Brazil

A director of Brazil's state-run Petrobras said that the ongoing drop in crude prices was "scary", but the oil projects run by the company are resilient. The comments were made as Brazil's oil industry reacted to U.S. Tariffs imposed on last week. No Petrobras project is going to be paralyzed. These are long-term investments. This is a joke if you compare it to the (market drop in) 2020. Sylvia dos Anjos told journalists in Rio de Janeiro that it was a time of instability. Symone Araujo said that the lower price would not reduce interest in Brazil’s planned June auction...

Sources with knowledge of this matter said that Brazil's Mines and Energy Minister has asked Petrobras to consider a new reduction in the average price for diesel sold to Brazilian distributors. Sources said that Minister Alexandre Silveira had cited recent drops in oil prices as well as the stability of the US dollar to justify a price reduction for Petrobras Chief Executive Magda Chabriard. The talks took place last week, they added. CNN Brasil had previously reported Silveira's demand. The request is made as oil prices are falling due to President Donald Trump's tariffs, which could cause economies all over...

The partners announced on Monday that Brazil's state oil company Petrobras, and Brazil's development banking institution BNDES had partnered to create a financing program for forest restoration initiatives in Amazonia. Petrobras, under the ProFloresta+ Program, will hold tenders for carbon credits generated by restoration projects. The winning bidders can apply for low-interest loans to establish projects from BNDES. The pilot phase of the program is expected to generate investments of 450 million reais (78.45 millions) for restoration. This will lead to the replanting and regrowth of 15,000 hectares of forest. Petrobras is expecting to sign contracts for long-term with up...

Documents seen by revealed that Brazil's Petrobras had received approval from the environmental agency of the country to remove corals from undersides of the drilling vessels it intends to use in Foz do Amazonas. Monday, the firm's request for a vessel to drill off of the coast of northern Amapa State was granted if the firm obtains the long-sought exploration license in the environmentally sensitive area. Corals are a potentially invasive specie if they were moved to another biome. This process must be supervised by Ibama - Brazil's environmental agency. Petrobras considers the Equatorial margin as the most promising frontier...

On Tuesday, President Donald Trump doubled the planned tariffs on steel and aluminum imports from Canada. This was in response to Ontario's decision on Monday to impose a 25% tariff for its electricity exports into the U.S. Trump posted on his Truth Social media page that he had instructed his Commerce Secretary to impose an additional 25% tariff for metals products. The new tariff will be in effect Wednesday morning. "Canada must also immediately remove their anti-American Farmer tariff of 250% to 390 % on various U.S. Dairy Products, which is long considered outrageous. "I will declare a National Emergency...

Howard Lutnick, the U.S. Secretary of Commerce, said that on Sunday tariffs against Canada and Mexico would go into effect starting on Tuesday. However President Donald Trump will decide whether or not to keep with the planned 25% rate. Lutnick said on the Fox News show "Sunday Morning Futures" that "that is a fluid scenario." There will be tariffs on Mexico and Canada on Tuesday. We'll leave it up to the president and his team of negotiators to decide what they are. Lutnick’s comments were Trump's first indication that he may not impose all the threatened tariffs of 25% on...

Empresas Copec, a Chilean conglomerate of industrial companies, announced a 15% increase in profit for the third quarter of 2024 thanks to higher pulp volumes and lower cost at its Arauco forestry unit. Arauco is the main source of Copec’s income, but Copec operates a large fuel distribution business, has stakes in mining, and also runs a fleet and factory of fishing vessels. The company's profit in the fourth quarter was $191 million, compared with $166 million one year ago. Earnings before interest, tax, depreciation and amortization (EBITDA), however, fell 1.7% to 644 million, while revenues dropped 6.4% to $6.77...

Petrobras, Brazil's state oil company, saw its shares fall 4% at the opening of Sao Paulo B3's exchange on Thursday after analysts were surprised by capital expenditures spending 15% over guidance for 2024. The Brazilian oil giant announced on Wednesday that it spent $16.6 billion in capex last year, $2.1 billion more than the company's original guidance. This was reduced from $18.5 billion to $16.6 billion. Petrobras has always spent less in previous quarters than it had planned. However, the company revised its forecast for the year downwards to better reflect reality. Magda Chabriard, the CEO of Petrobras, has stated...

Vibra Energia, a Brazilian fuel distributor, reported a 84.5% drop in its fourth quarter net profit compared to a previous year. The company's final figure was 510 million reais (88.3 millions dollars), which is also lower than the 555,000,000 reais that analysts polled for LSEG estimated. The company has approved the payment of interest on equity of a total amount of 1,07 billion reais in February, August and May 2025. Why it's important Vibra is a major fuel distributor in Latin America. It operates a network of gas stations, and sells fuel to businesses directly. By the Numbers Vibra's adjusted...

Brava Energia, a Brazilian company, will add four wells to the Atlanta field by 2025. It will also begin shipping oil to Trafigura as part of a six-million barrel supply agreement. The head of Brava's offshore operations, Carlos Mastrangelo, told reporters during a Tuesday visit that the number of wells connected with the floating production storage unit and offloading (FPSO) will now be six. We currently have two wells. In a little more than a month we will be connecting two more, and by the end June, two more. Mastrangelo said that Atlanta produces about 26,000 barrels per day. Mastrangelo...

Brazilian companies are looking for acquisition targets in Argentina while strengthening their staff and stores as a precautionary bet on the aggressive economic reforms of President Javier Milei that are starting to stabilize Argentina's crisis-ridden economy. Brazilian companies, such as consumer goods, services and oil, have said they plan to expand or launch new ventures in Argentina. The country is recovering from a decade of economic turmoil that has discouraged investment. Milei's strict austerity has helped to bring down triple-digit inflation and a large deficit, while also boosting investor confidence. The nation is still in recession and capital controls are...

Petrobras, the state-run Brazilian oil company, announced on Friday that it would increase the price of diesel sold to its distributors for more than a month. This was a much anticipated change in fuel prices, which sent the shares up. Petrobras announced that it will increase the price of diesel at refinery gates by 0.22 reals per liter to an average of 3.72 reais (about $0.6376) starting February 1. This is the first rise since October 2023. Petrobras preferential shares rose by around 2% on the B3 Brazilian stock exchange in the afternoon following news of this hike. Analysts said...

According to a study conducted by the think tank Instituto Escolhas in Brazil, there are 3,943 abandoned mining sites, which represents 11% of all authorized operations. This highlights social and environmental risks posed when miners ignore regulations. The study, based on data provided by the National Mining Agency, points out threats like deforested land that has not been restored, soil and water contamination, and physical instability caused by abandoned mines. The study cites an internal ANM document that acknowledges ANM's lack data and oversight over areas where mine operators should be restoring. The ANM document, dated November 20,24, signed by...

A Brazilian executive told reporters on Thursday that the Brazilian steelmaker CSN believes there is room to negotiate with the United States a quota system in the months ahead, following the tariffs imposed by U.S. president Donald Trump on imports of steel and aluminum. Brazil, the world's largest steel importer, has announced that it will no longer be importing U.S. seek dialogue Trump's administration, and not immediately retaliate to what it termed "unjustifiable tariffs". Trump imposes 25% tariffs on steel and aluminum imports took effect On Wednesday, the U.S. stepped up its campaign to reorder trade globally in favor of...

On Thursday, as the London lawsuit that they filed to seek justice for their children came to a close, mothers of children killed in Brazil's worst environmental catastrophe - 2015 Mariana Dam collapse - demanded their loved ones be given justice. The Mariana Dam collapsed in southeast Brazil, killing 19 people and releasing a toxic sludge that flooded forests, polluted the Doce River, and left thousands of people homeless. The dam was owned Samarco. It is a joint-venture between Vale, Anglo-Australian BHP and Vale, the largest miner in the world by market value. Gelvana Silva (37), said in front of...

Brazilian steelmaker CSN posted a net loss for the fourth quarter due to "still high financial expenses," however, core earnings and revenue exceeded market expectations. Why it's important CSN is one the largest Brazilian steelmakers and miner. By the Numbers CSN reported a loss of $ 14.66 million in the quarter October-December, according to a filing with the Securities Commission. This is a significant drop from the $851 million profit it had posted a year ago. According to an LSEG survey, the company reported adjusted earnings before taxes, interest, depreciation, and amortization of 3.33 billion reais. This is down 8%...

Brazil's Finance minister said on Wednesday the country will not immediately retaliate to tariffs imposed on imports of steel and aluminium by the United States, but instead seeks talks. The government noted that it would consider all options. The U.S. President Donald Trump increased tariffs on steel and aluminum imports, which took effect on Tuesday. This accelerated a campaign of reordering global trade to the U.S.'s benefit and drew swift retaliation by Canada and Europe. The Brazilian government issued a statement in which it expressed regret for the "unjustifiable' move of the U.S. citing the history of economic and political...

The increased tariffs by President Donald Trump on all U.S. imports of steel and aluminum took effect on Tuesday, intensifying a campaign to reorder the global trade in favor for the U.S. Trump's decision to increase protections for American producers of steel and aluminum restores global tariffs at 25% on all metal imports. The duties are extended to hundreds of downstream metal products, including nuts and bolts, bulldozers blades and cans. Since Trump took office in January, his hyper-focus on tariffs has shaken investor, consumer and company confidence. Economists are concerned that this could lead to a U.S. economic recession...

Donald Trump, the U.S. president, is expected to announce on Monday which tariffs will be imposed on Canada and Mexico on early Tuesday morning. This decision comes amid final-minute negotiations on border security and efforts by the U.S. government to stop the flow of fentanyl. Trump has promised to impose tariffs of 25% on all imports coming from Canada and Mexico. The Canadian energy sector will be subjected to 10%. CEOs and economists claim that the tariffs, which cover more than $900 Billion in annual imports to the United States from Canada and Mexico, would be a major setback for...

Anglo American’s sale of its Brazilian Nickel business to China’s MMG Ltd. is a win-win for both companies. Anglo delivers on its shareholders' promise to simplify its portfolio, and pockets up to $500m. MMG, a producer of zinc, copper and cobalt, can diversify and grow its geographical footprint by expanding into Brazil. The market for nickel is one of the few that has shown signs of resilience in the face of a glut. It's not good news for western countries that want to escape China's tightening of the global nickel supply chains. China already controls around 75% the refining capacity...

Anglo American’s sale of its Brazilian Nickel business to China’s MMG Ltd. is a win-win for both companies. Anglo delivers on its shareholders' promise to simplify its portfolio, and pockets up to $500m. MMG, a producer of zinc, copper and cobalt, can diversify and grow its geographical footprint by expanding into Brazil. The market for nickel is one of the few that has shown signs of resilience in the face of a glut. It's not good news for western countries that want to escape China's tightening of the global nickel supply chains. China already controls around 75% the refining capacity...

The CEO of Brazilian steelmaker Gerdau said that the company may decide to increase its production capacity in the United States rather than build a new facility in Mexico. This is because tariffs imposed by President Donald Trump are affecting global trade. Gerdau announced in 2013 that it was looking at installing a special steel mill for Mexico. The new mill would have a capacity of 600,000 tons per year and require an investment between $500 million and $600 million. Gerdau originally expected to make a final decision on investment by the end 2024, and start construction this year. However,...

By Ueslei Marcelino PORTO VELHO (Brazil), 17 February - Brazilian environmental agents seized more than 5,000 truckloads in an operation targeting the Amazon rainforest's most heavily logged region in recent weeks. Operation Maravalha was launched in the Amazonas, Para, and Rondonia states. It is a one-year project named after a sawdust type. Maravalha is expected to be the biggest operation of this kind in more than five years. Ibama (the environmental protection agency), which was in charge of the raid, shut down nearly a dozen mills and imposed fines totaling $15.5 million reais. Jair Schmitt said that the operation's aim...

Luiz Inacio Lula Da Silva, President of Brazil, said that his country would respond to the decision by Donald Trump to impose tariffs on imports of steel. He suggested that Brazil could either file a complaint with the World Trade Organization or tax U.S. goods. "I heard they were going to tax Brazilian Steel." Lula told a radio station that if they did it, "we will respond commercially either by filing a WTO complaint or taxing the products we import from Brazil." South America is the biggest source of U.S. imports of steel. Trump raised steel and aluminum tariffs by...