Update: Petrobras Denies Shelving Debt Sales

MarineLink.com
Monday, April 07, 2014

Petroleo Brasileiro SA on Monday denied shelving plans to sell debt in local and international markets later this year because of a series of scandals regarding the Brazilian state-controlled oil producer.

A source with direct knowledge of the plans told Reuters on Monday that the company was worried that investor perception about the extent of the scandals could hamper demand for its debt or raise borrowing costs. The source requested anonymity because of the sensitivity of the issue involving Petrobras, as the company is commonly known.

A spokeswoman, who could not be named because of company policy, denied the Reuters' report, without confirming whether the company mulled any potential deal. While Petrobras could change its mind and resume the plans at some point, the fact that the Rio de Janeiro-based company has already raised the $25 billion it needed to finance part of its operations this year helped in the decision, the source added.

Petrobras was considering the sale of as much as 3 billion reais ($1.35 billion) of so-called infrastructure notes this quarter, as well as offering euro- and British pound-denominated global bonds before year-end, a source said earlier this year.

The company has come under fire in Congress and in the media over concerns it might have overpaid for an oil refinery in Texas. In addition, a government agency is investigating allegations that company officials took bribes in exchange for steering contracts to SBM Offshore NV, a Dutch oil-production ship leasing company.

A former official has also been arrested in an alleged money-laundering case. Opposition lawmakers want to investigate the company because of its relationship with the government of President Dilma Rousseff, who might run for re-election in October.

Preferred shares, the company's most-traded class of stock, rose 6.6 percent to 16.46 reais in Sao Paulo trading Monday afternoon. That is the highest level for the stock since December.

($1 =2.22 Brazilian reais)

(Reporting by Guillermo Parra Bernal; Additional reporting by Jeb Blount; Editing by Leslie Adler and Lisa Shumaker)

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Marseille Fos Unveils Multimillion Growth Strategy

The Marseille Fos port authority has set out a vision for growth over the four years to 2018 in a strategic plan that puts developments costing $560 million at

US Fleet to Pump $75m into Great Lakes Shipyards

U.S.-flag Great Lakes vessel operators plan to spend $75 million this winter to ready the fleet for the 2015 shipping season, the Lake Carriers’ Association (LCA) reported.

Liquefaction Terminals to Draw Big Spending

Liquefaction terminals to dominate forecast LNG capital expenditure   Capital expenditure (Capex) on global liquefied natural gas (LNG) facilities is expected

Energy

Liquefaction Terminals to Draw Big Spending

Liquefaction terminals to dominate forecast LNG capital expenditure   Capital expenditure (Capex) on global liquefied natural gas (LNG) facilities is expected

Oil is on the Rise

Oil prices rose in early trading on Monday as Asian markets opened strongly into a holiday-shortened week and as consensus spread that Brent crude prices would

Fighting for Ports Escalates in Libya

Military planes loyal to Libya's recognised government attacked on Sunday an opposing force that is seeking to seize the country's two biggest oil ports, officials said.

News

Royal Caribbean to Install Scrubbers on 19 Ships

Royal Caribbean Cruises Ltd. (RCL) will retrofit 19 of its ships with advanced emissions purification (AEP) systems. These systems, also known as scrubbers, will

S.O.S. Written on Hawaii Beach Prompts Rescue

A swimmer in distress was rescued by a U.S. Coast Guard (USCG) helicopter after being swept out to sea near Hanakapiai Beach, Kauai, Friday.   A MH-65 Dolphin

Marseille Fos Unveils Multimillion Growth Strategy

The Marseille Fos port authority has set out a vision for growth over the four years to 2018 in a strategic plan that puts developments costing $560 million at

Government Update

Madsen to Chair Norway’s Research Council Executive Board

Henrik O. Madsen appointed chairman of the executive board of the Research Council of Norway   DNV GL president and CEO Henrik O. Madsen was appointed as chairman

MARAD Publishes US ATB, ITB Database

The U.S. Maritime Administration (MARAD) released what it is calling a first-of-its-kind public database that chronicles U.S.-flagged, privately owned domestic

Costa Rica Approves APM Terminals Project

Port operator APM Terminals, a unit of Denmark's A.P. Moller-Maersk, said on Friday Costa Rica's environment agency had approved the construction of its Moin Container Terminal project.

Offshore Energy

DNV GL Targets Safer Approach to Subsea Lifting

The completion of a joint industry project (JIP) to improve existing standards and regulations around subsea lifting operations has resulted in a new recommended practice (RP).

Polarcus Awarded 3D Project Off West Africa

Polarcus Limited has signed a letter of intent with Perenco Oil & Gas Gabon S.A. for a 3D marine seismic acquisition project offshore West Africa.   The project,

Boskalis, VolkerWessels Win Offshore Wind Farm Work

Royal Boskalis Westminster N.V., in partnership with Volker Stevin International (VolkerWessels), has been awarded a contract by Iberdrola Renewables Offshore Deutschland

 
 
Maritime Standards Navigation Pipelines Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.3673 sec (3 req/sec)