Adriano Pires News
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Bonds issued by Rede Energia SA and unit Centrais Eletricas do Para SA plummeted after the Brazilian utility known as Celpa filed for bankruptcy protection amid increasing debt and more than four years of frozen tariffs.
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Petroleo Brasileiro SA, the world’s fifth-biggest oil producer by market value, plans to replace its chief executive officer with its natural-gas and energy chief, Maria das Gracas Foster, as Jose Sergio Gabrielli pursues a political career.
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Brazil’s threatened indictment of Chevron Corp. and Transocean Ltd. executives after offshore oil leaks shows that regulators from the North Sea to the Indian Ocean are stepping up scrutiny after BP Plc’s 2010 disaster.
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Brazil is reclaiming part of the Petroleo Brasileiro SA stake it sold to investors a decade ago in a record $78 billion share sale today.
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Brazil cut a tax on fuel sold by Petroleo Brasileiro SA by 16 percent, helping prevent surging import costs from squeezing profit margins at the state-run company and reducing the need for price increases as inflation quickens.
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Petroleo Brasileiro SA , the Brazilian state-owned oil company, said its fuel distribution unit will cut gasoline prices by 6 percent as the government battles to slow inflation from its fastest pace in more than five years.
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Alexandre Grendene Bartelle , a Brazilian investor with stakes in two ethanol refineries, said he may upgrade the plants to also produce sugar because soaring demand for the renewable fuel hasn’t led to surging profits.
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The amount of oil that has leaked into the ocean from a sea-floor fissure near a Chevron Corp. well in Brazil may be four times as large as previously estimated, the country’s oil regulator said.
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Usinas Siderurgicas de Minas Gerais SA, the Brazilian steelmaker aiming to quadruple its iron-ore production, stands to gain the most from an auction for a $1 billion port terminal to be built in Rio de Janeiro state.
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Brazilian regulators are forcing state-controlled Petroleo Brasileiro SA to shut production equipment more frequently for maintenance after BP Plc’s Gulf of Mexico oil spill, the company’s chief financial officer said.
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