's largest engineering firms for allegedly skimming billions of dollars off overpriced contracts with the oil giant in a kickback and bribery scheme. Petrobras had set Friday as a deadline for the release, but it said in a statement it has until Jan. 15, 2015, to present the unaudited results without breaking covenants.
Petrobras CEO: C-Suite Managers May Have to Resign
Senior management at Brazil's state-run oil company Petroleo Brasileiro SA may have to resign to avoid further delays of the company's audited third-quarter earnings report, Chief Executive Maria das Graças Foster said on Wednesday. Foster said President Dilma Rousseff had not accepted her offer to step down in the midst of an investigation into an alleged corruption scheme involving the company, contractors and the ruling political coalition. Reporting by Jeb Blount and Marta Nogueira
Brazil's QGEP, Petrobras return Exploration Block End Farm-in
Brazilian natural gas and oil producer QGEP Participacoes SA said on Friday it abandoned an offshore exploration block it owns with Brazil's sate-run oil company Petrobras after deciding continued exploration was not economically viable. The returned block, known as CAL-M-312, is in the Camamu-Almada basin off Brazil's coast south of Salvador in Bahia state. QGEP owned 20 percent of the block and Petroleo Brasileiro SA, as Petrobras is formally known, owned 60 percent. The rest was owned by OP Energia Ltda. Returned blocks go back to the Brazilian government. QGEP, the country's No.
Petrobras Taps Bendine as New CEO
Brazil's Petrobras chose current Banco do Brasil SA Chief Executive Aldemir Bendine as its new CEO on Friday, government sources said, as the embattled state-run oil company tries to regroup following the sudden resignation of nearly all of its senior managers amid a corruption scandal. The choice may disappoint investors who had hoped for a more market-friendly name to fill the post. Bendine, who has led the state-run bank since 2009 and maintains close links to the ruling Workers' Party…
Petrobras: 12% Staff to Take Early-Retirement Plan
Brazil's state-run oil company Petroleo Brasileiro SA said on Monday it expects to save about 10 billion reais ($4.51 billion) by 2018 after one in eight employees agreed to quit under an early retirement plan. Petrobras, as the company is known, said in a statement that 8,298 employees signed up for the plan and that their departure will cut labor costs by 13 billion reais over five years. Petrobras will write off the 2.4-billion-real cost of the voluntary dismissal program's incentives in the first quarter, the company said.