In today’s issue: After four down years, Petrobras finally profits again.
After four down years, Petrobras finally profits again
Petrobras, Brazil’s state-run oil and gas company, has posted positive yearly results for the first time since 2013. The BRL 25.7bn profit was made possible mainly due to a reduction of Petrobras’ debt and benefited from a 31% increase in the average Brent crude price. Over 2018’s last quarter, however, profits stayed at BRL 2.1bn—way below the projected BRL 7.8bn.
Over the past few years, Petrobras has been strangled by Operation Car Wash—a probe that unveiled deeply-rooted corruption schemes...