Brazil

Sources and company executives claim that some Brazilian power companies are withdrawing from the energy trading market due to rising credit risk, increased price volatility, and shrinking sales from generators. CPFL &?CTG Brasil are two of the major generators controlled Chinese groups that have stopped "directional trading" in which firms took long or short positions on price fluctuations to profit. Local groups like Capitale, Urca, and Trinity have cut back or stopped trading operations. Brazil's billions-dollar power trading market?operates via bilateral agreements without a central counterparty to monitor leverage. This makes reputation important, especially for independent investors who do not...

A person with knowledge of the matter said that Brazilian billionaire Joesley Batista had met with Venezuela's interim president Delcy Rodriguez before and after he met with U.S. government officials. He reassured them, according to a source familiar with the situation, that she seemed ready to allow investment in her country's oil and natural gas industry. Source: The Batista's family energy firm Fluxus is evaluating Venezuelan business opportunities. They have consolidated South American assets ever since they acquired it in 2023. Fluxus, Batista and the holding company J&F have declined to comment. The billionaire's?shuttle diplomatics, whose meatpacker JBS is a...

Magda Chambriard, the CEO of Brazil's state oil company Petrobras, announced on Tuesday that it has been producing one million barrels per day since Friday at its offshore Tupi Field. The Petrobras' effort to boost production at the declining oilfield, which was once Brazil's largest, led to the achievement. Chambriard stated, "It's the rescue of an important symbol for Brazil." She said in a statement that Petrobras has two giant oil fields, Tupi and Buzios, which have the potential to produce more than '1 million bpd. Both fields are located in Brazil's presalt Santos Basin, off the coasts of Rio...

The Brazilian Superior Labor Court has ruled that staffing levels at Petrobras Brazil facilities will remain at 80%, as negotiations between employees at the state-run 'oil 'company drag on during a long strike. The ruling, which was made by the court on Saturday, also prohibits worker unions from preventing the transport of workers and equipment from and to facilities, such as those of Transpetro, Petrobras’ logistics subsidiary. Sylvia dos Anjos is the head of exploration and production. She told Sunday that "we continue to work and ensure production and supply." In a separate statement, the company stated that, after four...

The Brazilian Superior Labor Court has ruled that staffing levels at all Petrobras sites in Brazil will remain at 80% as negotiations between workers at the state-run company continue to drag out amid a long strike. The ruling of the court on Saturday prohibits worker unions from preventing the transport of workers and equipment into and out of facilities, such as those of Petrobras Logistics subsidiary Transpetro. Sylvia dos Anjos told the press on Sunday that "we?continue to work and ensure production and supply". Petrobras workers began a strike on Dec. 15 The Sindipetro-NF union, which represents 25,000 workers within...

The Brazilian union Sindipetro-NF (one of the largest in Brazil) has rejected the latest proposal from the state-run oil company to end the 12-day strike. It said this in a Friday statement. Sindipetro NF represents?about 25,000 oil industry workers, including those in Petrobras?offshore oil platform in the Campos Basin, which is the second highest oil production area in Brazil. Petrobras stated in a press release that the strike so far has not had an impact on production as they are using contingency crews to continue operations. Sindipetro-NF is the largest union within FUP, a umbrella organization of oil workers. The...

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...

The agency said in a Monday evening statement that the waste piles of Sigma Lithium at a Brazilian mining site do not pose an "imminent threat" and the country's regulator for mining did not see the need to close them down during a recent visit. ANM's Technical Staff visited the mine in January, about a month after labor inspectors had shut down the piles because they warned of an "imminent and grave risk" for workers and local residents. Sigma's share price fell by 30% following the shutdown. The inspectors' decision was reported on January 15, 2019. ANM's report does not...

The?agency? said in a Monday evening statement that the waste piles of Sigma Lithium at a Brazilian mining site do not pose an "imminent danger" and that it did not see any need to close them during a recent visit. ANM's Technical Staff visited the mine in January, about a month after labor inspectors had shut down the piles because they warned of an "imminent and grave risk" for workers and local residents. Sigma's stock fell by 30% when it was reported that the inspectors had made their decision on January 15th. ANM's report does not change the Brazilian Labor...

The firms announced on Thursday that the Aluminium Corporation of China (Chinalco), and Rio Tinto had agreed to purchase a controlling interest in Companhia Brasileira de Aluminio, for a total amount of 4.69 billion Reis ($903.61 millions). The companies said that together they will purchase 68.6% or 446.6 millions shares of Brazilian aluminium manufacturer CBA at a price of 10.50 reais per share. They added that the Brazilian conglomerate Grupo Votrorantim will purchase the controlling stake. Both will launch a tender for the remaining CBA shares, a move that is required by Brazilian regulations and could lead to the removal...

The price of iron ore continued to fall on Wednesday as the Chinese Lunar New Year dragged down the demand for steel, and feedstocks. The most-traded contract for May iron ore on China's Dalian Commodity Exchange ended the daytime trading 0.7% lower, at 783 Yuan ($112.74) per metric ton. As of?0705, the benchmark March iron ore traded on Singapore Exchange was down 0.79% at $103 per ton. According to Chinese?broker Everbright Futures, the downstream steel demand has shrunk with the cessation in construction projects as we approach the Chinese Lunar New Year Holiday. The company Vale announced on Tuesday that...

The price of iron ore continued to fall on Wednesday as the Chinese Lunar New Year approaches, and construction projects slow down. This is affecting the demand for steel, feedstocks, and other metals. As of 0311 GMT, the most-traded contract for May?iron ore on China's Dalian Commodity Exchange was trading 0.44% lower. It was 785 yuan (US$113.02) per metric ton. The benchmark March ore at the Singapore Exchange fell 0.5% to $103.3 per ton. According to Chinese broker Everbright Futures, the?demand for downstream steel has decreased as construction projects have ceased in the run-up to Chinese Lunar New Year. The...

A securities filing late on Monday showed that Brazilian miner Vale had halted operation at sites where water had overflowed. Analysts estimate the units account for about 2 percent of Vale's iron ore production outlook for this coming year. Vale reported that the city of?Congonhas ordered the suspension and adoption of emergency measures and control measures after the overflows. The overflows also affected the site of steelmaker CSN, and damaged a nearby river. In Brazil's Minas Gerais, the state of Minas Gerais, there were two separate but nearby areas that experienced heavy rain on Sunday. Analysts?said that the suspension of...

The Minas Gerais government announced on Monday that overflowing water from a Brazilian mining area owned by Vale had caused environmental damage when it reached the Maranhao River. The flooding on Sunday in two separate but nearby areas, both owned by Vale and hit by heavy rain, led to a flood at the site of steelmaker CSN. According to the government of Minas Gerais and the companies, there were no injuries in the incidents near Ouro Preto or Congonhas. Vale will be required to 'implement emergency measures' to clean up the affected area, monitor the river and submit an environmental...

According to two sources familiar with the situation, negotiations with Emirates Global Aluminium are slowing down, but that does not mean that the potential sale of Brazilian aluminium manufacturer Companhia Brazileira de 'Aluminio has stopped. One source said that the process is still competitive. One person and another source involved in the negotiations said that China's Aluminum Corporation?of China, and a potential third bidder were actively pursuing the deal. One?of the sources stated that an announcement could be made within days or even weeks. Negotiations could still fail, however. CBA's shares were up 5% in Brazil at mid-morning trading on...

BHP has been denied permission to appeal a ruling that found it liable for a 2015 dam collapse in the southeast of Brazil. The London lawsuit could be worth tens or hundreds of millions of pounds. The London High Court ruled in November that BHP is legally responsible for collapse of Fundao Dam, located in Mariana (southeastern Brazil), which was owned by BHP's joint venture with Vale, Samarco. BHP's request for a?permission of appeal this ruling? was denied by High Court. BHP has said it will directly apply to the Court of Appeal. BHP's spokesperson stated in a press release...

BHP has been denied permission to appeal a ruling that they are 'liable for the collapse of a Dam in Southeastern Brazil?in 2015, as part of a London suit potentially worth tens of millions of pounds. The London High Court ruled in November that BHP is legally responsible for the collapsed Fundao Dam, located in Mariana (southeastern Brazil), which was owned by BHP and Vale's joint venture Samarco. BHP's request for permission to appeal this ruling was denied by the High Court. BHP may still apply directly to the Court of Appeal. After their initial win, the claimants' attorneys sought...

According to documents seen by the. Documents show that the order is part of Sigma's ongoing efforts to restart the mine. The mine was previously Brazil's biggest lithium producer with an annual capacity of 270,000 tons of lithium concentrate. It has been inactive for the last month. The ministry and miner did not immediately respond to comments. The firm stated in November that production would resume?in two or three weeks' time during a earnings call. SHARES DROP AFTER DOWNGRADE Bank of America, citing a lack of certainty about when production will resume, downgraded the company's?shares last week. The shares fell...

CSN, a Brazilian steelmaker, announced on Thursday that it would begin a major asset divestment program, which includes its cement unit. The company said it was aiming to "definitively address" capital structure issues through reducing the?debt. The firm aims to deleverage between 15 billion and18 billion reais (2.78 billion to 3.34 billion dollars) as part a larger goal of doubling core earnings in eight years. Shares of the Sao Paulo company traded in the stock exchange rose by as much as 4,9% following the announcement. However, they later fell 5% and became one of the largest decliners of the Bovespa...