Almir Barbassa News
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Petroleo Brasileiro SA, which sold a record amount of dollar bonds this month, said it may sell euro- denominated notes later this year as the state-run oil producer seeks to raise $20 billion in debt for investments.
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Petroleo Brasileiro SA sold $11 billion of bonds abroad today, the most ever for an emerging- market issuer, as it seeks to develop the biggest offshore oil find in the Americas in more than 30 years.
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Petroleo Brasileiro SA, the most indebted publicly traded oil producer, has borrowed $7 billion from banks and multilateral agencies this year after yields on its bonds jumped in the past six months.
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Petroleo Brasileiro SA Chief Financial Officer Almir Barbassa said Brazil’s government will buy enough shares of the state-run company in an offering to at least keep its 32 percent stake and may increase it, ensuring demand for the sale.
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Petroleo Brasileiro SA , Brazil’s state-controlled oil company, doesn’t expect a rising debt-to- equity ratio to lower the company’s corporate rating, Chief Financial Officer Almir Barbassa said.
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Petroleo Brasileiro SA, the state- controlled oil producer, said a weaker local currency is hurting profit as the value of the company’s dollar-denominated debt increases.
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Petroleo Brasileiro SA is seeking partners to create a holding company to spend more than $20 billion on 28 oil drill ships, Chief Financial Officer Almir Barbassa told Valor Economico.
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Petroleo Brasileiro SA’s record spending and deteriorating production are fueling concern that debt is nearing unsustainable levels at the state-run oil company, already the world’s most indebted major producer.
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Petroleo Brasileiro SA, Latin America’s largest company by market value, will wait until next year to sell dollar bonds to avoid flooding the market as it studies a sale in yen.
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