Economy

Brazilian company Petrobras slipped in the losses

Brazil’s energy giant Petrobras is not out of the headlines. The one with the name of the company verbundete corruption scandal rocked the entire country – and, now, record these losses.

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The scandal-hit Brazilian group Petrobras gets to feel the Oil price decrease massively. The state-owned companies reported according to their own statements in the fourth quarter, a record loss of the equivalent of 9.1 billion euros. This is almost twice as much as in the prior-year quarter. The basic high write-downs on oil Fields and other assets were values shared in the group.

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The price of Oil has crashed since mid-2014 due to huge Oversupply on the world market – up to below 30 dollars per barrel. In the meantime, but has used a recovery up to around $ 40.

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Petrobras is stuck in a swamp of kickbacks allegations. Among other things, the oil giant wrong to have distributed funds to political parties. Several Ex-managers were arrested, the group’s top management resigned last year. The allegations of corruption in this context are also aimed against President Dilma Rousseff and her predecessor, Luiz Inacio Lula da Silva.

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