Petrobras urged to pay investors
Brazil Dubbed the Petrobras Compensation Foundation, the newly established entity will call on Petrobras to find ways to compensate investors that suffered losses related to the alleged fraud and bribery schemes that have rattled the company since first becoming public in 2014.
In case of non-compliance, the Petrobras Compensation Foundation will start litigation before a Rotterdam court. Petrobras operates several Netherlands-based holding companies, all headquartered in the port city. Dutch company SBM Offshore was said to have been involved in the scandal through bribes.
The foundation was set up for European and international investors as a separate lawsuit was filed in the US to recover investors losses.
For more news and features on Brazil, click here
Recent Posts
Touchstone acquires Trinidad E&P player Trinity
Touchstone Exploration has acquired Trinidad-focused Trinity Exploration & Production in an all-shares deal, the Canadian upstream player said on Wednesday Read More
ExxonMobil “optimistic and pushing forward” with Mozambique’s Rovuma LNG
ExxonMobil is "optimistic and pushing forward" with the Rovuma LNG project in Mozambique and eyes an FID by the year's… Read More
SLB OneSubsea, Subsea7 sign long-term deal with Equinor
SLB OneSubsea and Subsea7 have signed a long-term strategic collaboration agreement with Equinor and begun work on two of its… Read More
Presight AI takes 49% stake in ADNOC energy AI player
Presight has acquired a 51% shareholding in AIQ, an energy-focused AI player founded by ADNOC and G42, the companies announced… Read More
Wood wins TotalEnergies North Sea flare recovery work
UK engineering contractor Wood has been awarded a decarbonisation project by TotalEnergies to support flare gas recovery in the North… Read More