Petrobras HQ Raided by Brazil Police

Posted by Eric Haun
Friday, April 11, 2014
Petrobras headquarters (Photograph: Bloomberg/ Getty)

Brazil's Federal Police raided the headquarters of state-run oil company Petroleo Brasileiro SA in Rio de Janeiro as part of a money-laundering probe, two sources with direct knowledge of the operation told Reuters on Friday.

The police said they were exercising 23 search and arrest warrants in the cities of Sao Paulo, Campinas, Rio de Janeiro, Macae and Niteroi as part of its "Operação Lava Jato."

However, they did not confirm if Petrobras was one of the locations raided.

Portuguese for "Operation Car Wash," Operação Lava Jato has already resulted in the arrest of at least one former executive at Petrobras, as the company is known.

Petrobras officials were not immediately available for comment.

Paulo Roberto Costa, the former head of the company's refining and supply unit, was taken into custody on March 20 as part of the probe and is being held at a Federal Police jail in Curitiba, in Brazil's southern state of Parana.

The raid on Petrobras comes amid a series of scandals that has raised questions about its notoriously high costs, management difficulties and production delays. These problems have helped transform the company from one of the world's most sought-after investments into the world's most indebted and least profitable major oil company.

In 2008, following the discovery of giant offshore oil and gas resources, Petrobras' market value was nearly $300 billion, making it one of the world's six biggest companies. It is now worth less than $90 billion.

Congress has agreed to open an investigation into its $1.2 billion purchase of a Texas refinery between 2006 and 2012. Police and prosecutors in Europe, the United States and Brazil are looking into allegations that Dutch oil-ship leaser SBM Offshore SA bribed company officials to win oil vessel contracts.

Petrobras said an internal investigation of the SBM allegations found no sign of wrongdoing. It declined to comment on the Texas refinery investigation pending the completion of its own internal probe.

Petrobras preferred shares, the company's most-traded class of stock, rose 2.1 percent to 16.01 reais in afternoon trading in Sao Paulo.

(Reporting by Rodrigo Viga Gaier and Jeb Blount; Writing by Jeb Blount; Editing by Bernadette Baum)

Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

USS Montpelier Modernization Contract for General Dynamics

The U.S. Navy has awarded General Dynamics Electric Boat a $46.4 million contract for planning efforts in support of maintenance and modernization work on USS Montpelier,

Pentair Opens Aquaculture Center of Excellence

Mindful that fish farming has the potential to help meet an expanding  population's need for protein in a world with increasing water constraints, Pentair announced

Scorpio Tankers' Buyback Plan, Newbuild Delivery

Scorpio Tankers Inc. announced today (i) a new $250 million Securities Buyback Program, (ii) that it has recently taken delivery of an MR product tanker and

Finance

USS Montpelier Modernization Contract for General Dynamics

The U.S. Navy has awarded General Dynamics Electric Boat a $46.4 million contract for planning efforts in support of maintenance and modernization work on USS Montpelier,

Pentair Opens Aquaculture Center of Excellence

Mindful that fish farming has the potential to help meet an expanding  population's need for protein in a world with increasing water constraints, Pentair announced

Scorpio Tankers' Buyback Plan, Newbuild Delivery

Scorpio Tankers Inc. announced today (i) a new $250 million Securities Buyback Program, (ii) that it has recently taken delivery of an MR product tanker and

Energy

Scorpio Tankers' Buyback Plan, Newbuild Delivery

Scorpio Tankers Inc. announced today (i) a new $250 million Securities Buyback Program, (ii) that it has recently taken delivery of an MR product tanker and

Kongsberg Contracted to Support FLNG Conversion

Kongsberg Maritime secures position in the LNG market with electrical and automation contract for Golar Hilli FLNG   Keppel Shipyard in Singapore and Black & Veatch in the U.

Statoil Awarded Licenses Offshore Nicaragua

Statoil informs it was today awarded four licenses offshore the Nicaraguan Pacific, covering an area of about 16,000 km2 in the largely unexplored Sandino Basin.

News

USS Montpelier Modernization Contract for General Dynamics

The U.S. Navy has awarded General Dynamics Electric Boat a $46.4 million contract for planning efforts in support of maintenance and modernization work on USS Montpelier,

Pentair Opens Aquaculture Center of Excellence

Mindful that fish farming has the potential to help meet an expanding  population's need for protein in a world with increasing water constraints, Pentair announced

Scorpio Tankers' Buyback Plan, Newbuild Delivery

Scorpio Tankers Inc. announced today (i) a new $250 million Securities Buyback Program, (ii) that it has recently taken delivery of an MR product tanker and

People in the News

Kintetsu World Express Acquires NOL's APL Logistics Shares

Neptune Orient Lines Limited (“NOL”) is pleased to announce that it has today completed the sale of its logistics business, APL Logistics Ltd (“APLL”), to Kintetsu World Express, Inc.

Mass. Maritime Taps McDonald as New President

EVP Fran McDonald tops a field of five; choice still must be approved by Massachusetts Board of Higher Education.   Pending a confirmation vote by the Massachusetts Board of Higher Education (BHE),

Frontline Beats Q1 Forecasts, Inks Ship Finance Deal

Crude oil tanker firm Frontline posted first-quarter operating profit above expectations on Friday and said it had renegotiated its relationship with chartering

Government Update

USS Montpelier Modernization Contract for General Dynamics

The U.S. Navy has awarded General Dynamics Electric Boat a $46.4 million contract for planning efforts in support of maintenance and modernization work on USS Montpelier,

Great Barrier Reef Kept Off UNESCO 'Danger' List

A heritage committee of the UNESCO cultural agency stopped short of placing Australia's Great Barrier Reef on an "in danger" list, but the ruling on Friday raised

Mexico Removes Bid Limit on Shallow Water Oil Tenders

Mexico's oil regulator voted on Friday to relax previously established rules on bidding terms and contracts that form the first step in an historic sector opening

Offshore Energy

Kongsberg Contracted to Support FLNG Conversion

Kongsberg Maritime secures position in the LNG market with electrical and automation contract for Golar Hilli FLNG   Keppel Shipyard in Singapore and Black & Veatch in the U.

Statoil Awarded Licenses Offshore Nicaragua

Statoil informs it was today awarded four licenses offshore the Nicaraguan Pacific, covering an area of about 16,000 km2 in the largely unexplored Sandino Basin.

Mexico Removes Bid Limit on Shallow Water Oil Tenders

Mexico's oil regulator voted on Friday to relax previously established rules on bidding terms and contracts that form the first step in an historic sector opening

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Electronics Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1978 sec (5 req/sec)