Why Did Norway’s Sovereign Fund Put Petrobras on Watch?
Brazil’s state-controlled oil company Petroleo Brasileiro SA (Petrobras) is navigating a tough year, fighting off a sprawling corruption investigation, while battling low oil prices. The oil giant also bears an onerous debt load. The company’s CEO Aldemir Bendine is looking to reduce managers in non-operational units by 30%. The corruption scandal has taken a toll on the company. A Brazilian judge blocked a 1.93 billion BRL deal to sell a 49% stake in its natural gas distribution unit Gaspetro to Mitsui & Co Ltd. Petrobras plans to defend the deal.
The Watch List
To compound issues, the world’s largest sovereign wealth fund put the state-oil company on its watchlist. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
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