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MarketScreener Homepage  >  Equities  >  Bolsa de valores de Sao Paulo  >  Petróleo Brasileiro S.A. - Petrobras    PETR4   BRPETRACNPR6

PETRÓLEO BRASILEIRO S.A. - PETROBRAS

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Brazilian Oil Slicks Likely Originated in Venezuela, Official Says -- Update

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10/09/2019 | 04:07pm EST

By Luciana Magalhaes and Jeffrey T. Lewis

SÃO PAULO -- Brazilian Environment Minister Ricardo Salles said Wednesday that the crude oil staining long stretches of Brazil's northeastern coast "very probably" came from Venezuela, an assertion that could lead to even worse relations between the already hostile neighbors.

At least 138 spots in nine Brazilian states have been hit by oil slicks since early September, killing sea turtles and hurting other animals, and tons of crude have already been removed from the sites, according to Brazil's environmental protection agency IBAMA.

The Wall Street Journal reported earlier Wednesday that a report by Brazilian oil company Petróleo Brasileiro SA, or Petrobras, indicated that at least some of the oil came from Venezuela, though the company declined to confirm the report existed.

"All indications are that, as per the Petrobras report, the oil was spilled, accidentally or not, by a ship sailing close to the Brazilian coast," Mr. Salles said during a congressional hearing.

Neither Petróleos de Venezuela SA, Venezuela's main oil exporter, nor the country's Ministry of Public Power for Ecosocialism and Water responded to a request by the Journal for comment.

Brazilian President Jair Bolsonaro has been a fierce critic of Venezuelan President Nicolás Maduro, calling the Venezuelan leader a usurper and backing opposition leader Juan Guaidó as the legal president of the country.

If the oil did indeed come from Venezuela, relations between the countries are likely to get even worse, according to Maristela Basso, an expert on international law and professor at the University of São Paulo.

"Relations were already bad. If on top of that we have evidence that the oil came from there, the relationship would be even more shaky," she said, adding that any cooperation between the two countries to identify the source of the oil, or to clean up the damage would be extremely complicated by the bad blood between the two presidents.

Brazilian legal and military authorities are investigating the source of the oil, and IBAMA has said that chemical analysis of the black gook indicates it wasn't pumped from Brazilian fields.

President Bolsonaro said Tuesday that there are indications the spill might have criminal origins.

"The volume hasn't been consistent; if it were from a tanker that had sunk there would still be oil coming out," Mr. Bolsonaro told reporters as he left the presidential residence in Brasília. "It looks like something was criminally released."

--Ginette González in Caracas contributed to this article.

Write to Luciana Magalhaes at Luciana.Magalhaes@wsj.com and Jeffrey T. Lewis at jeffrey.lewis@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
EURO / BRAZILIAN REAL (EUR/BRL) -0.11% 4.6364 Delayed Quote.3.95%
PETRÓLEO BRASILEIRO S.A. - PETROBRAS -2.01% 29.3 End-of-day quote.29.28%
PUBLIC POWER CORPORATION S.A. 0.38% 3.186 Delayed Quote.145.29%
WTI 1.40% 57.76 Delayed Quote.26.39%
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Financials (BRL)
Sales 2019 318 B
EBIT 2019 85 768 M
Net income 2019 45 305 M
Debt 2019 309 B
Yield 2019 2,98%
P/E ratio 2019 8,99x
P/E ratio 2020 10,6x
EV / Sales2019 2,23x
EV / Sales2020 1,97x
Capitalization 400 B
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Technical analysis trends PETRÓLEO BRASILEIRO S.A. -
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Mean consensus BUY
Number of Analysts 12
Average target price 35,59  BRL
Last Close Price 29,30  BRL
Spread / Highest target 39,9%
Spread / Average Target 21,5%
Spread / Lowest Target 9,22%
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Managers
NameTitle
Roberto da Cunha Castello Branco Chief Executive Officer & Director
Eduardo Bacellar Leal Ferreira Chairman
Andrea Marques De Almeida Chief Financial & Investor Relations Officer
Rudimar Andreis Lorenzatto Chief Technology & Production Development Officer
Marcelo Filho Director
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