Eletrobras will pay Petrobras 1.16 billion reais ($234.88 million) to resolve a legal dispute. The agreement ends all judicial disputes related to the lawsuit. This removes a source of uncertainty and allows both companies to focus on their core businesses. Brazilian power company Eletrobras (ELET6.SA) announced on Tuesday that it has reached a settlement agreement … Read more
José Mauro Coelho had held the position since April. He was replaced by Caio Mário Paes de Andrade, an official from the economics ministry. Petrobras increased the price of gasoline and diesel by 5.2% and 14.2%, respectively. The chief executive officer of Petrobras, the state-owned energy firm in Brazil, resigned on Monday in response to … Read more
Petrobras, Brazil’s state-owned oil company, announced Friday that it is raising fuel prices. President Jair Bolsonaro reacted angrily saying Petrobras “could sink Brazil in chaos”. Brazil has already seen fuel prices surge by over 33 percent in the past year. Petrobras, Brazil’s state-owned oil company, announced Friday that it is raising fuel prices, infuriating President … Read more
Petrobras management told the government on Monday that Brazil’s diesel and gasoline prices are lagging behind international markets. The final decision depends on factors like oil prices and the exchange rate, “but the idea is to hold,” a source says. Congress has approved a bill that caps the ICMS state tax on fuels and other … Read more
President Jair Bolsonaro replaced his energy minister on Wednesday after frequently criticizing Petrobras’ fuel price hikes, which are blamed for boosting inflation and undermining his popularity five months before elections. According to a note in the official gazette, Bento Albuquerque, Bolsonaro’s energy minister since the far-right president took office in 2019, will be replaced by … Read more
The prosecution of Brazilian ex-president Luiz Inacio Lula da Silva on corruption allegations breached his right to an impartial trial, according to the UN Human Rights Committee. The judgment by the Geneva expert panel came as a triumph for the communist leader, who was imprisoned from April 2018 to November 2019, just as he prepares … Read more
Petrobras, Brazil’s state-owned oil firm, is once again in danger, trapped in a political tug of war over rising fuel prices. Far-right President Jair Bolsonaro, who is running for re-election in October, is heavily blamed by voters for double-digit inflation caused by increasing fuel costs, according to surveys. Feeling the heat, Bolsonaro sacked Petrobras CEO … Read more
