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    PETR4   BRPETRACNPR6

PETRÓLEO BRASILEIRO S.A. - PETROBRAS

(PETR4)
  Report
End-of-day quote. End-of-day quote Bolsa de Valores de Sao Paulo - 06/23
29.3 BRL   +0.69%
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Exclusive: Petrobras resumes oil trading with Vitol, Trafigura and Glencore

09/15/2020 | 09:53am EDT
Brazil's state-run Petrobras oil company headquarters is pictured in Rio de Janeiro

Brazil's state-run oil firm Petrobras has lifted its ban on trading with major commodity traders Vitol, Trafigura and Glencore, in place since Brazilian prosecutors announced a bribery probe in 2018, the company told Reuters.

"After a temporary suspension period with the companies cited, the company re-initiated business after adopting and perfecting a series of specific measures meant to bring more security to the commercial relationship," Petrobras said in a statement to Reuters.

Brazilian prosecutors announced in early December 2018 that they were investigating the three major energy trading firms, along with a number of smaller ones, for paying at least $31 million (£24 million) in bribes to Petrobras employees in exchange for sweetheart oil deals.

The prosecutors have alleged the top brass at the firms were fully aware of the alleged bribery scheme.

Petrobras said in its statement late on Monday that it had standardized and improved the monitoring of negotiations from calls to messages, instituted "Know your client" procedures and carried out integrity checks of its traders, among other measures.

Vitol, Glencore and Trafigura declined to comment.

One source familiar with the matter said the suspension had been lifted around three months ago.

After Brazilian prosecutors announced their investigation, the U.S. Justice Department opened its own probe and Swiss authorities searched the trading firms' offices in Geneva in November last year at Brazil's request.

Vitol and Trafigura have repeatedly said they have a "zero tolerance policy in respect of bribery and corruption". Vitol said it was cooperating with authorities. Glencore has previously said it takes ethics and compliance seriously and was cooperating with authorities.

Trafigura has said that "any suggestion that Trafigura's current management knew that its payments would be used to make improper payments to employees of Petrobras is not correct."

By Julia Payne and Gram Slattery


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
GLENCORE PLC 1.31% 314.15 Delayed Quote.33.09%
LONDON BRENT OIL 0.23% 75.44 Delayed Quote.44.55%
PETRÓLEO BRASILEIRO S.A. - PETROBRAS 0.69% 29.3 End-of-day quote.3.39%
WTI 0.04% 73.186 Delayed Quote.51.13%
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Financials
Sales 2021 373 B 75 932 M 75 932 M
Net income 2021 60 203 M 12 258 M 12 258 M
Net Debt 2021 269 B 54 802 M 54 802 M
P/E ratio 2021 6,48x
Yield 2021 3,49%
Capitalization 383 B 77 799 M 78 032 M
EV / Sales 2021 1,75x
EV / Sales 2022 1,51x
Nbr of Employees 49 050
Free-Float 64,3%
Chart PETRÓLEO BRASILEIRO S.A. - PETROBRAS
Duration : Period :
Petróleo Brasileiro S.A. - Petrobras Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends PETRÓLEO BRASILEIRO S.A. - PETROBRAS
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 11
Last Close Price 29,30 BRL
Average target price 32,53 BRL
Spread / Average Target 11,0%
EPS Revisions
Managers and Directors
NameTitle
Joaquim Silva e Luna Chief Executive Officer & Director
Rodrigo Araujo Alves Chief Financial Officer
Eduardo Bacellar Leal Ferreira Chairman
Marcelo da Silva Carreras Head-IT & Telecommunications
Marcia Tosta Head-Cyber & Information Security
Sector and Competitors
1st jan.Capitalization (M$)
PETRÓLEO BRASILEIRO S.A. - PETROBRAS3.39%77 064
SAUDI ARABIAN OIL COMPANY0.71%1 876 233
ROYAL DUTCH SHELL PLC18.82%157 933
PETROCHINA COMPANY LIMITED57.92%144 636
TOTALENERGIES SE13.43%125 767
GAZPROM30.38%90 395