India's Shapoorji Appeals to Brazil on Petrobras-Canceled Tender
India's Shapoorji Pallonji Energy is appealing directly to the Brazilian government after state-run Petrobras canceled a tender for construction of an oil production platform.
A delegation for the offshore infrastructure company was in Rio de Janeiro and the capital Brasilia last week as it seeks to reverse Petrobras' decision, said a person familiar with the matter who asked not to be named discussing private information.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
5 hours ago
- Yahoo
Mexico eases trade ban on Brazilian chicken
SAO PAULO (Reuters) -Mexico eased a ban on chicken shipments from Brazil, setting the restriction now only to products coming from the Brazilian state of Rio Grande do Sul, instead of a previous countrywide ban, Brazil's Agriculture Ministry said on Tuesday. On the other hand, the ministry said in a statement that Mauritania announced a countrywide ban on imports of Brazilian chicken, while Oman suspended chicken imports coming from Rio Grande do Sul state. Brazil last month identified a case of bird flu on a commercial farm in Rio Grande do Sul, triggering trade restrictions from dozens of countries.
Yahoo
8 hours ago
- Yahoo
Bolsonaro denies orchestrating Brazil coup in Supreme Court testimony
BRASILIA (Reuters) -Former Brazilian President Jair Bolsonaro denied that he led an attempt to overthrow the government after losing the 2022 election during his trial before the country's Supreme Court on Tuesday, but acknowledged taking part in meetings aimed at reversing the outcome. Bolsonaro said he and senior aides discussed alternatives to accepting the electoral results, including the possibility of deploying military forces and suspending some civil liberties, but he said those proposals were soon dropped. "The feeling was that there was nothing else we could do. We had to swallow the election results," the ex-president said. "I never acted against the Constitution," Bolsonaro added, holding a copy of the country's 1988 charter that re-established democracy after two decades of military rule. In March, the Supreme Court agreed to hear the case against Bolsonaro and seven other people, including several military officers, who were charged with plotting a coup to stop Luiz Inacio Lula da Silva from taking office in January 2023. The charges stem from a two-year police investigation into the election-denying movement that culminated in riots by Bolsonaro supporters in the capital in early 2023, a week after Lula took office. Bolsonaro, who was the sixth defendant to testify in the case, spent several minutes of his two hours of testimony defending his administration's achievements and his criticism of the country's electoral system. Dozens of witnesses were previously heard by the court, an indication that the case is moving swiftly and could be concluded by the end of the year, avoiding overlap with campaigning for the 2026 presidential election. Bolsonaro has insisted he will run in that campaign, despite an electoral court decision barring him from seeking public office until 2030. On Monday, Bolsonaro attended the trial to watch testimony from Mauro Cid, his former aide turned whistleblower, and then shook his hand. Cid told the court that the former president reviewed a draft decree that was central to the coup plot and made changes, while keeping a section that ordered the arrest of Supreme Court Justice Alexandre de Moraes, who is now overseeing the case against Bolsonaro and his allies. On Tuesday, the former president said he only briefly saw the draft decree and never edited it. He also apologized for making unfounded corruption allegations about Supreme Court justices. "Forgive me," he told Moraes. A final ruling on Bolsonaro's case is expected by October.
Yahoo
9 hours ago
- Yahoo
Exclusive-Brazilian businessman Tanure courts banks after hatching Braskem bid with Novonor
By Luciana Magalhaes SAO PAULO (Reuters) -Brazilian businessman Nelson Tanure has begun talks with the banks that will be key to his bid for petrochemical firm Braskem , he told Reuters, as he aims to clinch a deal this year and give oil giant Petrobras a larger role in operations. Braskem is Latin America's largest petrochemical firm, and its controlling shareholder Novonor has been exploring a sale for years as it looks to exit bankruptcy protection and turn the page on a vast corruption scandal. Tanure is the latest bidder trying to unlock a stalemate between Novonor, the banks holding Braskem shares as collateral and state-run Petrobras, which is an influential shareholder and key supplier of the firm. In his first public comments since revealing his Braskem bid last month, Tanure said he began courting engineering group Novonor, formerly known as Odebrecht, after the Abu Dhabi National Oil Company's offer to buy its Braskem stake collapsed over a year ago. "After Adnoc withdrew their offer, I began confidential discussions with (Novonor) in absolute secrecy," Tanure wrote in response to questions. Novonor would remain a shareholder in the proposed deal, Tanure said, with the latest proposal reducing its stake from 38.3% to around 3.5%, adding: "I would not make an agreement if they did not remain involved." Tanure said the deal is still under discussion. Novonor confirmed the talks in May, but declined to comment on details provided by Tanure. During the corruption scandal a decade ago, Novonor used its Braskem stake as collateral for some 15 billion reais ($2.7 billion) in bank loans. The shares' value has fallen with profit margins in petrochemical markets and now covers less than a quarter of that debt. Despite Tanure's progress with Novonor, its creditors view his offer with skepticism as they have their own plans for Braskem, according to two people familiar with the matter. State development bank BNDES and other major banks have proposed pooling the shares pledged as collateral into a private equity fund that would make investments to turn the company around before selling the shares, Reuters reported in November. BNDES President Aloizio Mercadante confirmed talks with Petrobras and other banks to resolve the standoff at the time. On Tuesday, the bank declined to comment on Tanure's competing proposal to Novonor. "The success of this acquisition necessarily depends on alignment with (the banks)," Tanure said, although he pushed back at the idea that the lenders effectively control Braskem. "It's important to clarify that the shares still belong to the Novonor group. They are merely pledged to banks as collateral for loans." The Rio de Janeiro-based businessman, who has a track record of investing in companies undergoing contentious restructuring, is a major shareholder in power firm Light and oil company Prio. If he can clinch the deal for Braskem, Tanure sees a larger role for Petrobras, which has a right of first refusal for Novonor's stake under their shareholder agreement. "I believe their presence in (Braskem's) operations is small and needs to be expanded," Tanure said. "We must acknowledge that Petrobras has seniority and management expertise in oil companies comparable to the best in the world." Petrobras declined to comment. Last week, Petrobras CEO Magda Chambriard said Braskem was a very important asset, but its current management was "not what we want." Asked by Reuters about Tanure's offer, she said: "We can only applaud. We want a solution." Tanure said his ambitions for Braskem include transforming its Camaçari complex in Bahia state into a hub for sustainable innovation and "green" petrochemicals with lower emissions. ($1 = 5.5626 reais) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
