|Bid||16.05 x 36200|
|Ask||16.06 x 3200|
|Day's range||15.90 - 16.08|
|52-week range||10.16 - 17.90|
|Beta (3Y monthly)||0.34|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||0.20 (1.27%)|
|1y target est||19.60|
Oil traders are chartering more ships and snapping up fuel oil storage tanks in and around Singapore, the world's top bunkering port, to stock up cleaner fuel that will meet new shipping rules coming into force next year, industry sources said. The move has pushed up lease rates for tank storage in Singapore and increased the number of supertankers floating in Singapore and Malaysian waters as traders store fuel months ahead, betting on a spike in prices for low-sulphur fuel oil (LSFO). Storage tank rates for crude and fuel oil have risen nearly 20 percent since the start of the year to about S$5.00 to S$5.50 ($3.68 to $4.05) per cubic metre for a lease period of 6 to 12 months.
Brazil's state oil company has refused to supply two Iranian ships anchored in the southern port of Paraná because they belong to a company sanctioned by the United States. Petrobras said in a statement Friday that the Iranian ships, which were hired by an export-import company, appear on a list of the U.S. government's Office of Foreign Assets Control. "If Petrobras supplies the ships, it runs the risk of being sanctioned and included on the same list and suffer serious harm," the statement said.
US-listed Brazilian state oil giant Petrobras said Friday it will not refuel two Iranian vessels that have been stuck for weeks at a Brazilian port for fear of violating American sanctions. Washington has imposed a slate of sanctions on Tehran and companies with ties to the Islamic republic since President Donald Trump pulled the United States out of a landmark nuclear pact last year. The ships Bavand and Termeh, which reportedly belong to Iranian company Sapid Shipping, arrived at Paranagua port in the southern state of Parana early last month, an official at the port told AFP.
SAO PAULO/RIO DE JANEIRO (Reuters) - Two Iranian vessels have been stranded for weeks at Brazilian ports, unable to head back to Iran due to lack of fuel, which state-run oil firm Petrobras refuses to sell them due to sanctions imposed by the United States. The vessels Bavand and Termeh came to Brazil a couple months ago carrying urea, a petrochemical product used as fertiliser. Food is not covered by U.S. sanctions, and Iran is one of the largest buyers of Brazil's agricultural commodities, importing more than 2.5 million tonnes of Brazilian corn so far this year — more than any other country.
Brazilian state-run oil firm Petrobras is considering an end to its participation in a program certifying good governance and limited political interference in state companies set up by the Sao Paulo stock exchange, two sources told Reuters. Chief Executive Roberto Castello Branco is pushing the possibility of exiting the Distinction in Governance Program for State-Run Firms, established by exchange operator B3 SA, said the people familiar with deliberations, who requested anonymity to discuss confidential matters. Petrobras added that improvements to its compliance protocols have "stood out" in recent years and that many requirements of the B3 program are already part of Brazilian law, so leaving the program would not necessarily weaken the company's corporate governance.
Police in Rio de Janeiro arrested more than 40 people on Thursday for their alleged roles in a murderous gang that extorted companies working for state-run oil company Petrobras and established a secret cemetery to dispose of rivals. The arrests highlight how South America's third largest city and suburbs have struggled with the growing power of so-called militias — criminal groups run by retired and off-duty police officers dominating distribution of utilities and basic goods for millions of residents. The operation also underscores the threat of organized crime to Brazil's fast-growing oil and gas sector.
Royal Dutch Shell (RDS.A) agreed to sell gas assets in Alberta for C$190 million, while Marathon Oil (MRO) closed the divestment of its North Sea assets.
Brazilian state-controlled oil company Petróleo Brasileiro SA said on Friday it had made a $700 million payment to oil services provider Vantage Drilling Company in a case involving a contract that it had terminated. Petrobras, as the oil company is known, said in a securities filing that it decided to make the payment following a decision by a U.S. court in Texas denying its request to cancel the result of an earlier arbitration in Holland opened by Vantage after Petrobras terminated a drilling contract in 2015. Petrobras argued at the time that the contract had been awarded to the U.S. company "by way of corruption," according to findings by Brazil's Operation Car Wash anti-corruption investigation.
C&J Energy Services (CJ) and Keane Group (FRAC) agreed to merge in an all-stock deal, while Phillips 66 (PSX) unveiled plans to form two pipeline project joint ventures for crude oil transportation.
Oil workers at state-run Petroleo Brasileiro SA have begun a 24-hour strike in eight Brazilian states as part of nationwide protests against a government proposal to reform pensions, umbrella union group FUP said on Friday. Workers at nine refineries, including Reduc in Rio de Janeiro state and Paulínia in São Paulo state, were participating in the strike, which also affected a Petrobras port terminal in Pernambuco and a fertilizer plant in Bahia, FUP said. On the Campos basin in Rio de Janeiro, workers were keeping operations to a minimum, it added.
Brazil's Petrobras found suspicious activity in its oil trading business - and failed to stop it - six years before an alleged bribery scandal erupted in that unit in 2018, according to three people with knowledge of the situation and documents seen by Reuters. A 2012 internal probe at the state-run oil company turned up more than two dozen instances in which traders in Petrobras' Singapore office overpaid for fuel, the people said. Some employees in 2013 recommended halting transactions with one particular fuel brokerage that had consistently sold fuel to Petrobras at above-market prices, according to the people.
Marking a major victory for the Bolsonaro government and Petrobras (PBR), the court rules that state-held companies do not require congressional approval to jettison their subsidiaries.
Brazil's Supreme Court on Wednesday postponed a decision on whether asset sales by state companies require authorization by Congress, pushing to Thursday a ruling with major implications for the divestment plans of state-run oil company Petroleo Brasileiro SA, or Petrobras. The two who decided in favor of divestments passing through Congress had previously ruled in a similar fashion, and their Wednesday decisions had been widely expected. Reuters reported earlier on Wednesday that Petrobras expects the Supreme Court to narrowly allow it to proceed with asset sales.
Brazil oil producer Petroleo Brasileiro expects to narrowly win a supreme court decision that would allow it to proceed with asset sales, according to two company sources involved in the case, freeing up billions of dollars. Last month, another Supreme Court (STF) minister, Edson Fachin, issued a decision upholding Lewandowski's opinion, calling the STJ decision contradictory.
Chevron (CVX) moved closer to its goal of pulling out of UK exploration and production, while Canadian Natural Resources (CNQ) decided to solidify its position on its home turf.
Petrobras (PBR) revved up its five-year plan in March, and now intends to offload $26.9 billion through 2023, streamline portfolio and sharpen focus on other profitable segments.
Three Texas environmental groups notified Valero Energy Corp on Wednesday of plans to file a lawsuit under the U.S. Clean Air Act for pollution at the company's Port Arthur, Texas, refinery, the organizations said. Environment Texas, the Sierra Club and the Port Arthur Community Action Network allege over 600 violations of pollution limits by the release of hazardous chemicals like sulfur dioxide, hydrogen sulfide and particulates from the refinery since 2014.
The U.S. FBI is investigating corporate giants Johnson & Johnson, Siemens AG, General Electric Co and Philips for allegedly paying kickbacks as part of a scheme involving medical equipment sales in Brazil, two Brazilian investigators have told Reuters. Brazilian prosecutors suspect the companies channeled illegal payoffs to government officials to secure contracts with public health programs across the South American country over the past two decades. Brazilian authorities say more than 20 companies may have been part of a "cartel" that paid bribes and charged the government inflated prices for medical gear such as magnetic resonance imaging machines and prosthetics.