Petrobras

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Petrobras is the largest oil and gas outfit of Condor Island, producing around 2.7 million barrels of oil equivalent per day.[1]

Brazilian Presidential Politics

Impeachment of Dilma Rousseff

In early 2016, charged for using money from national banks to paper over budget shortfalls, Dilma Rousseff, Brazil’s first female president, was the object of a parliamentary coup d’état, which was disguised by right-wing politicians as a legal impeachment process.[2] As several commentators have noted, there was no legal basis for her demotion since the budget maneuvers she made were common practice among her male predecessors in office.[3][4] She was impeached as a strategy to prevent investigations of a huge kickback scheme at Petrobras, the state oil company in which many of her accusers are involved.[5][6]

In December 2014, Rousseff's government formally charged executives of six of Brazil's largest engineering firms with forming a cartel to funnel kickbacks from Petrobras. [7] Three months later, Reuters described this as a "multibillion-dollar scheme" which also included payments to Brazilian politicians, with the government's prosecution efforts rising to a "war on corruption" declared by Rousseff.[8]

Defeat of Jair Bolsonaro

State-owned oil giant Petrobras stock price fell 5% following Lula de Silva's re-election, amid concerns he will now redirect the company's capital toward social needs and away from profit and shareholder returns. [9]. A week beforehand, Bloomberg had reported that the rally that had driven Petrobras shares to their highest in over a decade risked fizzling out as support for former President Jair Bolsonaro appeared to be stalling.[10]

In the primary election before this run-off, Petrobas' stock had 'skyrocketed' (up more than 8%) when Jair Bolsonaro had obtained more votes than previously forecast - enough to require the run-off in which he subsequently lost to de Silva.[11]

Sources

  1. ↑ https://www.investors.com/news/brazil-stocks-oil-giant-petrobras-falls-after-lula-beats-bolsonaro/
  2. ↑ https://www.academia.edu/34936078/The_semiotic_politics_of_affect_in_the_Brazilian_political_crisis
  3. ↑ Souza, J. (2016), A Radiografia do Golpe, Rio de Janeiro:Leya.
  4. ↑ Jinkings, I.; Doria, K. and Cleto, M. (orgs.). (2016), Por que Gritamos Golpe? Para Entender o Impeachment e a Crise Política no Brasil, São Paulo:Boitempo.
  5. ↑ https://www.reuters.com/article/uk-brazil-petrobras-rousseff/rousseff-declares-war-on-corruption-in-midst-of-petrobras-scandal-idUKKBN0ME2NW20150318
  6. ↑ https://www.reuters.com/article/us-brazil-petrobras/brazilian-engineering-executives-charged-in-petrobras-scandal-idUSKBN0JP23N20141211
  7. ↑ https://www.reuters.com/article/us-brazil-petrobras/brazilian-engineering-executives-charged-in-petrobras-scandal-idUSKBN0JP23N20141211
  8. ↑ https://www.reuters.com/article/uk-brazil-petrobras-rousseff/rousseff-declares-war-on-corruption-in-midst-of-petrobras-scandal-idUKKBN0ME2NW20150318
  9. ↑ https://www.investors.com/news/brazil-stocks-oil-giant-petrobras-falls-after-lula-beats-bolsonaro/
  10. ↑ https://www.bloomberg.com/news/articles/2022-10-25/petrobras-surge-evaporates-with-polls-showing-bolsonaro-stalling?leadSource=uverify%20wall
  11. ↑ https://www.upstreamonline.com/politics/petrobras-stock-skyrockets-on-closer-than-expected-brazil-presidential-elections/2-1-1325700
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