Brazil

The Brazilian union Sindipetro-NF - one of the largest representing Petrobras workers - has rejected 'the latest proposal from 'the state-run oil firm to end a 12 day-long strike. It said this in a Friday statement. Sindipetro-NF represents around 25,000 oil industry workers, including those on Petrobras offshore oil platforms, in the 'Campos basin. This is the second highest oil production area in Brazil. Petrobras?did not immediately respond to a comment request. The company has said that the strike had no effect on production because it was using contingency crews. Sindipetro-NF, a union umbrella for oil workers, is the largest...

Braskem, a Brazilian petrochemical company, announced on Monday that conglomerate Novonor had signed an agreement with IG4 Capital to sell its controlling stake to the private equity firm. IG4 and Petrobras will be sharing control of Braskem under the agreement. Petrobras is the second largest investor in the company. A securities filing revealed that Novonor will retain a 4% share. Braskem could benefit from a new controlling shareholder, as the company has been struggling with tight petrochemical margins. It also faces ongoing liabilities related to damages caused by salt mining operations at?Maceio in northeastern Brazil. The private equity firm announced...

Flavio Bolsonaro announced on Friday that former Brazilian president Jair Bolsonaro has backed his bid for the presidency next year. This angered markets who had placed bets on a more experienced candidate who would consolidate support among the right. The senator posted on social media about his father choosing him to "carry on our project for nation." Valdemar Costa neto, the leader of Bolsonaro’s right-wing Liberal Party (PLR), confirmed in a press release that Bolsonaro’s eldest child, currently serving time for an unsuccessful coup plot, was the party’s presidential candidate. Brazilian markets were shaken by the news on Friday. The...

In an auction of crude oil held by the state-run PPSA on Thursday, a consortium of Petrobras (Petroleum) and Shell (Shell) secured two offshore fields in Brazil's Tupi & Atapu oilfields. The consortium was the sole bidder at the auction. It offered 7.79 billion reais (1.47 billion dollars) for the Tupi region, which is 2% higher than the minimum price. For the Atapu region, it offered 1 billion reais, or 16% more. The Mero field's third area did not receive any bids. The auction included stakes in fields that were already producing oil but had not been contracted. This gave...

Petrobras' CEO stated on Friday that the company could reconsider some of its 15 planned wells in the "Equatorial Margin" because Brent oil prices will likely remain low for the next few years. Petrobras has cut its investment plans for the period 2026-2030 by $500 million up to $2.5 billion. Magda Chambriard, Petrobras' Chief Executive Officer, said at a recent press conference that "we had a large number of wells in the Equatorial margin; some were prioritised, while others were, say, deprioritized based on the Brent crude oil price." She did not specify how many wells would be examined. Petrobras...

Petrobras, the state-run Brazilian oil company, has cut its dividend forecast by almost 2% and reduced expected investments by nearly 2% as part of a five-year plan released on Thursday. The firm is struggling with lower crude prices. Petrobras plans to distribute between $45 billion - $50 billion in ordinary dividends during the period 2026-2030, according to a filing. The firm's previous five-year plan, which was released last year, had the company expecting to pay up to $55billion to shareholders. The new plan does not mention extraordinary dividends, whereas the old one suggested that up to $10 billion in dividends...

Brazil's COP30 Climate Summit faced a crunch-day on Saturday, after all night talks to overcome an impass after the European Union had blocked a deal it claimed would not advance efforts to curb greenhouse gases that are driving global climate changes. The two-week climate conference, billed as an opportunity to demonstrate that nations could still unite to combat climate change in the absence of the United States, was supposed to end on Friday. However the standoff forced the negotiators to work overtime. The Brazilian presidency tried to reach a compromise over a deal which most of the 200 countries attending...

Brazil, the COP30 summit's president, released a draft of a proposed agreement for this year’s U.N. Climate Summit early on Friday. It dropped a proposal that was included in a previous version to develop a plan to move away from fossil-fuels. This issue was one of the most controversial at the two week conference in the Brazilian Amazon city of Belem, attended by nearly 200 government officials. The nations have been arguing over the future for fossil fuels. Their burning releases greenhouse gases, which are the biggest contributors to global warming. The first draft of the deal, which was released...

On Thursday, UN Secretary-General Antonio Guterres called for an agreement from the Climate summit COP30 Some have called for clarification on the controversial subject of weaning off the world. fossil fuels The Belem summit, in Brazil's Amazonian city, missed the self-imposed deadline of Wednesday to reach agreement between the 200+ countries that were present. This included issues such as how to increase climate financing and move away from fossil fuels. Guterres said at a summit press conference: "I welcome the calls for a just and fair transition mechanism, as well as the growing coalition that is calling for clarity in...

Four sources familiar with the matter said that Brazilian engineering group Novonor was close to reaching a deal to sell its majority controlling stake in petrochemical company Braskem to IG4 Capital. The Braskem stock in Sao Paulo rose more than 17% following a Bloomberg News article on the possible deal. It was the largest gainer of the Bovespa benchmark index, which rose by 1.5%. Sources who spoke under condition of anonymity said that Braskem's largest shareholders, state-owned oil company Petrobras and conglomerate Novonor, were negotiating with asset management firm IG4 and a deal may be completed in the coming days....

Petrobras' chief financial officer stated that the company expects its annual capital expenditures will be between the middle and the top of their current estimates as they are investing faster than anticipated. Petrobras has invested $5.5 billion during the third quarter. The cumulative capex of the first nine month in 2025 is now $14 billion. The company plans to invest $18.5 billion by 2025. It may add 10% on the upside or down. Petrobras CFO Fernando Melgarejo told analysts that the firm generates value for its shareholders by speeding up investments. He said that 90% of projects were already contracted,...

Petrobras, the Brazilian oil company, reported on Thursday that its net profit for the third quarter of 2014 was up slightly from a year ago. 12.2-billion-real Dividend payout of $2.25 billion. Petrobras reported a net income of 32,7 billion reais (6.05 billion dollars) for the quarter July-September. This represents a 0.5% rise. In dollars, the net profit increased by 2.7%. Analysts in a LSEG survey had predicted 130 billion reais. Revenues were down 1.3% at 127.9 bn reais. In a press release, Fernando Melgarejo, the Chief Financial Officer of the state-run company said: "We were able offset this revenue impact...

Brazil's president Luiz inacio Lula da Silva said that the G20 climate summit in South Africa, and the COP30 summit in Brazil, show that multilateralism remains alive despite attempts by U.S. Donald Trump to dismantle. "Trump is trying to preach against multilateralism and to reinforce unilateralism. "I think multilateralism is going to win," he said to reporters at the Group of 20 summit in Johannesburg. Lula said that Trump's absence from the summit "didn't really matter" to him. "The G20 is still strong." "We need to put the decisions we made into action," he said. He added that he was...

The Turkish president Tayyip Erdoan praised the deal that was reached on Saturday with Australia to host the U.N. Climate Summit next year, calling it a significant achievement for multilateralism. After a long standoff, both countries have agreed that Turkey will be the host of the COP31 Summit in 2026 and Australia will lead the negotiations. Ankara, Canberra and both had bid to host the conference in 2022 and refused to back down since. Erdogan said at an event on Saturday night in Johannesburg, "Considering that multilateralism in recent years has lost ground, I consider this agreement we reached with...

Wildfires caused the largest tropical forest losses in 2024 Global warming is expected to worsen destruction Communities put in the center of fire prevention at COP30 By Andre Cabette Fabio The government agencies responsible for the environment and forests in Ecuador, Peru Ghana and Kenya, along with more than 30 environmental and indigenous groups from around the world, signed an agreement that will secure $100 million by 2030. The pledge will initially focus on the Amazon Basin - the largest tropical forest in the world, which is located mostly in Brazil. Fires are raging in forests that were not likely...

COP30 discusses how to measure climate adaptation and pay for it Farmers say that they are not receiving enough climate funding Extreme weather events are increasing and requiring more funding for adaptation. Clar NiChonghaile This kind of climate change is not uncommon in Parana, where the summers are now hotter and the winters colder. Droughts have also become more frequent. Six people were killed by a tornado that struck Rio Bonito do Iguacu, Parana on November 7. Bevilacqua Mendonca (35), wants COP30 to do more for smallholder farmers to adapt to extreme weather by providing them with funds to access...

According to a study published on Monday, clearing land for agricultural purposes in Brazil's Cerrado tropical Savanna region leads to drier conditions which ultimately harm soybean yields. The study was first shared with and argues that falling yields drive farmers to clear more land. This further accelerates degradation of Brazil's largest biome, the Amazon, and hinders conservation efforts. Zero Carbon Analytics released a press release detailing the findings of their study. "Our new analyses found that farmers clearing native vegetation to plant soy have climate impacts far beyond the cleared areas," the group said. Brazil's Cerrado Region covers more than...

Chris Bowen, Australia's energy minister, said he will travel to Brazil on Saturday for the COP30 summit to press Australia to host the summit next year. This is despite a dispute with Turkey over hosting rights. Since then, both Australia and Turkey have refused to compromise on the issue. This month, Australian Prime Minister Anthony Albanese wrote to Turkish President Tayyip Erdoan in an effort to resolve the longstanding tussle. Bowen told reporters at Sydney Airport that a decision would be taken at COP30. He also asserted "Australia has the overwhelming backing of the world" to host the conference next...

Chris Bowen, Australia's energy minister, said he will travel to Brazil on Saturday for the COP30 summit to press Australia to host the summit next year. This is despite a dispute with Turkey over hosting rights. Both Australia and Turkey bid in 2022 for the United Nations Climate Conference and have refused to give up their positions ever since. This month, Australian Prime Minister Anthony Albanese wrote to Turkish president Tayyip Erdoan in an effort to resolve the longstanding dispute. Bowen stated in a press release that he will advocate strongly for Australia at the summit to be held in...

On Friday morning in Brazil, dozens of indigenous protesters blocked the entrance of the COP30 Summit venue. They staged a sit-in which forced delegates into a side door to resume their climate change negotiations. During the peaceful protests, security guards increased checks, and long queues formed to get into the compound. The sprawling complex is built on an old airport site in the Amazonian city of Belem. The venue hosts the annual U.N. Climate Conference where delegates of 195 countries are trying to make progress in halting global temperature rises that threaten delicate ecosystems, including the Amazon rainforest. The protesters...

On Tuesday, dozens of indigenous protesters forced themselves into the COP30 Climate Summit venue and clashed violently with security guards. The protesters shouted angrily and demanded entry to the U.N. compound, where thousands of delegates are attending the U.N. Climate Summit this year. Some carried flags or signs that said "Our land is not for Sale" or slogans urging land rights. A leader of the Tupinamba tribe, located near the lower reaches Tapajos River on the Brazilian coast, expressed his displeasure at the ongoing development. Gilmar, a man who goes by only one name, said: "We cannot eat money." "We...

Sebastian Vettel, the retired Formula One world champion, said that he was open to taking on a new sport role as long as it had meaning. The German spoke at the Sao Paulo Grand Prix, where he raised climate awareness. He won four titles for Red Bull, and his last race was with Aston Martin 2022. "Why not? If it's well-spent time, there's a human element, it's challenging, and I enjoy it, why not?" He said this at Interlagos without giving any details or examples. "There must be a reason." I don't just want to come here to make money....

The U.N. Climate conference generates hundreds of headlines every year about global efforts to save the world from a climate catastrophe. The conference begins in Belem, a Brazilian rainforest city. What exactly takes place at these annual summits, then? What you should know WHAT IS A COP? The annual Conference is called a COP. This stands for Conference of the Parties who signed the U.N. Climate Treaty of 1992. The U.N. The Framework on Climate Change Convention, or UNFCCC, committed countries to work together to combat climate change. The treaty established the principle "common, but differentiated responsibility", which means that...

Ding Xuexiang, vice premier of China, called on fellow leaders to show "true multiculturalism" at the climate summit held in Brazil. Ding, via a translation, said: "We must strengthen international collaboration in green technology and the industry, remove trade obstacles, and ensure free flow of high-quality green products, to better meet global sustainable development needs." Ding told the official Xinhua News Agency on Friday that the developed countries must fulfill their obligation "to lead in emission reduction and honour their funding commitments", as well as provide more assistance to developing countries. He said that China was willing to work with...