By lending its name to the scandal that brought down Brazilian President Dilma Rousseff, Petrobras has become synonymous with the wastefulness and corruption that infested emerging market resource businesses at the height of the ‘supercycle’. CEO Aldemir Bendine resigned in May after only 15 months, as Rousseff, his patron, departed. Petrobras is rich in assets but faces enormous challenges in monetizing them, especially the giant ‘pre-salt’ reserves off Brazil’s coast. Low crude prices plus a long-deserved reputation for poor cost control means it will struggle to generate enough cash from those assets to satisfy both shareholders, the taxman and the foreign partners it will need.
News about Petrobras
He's leaving the helm of the state-controlled oil company he helped revive.
Guido Mantega in 2012 was the chairman of Petrobras.
Brazilians have changed course; Russians are in a rut
Revenues and profits were down, but the global workforce keeps growing.
The dark clouds of corruption, suspicion, and civil unrest continue to hover over Brasilia.