Brazil

Petrobras, the state-owned oil company of Brazil, has announced that it has hired Engeman Industrial Services to manage fertilizer plants in Bahia e Sergipe. Petrobras announced in a press release that the contract for the operation and maintenance of nitrogen fertilizer plants had been signed on Friday, following the completion of an auction. Petrobras says that the plants will be operational again by the end this year. The contract value was not disclosed. According to its website, Engeman provides services in several sectors, including mining, oil and gas and energy. The two plants, if they were to be put back...

Petrobras, the state-run Brazilian oil company, has priced a $2 billion global notes offering through its wholly-owned subsidiary Petrobras Global Finance B.V. in two tranches. This was disclosed in a filing of securities on Wednesday. The first tranche is $1 billion of global notes with a 5.125% interest rate due 2030. They are priced at 99.024% and yield 5.350%. The interest payments will begin in March 2026 and continue every 10th of March until September 2020. The second tranche includes a $1 billion of 6.250% global bonds due in 2036 priced at 97.784%, yielding 6.550%. Interest payments will begin in...

Braskem reported in its Friday securities filing that talks for Brazilian firm Novonor (formerly Odebrecht) to sell a majority stake in the petrochemical Braskem company to a Nelson Tanure-backed fund continue despite a 90 day exclusive negotiation deadline. The exclusivity period has ended without an agreement between the parties that would have exempted the fund from paying damages in a suit that claims that the firm's mines of salt caused the ground to sink in Maceio, and that forced evacuations were a result. Petroquimica Verde, the Tanure-linked fund of investment, has a source who says that they will not sign...

The Swiss Attorney General has fined Swiss bank J. Safra Sarasin SA $4.3 million in a corruption and money-laundering case that lasted for years, involving Brazilian state oil company Petrobras. The highest Swiss prosecutor's office issued a statement in which it said that the bank settled with Petrobras - a claimant - for 16 million Swiss francs. It added that there was no need to pay any further compensation. Safra stated that the "ordinance" of the prosecutors does not represent an admission of guilt, or an acceptance of criminal or civil liability by the bank or its representatives. The statement...

Fernando Melgarejo, the Chief Financial Officer of Brazil's state-owned oil giant Petrobras, said that the company has little hope of paying out extraordinary dividends in this year. He cited lower revenues due to a fall in oil prices worldwide. Melgarejo said that the company is not planning to change its dividend policy. The executive said that if revenue was lower, it would be more difficult to pay out extraordinary dividends. This statement came during a conference call with analysts following the company's results for the second quarter. We see low chances of having the extra cash this year to make...

Kepler Weber, a maker of silos, posted lower quarterly results due to a weaker operational scenario in Brazil. However executives expressed optimism about the company's growth in Argentina. High interest rates and low grains prices have hurt Brazil's business prospects and profitability, but CEO Bernardo Nogueira says Argentina is a new avenue for growth as the economy and inflation in Argentina improve. Nogueira stated that the situation in Brazil was "dismal" as farmers had produced a record-breaking soy crop, which has pushed prices down globally. Brazil is one of the largest producers and exporters of corn, among other staple foods....

A Brazilian association of chemical companies, which includes large U.S. companies like ExxonMobil, Dow Chemical, and ExxonMobil, has expressed "deep concerns" about a U.S. Executive Order that raised tariffs on Brazilian imports to 50%. Abiquim, in a Friday statement, said that the Brazilian chemical industry is inextricably linked with the United States. The relationship was marked by "integration," and "cross investments." Andre Cordeiro said that the impact on Brazilian chemical exports would be significant, as it would compromise supply chains, jobs and investments both in Brazil and in the U.S. Abiquim reported that more than 20 of the chemical companies...

Petrobras, the Brazilian state-owned oil company, announced in a Thursday statement that it would invest 26 billion Brazilian reais (4.80 billion dollars) to integrate the Reduc refinery with the Boaventura complex of energy in Rio de Janeiro. Petrobras stated in a statement that the new structure would increase production by 76,000 barrels of diesel per day and by 20,000 barrels of jet fuel. Petrobras executives stated that the company plans to renovate a thermal plant in Reduc. The estimated cost is 860 million reais. The statement also states that the investment will be 2.4 billion reais in maintenance stops at...

A senior energy official announced on Wednesday that Brazil will hold an additional oil sale this year in uncontracted offshore areas of the pre-salt region, following the approval by the Senate of legislation clearing the way for the sales. After Congress overturned the presidential decree that increased financial transaction tax for certain operations, the government is looking to boost revenues to meet fiscal targets this year. This comes after Congress overturned an executive order to increase financial transactions tax. In a post on social media, Pietro Mendes, Secretary for Oil, Natural Gas and Biofuels in the Ministry of Mines and...

The lower house of Congress in Brazil approved on Wednesday an executive order that allows the government to sell its share of offshore oil pre-salt fields, which are not under contract. This could boost revenues as Brazil struggles to balance its fiscal budget. Jose Priante, a lawmaker from the Philippines, incorporated its content into an executive order on how oil and gas revenue can be used for certain programs. The executive order amended, which is now going to be approved by the Senate, will expand the use of these resources. In April, it was reported that the government planned to...

According to a filing with the Brazilian Securities Commission, Vale announced on Wednesday that Mark Cutifani would step down as Chairman of its copper-nickel spinoff Vale Base Metals in order to "pursue professional projects." The company announced that Vale CEO Gustavo Pimenta would replace him in July. This will "ensure strong leadership and alignment with Vale’s broader strategic goals" within the business. Vale, the iron ore giant, spun off its base metals division as a separate company with headquarters in Toronto by 2023. The goal is to eventually list it. Cutifani, who was chief executive of London-listed Anglo American for...

According to Pietro Mendes of the Mines and Energy Ministry, the National Energy Policy Council of Brazil (CNPE) approved on Wednesday increasing the percentage of ethanol in gasoline from 27% to 30% and the amount biodiesel to diesel from 14% to 15%. Mendes stated that the changes in fuel mixtures will be effective from August 1. Before This year The CNPE has decided to keep the biodiesel mix at 14%, despite industry groups' objections. Brazil's Ministry of Mines and Energy said in March that increasing the percentage of gasoline from 27% to 30% was a good idea Tests are a...

In light of the rising costs of accommodation in Belem, an Amazonian city, the U.N. is giving low-income countries additional money to attend COP30. This global climate summit will take place in Brazil in November. Brazil has resisted the calls for the conference to be moved from Belem. President Luiz inacio Lula da So did not want to renege on his promise to show the Amazon rainforest at COP30. A spokesperson for the U.N. Climate Secretariat informed that the International Civil Service Commission of the U.N., which makes decisions on the "daily allowance", has agreed to increase it for Belem....

Brazil will propose the establishment of a forum where governments can discuss the impact climate policy has on trade. This is an issue that both the U.N. Climate talks and the World Trade Organization have failed to address, according to three officials who are familiar with the plan. The European Union has been accused by emerging economies such as Brazil, South Africa, and India of restricting the trade with its environmental policies. One example is a December ban on imports that are linked to deforestation. The EU said that trade discussions should take place at the World Trade Organization. Brazil,...

BTG Pactual, a Brazilian lender, and International Finance Corporation (the private sector arm of the World Bank) announced Thursday that they would invest up to $1 billion on sustainable development and sustainability initiatives. Why it's important Globally, the private sector has become increasingly involved in sustainability. Private institutions are promoting climate finance as well as development-focused investments. Brazil is the home of much of Amazon Rainforest and is a crucial region for biodiversity and solutions to climate change. BTG Pactual, Latin America's biggest investment bank, is headquartered in Brazil. By the Numbers By the end of 2028, the partnership will...

The Brazilian antitrust authority suspended the "soy moratorium" on Tuesday, a private agreement enforced globally by grain traders to protect Amazon rainforests from deforestation caused by soy. This is in response to the set of measures implemented by the agency Monday, which included launching a full-blown investigation into 30 traders and groups for alleged practices anti-competitive. The soy ban, which has been hailed for years as one of most successful initiatives in protecting the Amazon rainforests, prohibits soybean traders from purchasing from farmers that cleared land after July 2008. The CADE General Superintendent regulator ruled, however, that the soy moratorium...

The Brazilian antitrust authority suspended the "soy moratorium" on Tuesday, a private agreement enforced globally by grain traders to protect Amazon rainforests from deforestation caused by soy. The soy ban has been touted as one of most effective initiatives to protect Amazon rainforests because it prohibits soybean traders from purchasing from farmers that cleared land in the Amazon after July 2008. The General Superintendent of the Brazilian antitrust regulator CADE ruled on Monday that this represents a possible breach of Brazilian competition laws. After completing a preliminary inquiry, Superintendent Alexandre Barreto de Souza issued an order to firms that they...

The executive secretary to the President's Office said that on Friday, Brazilian president Luiz Inacio Lula Da Silva had signed into law a measure easing the rules for environmental licensing, but vetoed several provisions. The "Devastation Bill", as it is called by environmentalists and supported by Brazil's powerful agricultural community, significantly weakens the environmental controls of licensing processes. States and municipalities will have more authority to grant licenses for business development. Agribusiness has supported the bill, as it will make it easier to expand operations in environmentally sensitive regions. Miriam Belchior, executive secretary of Lula's office, confirmed that Lula had...

Standard Chartered will sell millions of credits to protect the Amazon rainforest for the Brazilian state Acre, as part of its efforts to expand the carbon credit business and build trust in a nascent industry. Standard Chartered said that its agreement with Acre to sell exclusively forest carbon credits over a five-year period is the first time a major international financial institution has worked in such a way to support the conservation of forests. The involvement of the bank could give legitimacy to a market that has been struggling in recent months, after Brazilian prosecutors sought to cancel a similar...

Brazil has refused to move the COP30 global climate summit scheduled for November from Belem despite mounting pressure due to the soaring prices of accommodation in the Amazonian City. Andre Correa do Lago (President of COP30) told reporters Friday that the COP and the Leaders' Summit will both be held in Belem. "There is no Plan B." The annual U.N. Summit will bring together nearly all governments in the world to discuss their efforts to combat climate change. Pre-summit talk has been dominated by concerns over logistics rather than global policy. The Developing Countries have said that they can't afford...

Brazil has refused to move the global COP30 summit scheduled for November from Belem despite mounting pressure due to the soaring prices of accommodation in the Amazonian City. Andre Correa do Lago (President of COP30) told reporters Friday that the COP and the Leaders' Summit will both be held in Belem. "There is no Plan B." The annual U.N. Summit will bring together nearly all governments in the world to discuss their efforts to combat climate change. Pre-summit talk has been dominated by concerns over logistics rather than global climate policies. The cheapest accommodation in Belem has risen dramatically due...

According to diplomats, and a document viewed by, the United Nations climate bureau met urgently on Tuesday due to concerns that high accommodation costs for this year's COP30 Climate Summit in Brazil would price out poorer countries from participating in negotiations. Brazil is gearing up to host the U.N. Climate Summit in November this year in the rainforest city Belem. Nearly every government will be present to discuss their efforts to combat climate change. Preparations for COP30 have been plagued by concerns about logistics. The COP30 has been plagued by concerns about logistics. Richard Muyungi (chair of the African Group...

Nestle announced environmental restoration projects on Thursday in partnership with reforestation startups re.green in Brazil and chocolateier Barry Callebaut, with the aim of planting millions of trees where it sources its key ingredients. Why it's Important The initiative is part a wave corporate investments that are scaling up Brazil's Reforestation Industry and aligns Nestle's goals to achieve net zero by the year 2050 while restoring ecosystems critical for cocoa production and coffee production. By the numbers, both companies have said that they will plant 11,000,000 trees on 8,000 hectares. This is equivalent to 19,768 acres. The 30 year re.green plan...

On Monday, the final summit day in Rio de Janeiro for the BRICS group, leaders of developing nations were ready to tackle the challenges that we all face, including climate change, by demanding wealthy nations pay global mitigation of greenhouse gas emissions. As he prepares for the United Nations Climate Summit in November, Brazilian President Luiz inacio Lula da Silva has emphasized the importance of the Global South to combat global warming. In a statement released by BRICS leaders on Sunday, they argued that fossils fuels would continue to play a major role in global energy, especially in developing economies....