Business South America

  • RIO DE JANEIRO, Sept 23- Brazil's state-owned oil producer Petrobras agreed to sell 90 percent of a natural gas pipeline unit to a group led by Canada's Brookfield Asset Management Inc for $5.2 billion, the companies said on Friday. The investor group includes two sovereign wealth funds, China's CIC Capital Corp and Singapore's GIC Private Ltd..

  • RIO DE JANEIRO— The board of Brazilian state-run oil giant Petrobras has approved the sale of a key natural gas pipeline unit to a group of investors led by Toronto- based Brookfield Asset Management. Petrobras says the group will pay $5.2 billion over five years to acquire a 90 percent stake in the Nova Transportadora do Sudeste unit. A Friday statement says the...

  • Sept 23- Brazil's state-run oil company Petroleo Brasileiro SA agreed to sell 90 percent of its natural gas pipeline unit for $5.2 billion to a group of investors led by Canada's Brookfield Asset Management Inc, the companies said on Friday. The consortium includes sovereign wealth funds CIC Capital Corp of China and GIC Private Ltd. of Singapore.

  • Sept 23- A consortium including Brookfield Infrastructure said it agreed to buy a 90 percent stake in the operator of a natural gas transmission system in Brazil from Petróleo Brasileiro SA for about $5.2 billion. Brookfield-managed entities will hold a controlling interest in the consortium, which also includes China's CIC Capital Corp and Singapore's...

  • CARACAS, Sept 22- Venezuelan state oil company PDVSA on Thursday said its lease of Curacao's Isla refinery was not up for negotiations yet, days after the island announced a preliminary deal with China's Guangdong Zhenrong Energy to operate the complex. Curacao's government said on Monday it has signed a preliminary agreement with Guangdong Zhenrong Energy...

  • BUENOS AIRES, Sept 22- Argentina said on Thursday the economy shrank 2.1 percent in the second quarter from the first quarter of 2016, as the country remained mired in recession during the first year of President Mauricio Macri's administration. Compared with the same quarter of 2015, gross domestic product shrank 3.4 percent in the April-to-June period, the...

  • BUENOS AIRES, Sept 22- Argentina said on Thursday the economy shrank 2.1 percent in the second quarter from the first quarter of 2016, as the country remained mired in recession during the first year of President Mauricio Macri's administration. Finance Minister Alfonso Prat-Gay said earlier this week that the economy next quarter would not contract for the...

  • RIO DE JANEIRO— The ex-finance minister under Brazilian presidents Dilma Rousseff and Luiz Inacio Lula da Silva was arrested Thursday in the corruption scandal at state-run oil giant Petrobras, but a judge allowed him to be freed while his wife had cancer surgery. Mantega has been accused of asking tycoon Eike Batista for bribes on behalf of the Workers' Party...

  • RIO DE JANEIRO, Sept 21- A U.S. class-action lawsuit over corruption at Brazil's Petrobras will not overshadow the state oil company's $74 billion, five-year plan to slash its crippling debt and refocus on its core business, chief executive officer Pedro Parente said on Wednesday. In an interview in his offices in Rio de Janeiro, Parente also said Petrobras was...

  • BUENOS AIRES, Argentina— Argentina's state-run YPF energy company says it will disclose clauses of an investment deal with U.S.-based Chevron Corp. to produce oil and gas by hydraulic fracturing in one of the world's largest shale deposits. The decision announced by YPF on Wednesday seeks to end a three-year legal fight over the deal for the Vaca Muerta...

  • CARACAS/ HOUSTON, Sept 21- Venezuela's state oil company PDVSA said on Wednesday it has awarded $3.2 billion in contracts to drill wells in the Orinoco Belt, although sources close to the matter said some foreign partners are uncomfortable with the rushed tender and structural problems that could hinder projects. The projects are designed to add 250,000...

  • CARACAS/ HOUSTON, Sept 21- Venezuela's state oil company PDVSA said on Wednesday it has awarded $3.2 billion in contracts to drill wells in the Orinoco Belt, although some foreign partners are uncomfortable with the rushed tender and structural problems that could hinder the projects, according to sources close to the matter. The major projects are designed to...

  • CARACAS, Sept 21- Venezuela's state oil company PDVSA has awarded $3.2 billion in contracts to drill wells in the Orinoco Belt with the aim of increasing production by 250,000 barrels per day in the next 30 months, the Caracas- based company said in a statement on Wednesday.

  • SAN FRANCISCO— The popular navigation app Waze is putting a new twist on the phrase "tunnel vision." The beacons will be turned on Wednesday in two Pittsburgh tunnels, Fort Pitt and Liberty, and another in Israel, where Waze was founded before Google bought it in 2013 for $969 million. Plans already are being drawn up to install the Waze beacons in tunnels in Rio de...

  • SINGAPORE, Sept 21- Equatorial Guinea is negotiating pricing terms with potential offtakers for production from its 2.2 million tonnes per year Fortuna Floating Liquefied Natural Gas project, eyeing Europe as its next key market. While Asia remains a key LNG customer for Equatorial Guinea, the small west African country has "to compete with all the supply that...

  • Brazil's former president Luiz Inacio Lula da Silva will stand trial on corruption charges, a crusading federal judge ruled on Tuesday.

  • No, this isn't Venezuela but rather nearby Suriname, a multi-ethnic former Dutch colony where the economy is in freefall amid collapsing global commodity prices and the local currency's resulting slide against the U.S. dollar. Life has become exceedingly difficult in this isolated country of about 540,000 people on South America's northeastern coast,...

  • UNITED NATIONS, Sept 20- Brazil's new president, Michel Temer, told the United Nations General Assembly on Tuesday that the impeachment of his predecessor Dilma Rousseff was conducted with "absolute respect" for the rule of law and that confidence was returning to the country's battered economy. Temer, who was sworn in after Rousseff was dismissed by Congress on...

  • CARACAS, Sept 20- The president of Venezuelan state oil company PDVSA on Tuesday slammed ratings agencies as "professional speculators" who were contributing to a negative reception of a $7.1 billion bond swap proposal meant to improve the company's finances. "Speculators are trying to generate a climate of tension so that will get rid of their bonds at a lower...

  • BUENOS AIRES, Sept 20- Argentina's central bank cut its 35- day reference rate by 50 basis points for the eighth week in a row on Tuesday, as inflation slows and policymakers try to revive the local economy. Finance Minister Alfonso Prat-Gay said on Monday that Argentina would likely post non-negative growth in the third quarter for the first time in five...