Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Bolsa de valores de Sao Paulo  >  Petroleo Brasileiro SA Petrobras    PETR4   BRPETRACNPR6

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets 

Petroleo Brasileiro Petrobras SA : Brazil States File Oil-Royalties Lawsuits with Supreme Court

share with twitter share with LinkedIn share with facebook
share via e-mail
0
03/15/2013 | 09:26pm CEST

RIO DE JANEIRO--Three Brazilian states that stand to lose billions of dollars of revenue from the redistribution of oil royalties filed lawsuits Friday with the country's Supreme Court to block implementation of the new law, court and state officials said.

The lawsuits are the latest step in a long-running political battle that pits Brazil's three major oil-producing states of Rio de Janeiro, Espirito Santo and Sao Paulo against the country's remaining 24 states, which have little oil production and stand to benefit financially from the new distribution scheme. The legal wrangling, however, isn't expected to delay an important auction of new oil and natural gas exploration concessions set for May.

In the filings, the three states said the distribution plan is unconstitutional because it breaks contracts signed by the government with oil drillers over the past decade. The states, which estimate the change will cost them about $3 billion in annual revenue from crude oil and natural gas production, also said the change will cause budget shortfalls.

Rio de Janeiro Gov. Sergio Cabral said the changes compromised public works projects and other investments in the state, including preparations for the 2014 Soccer World Cup and 2016 Summer Olympics.

The states requested an injunction to block implementation of the new royalties regime, in addition to a ruling on the constitutionality of the new law. The law, however, is effectively suspended until the Supreme Court makes a definitive ruling on the lawsuits, a court official said.

Supreme Court Justice Carmen Lucia was assigned the case, and could make a ruling on the injunction as early as Friday, the court official said. The ruling on the injunction would then be reviewed by the full court at a later date, the official said. The Supreme Court holds plenary sessions on Wednesdays and Thursdays.

The new law, which was published Friday in the Federal Register, equally distributes royalties from existing and future oil production between the country's 27 states.

Write to Jeff Fick at Jeff.Fick@dowjones.com

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on PETROLEO BRASILEIRO SA PET
03/24 PETROLEO BRASILEIRO PETROBRAS : Brazil's Workers Party slams anti-corruption inv..
03/24 PETROLEO BRASILEIRO PETROBRAS : The George Washington University (GWU) Elliott S..
03/24 PETROBRAS : - Resignation of Fiscal Council member
03/24 PETROBRAS : - Clarifications on the Libra Pilot Project
03/24 CLARIFICATION ON NEWS : CARF Ruling
03/23 PETROLEO BRASILEIRO PETROBRAS : Clarifications on the Libra Pilot Project
03/23 CLARIFICATION ON NEWS : Drilling Rig Tender
03/22 PETROLEO BRASILEIRO PETROBRAS : Oil and natural gas output in February
03/22 PETROBRAS : beats 4Q profit forecasts
03/22 PETROLEO BRASILEIRO PETROBRAS : Petrobras debt better despite profit miss
More news
Sector news : Integrated Oil & Gas
03/24 EU stalls Russian gas pipeline, but probably won't stop it
03/23DJENI : Italy's Eni Strikes Oil Off Mexican Shores
03/23 Statoil wins licences off UK, 'resets' exploration off U.S
03/23 BP : Britain awards 25 oil exploration licences in frontier tender
03/23 SSE increases stake in UK Dogger Bank offshore wind development
More sector news : Integrated Oil & Gas
News from SeekingAlpha
03/22 Petrobras raises asset sale goal to $21B for 2017-18
03/22 Petrobras upgraded at Credit Suisse following Q4 results
03/21 Petrobras - Petroleo Brasileiro S.A. reports Q4 results
03/21 Petrobras reports Q4 profit, 20% lower debt load
03/21 Petrobras A Strong Buy At $7.51 Earnings Due Today
Advertisement
Financials ( BRL)
Sales 2017 319 725 M
EBIT 2017 44 002 M
Net income 2017 18 458 M
Debt 2017 312 107 M
Yield 2017 5,26%
P/E ratio 2017 11,68
P/E ratio 2018 7,52
EV / Sales 2017 1,54x
EV / Sales 2018 1,31x
Capitalization 180 975 M
More Financials
Chart PETROLEO BRASILEIRO SA PET
Duration : Period :
Petroleo Brasileiro SA Pet Technical Analysis Chart | PETR4 | BRPETRACNPR6 | 4-Traders
Full-screen chart
Technical analysis trends PETROLEO BRASILEI...
Short TermMid-TermLong Term
TrendsBearishBearishBullish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 16,4  BRL
Spread / Average Target 22%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Pedro Pullen Parente President, CEO & Executive Director
Luiz Nelson Guedes de Carvalho Chairman
Ivan de Souza Monteiro Chief Financial & Investor Relations Officer
Roberto Moro Chief Engineering & Technology Officer
Luiz Augusto Fraga Navarro de Britto Filho Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
PETROLEO BRASILEIRO SA..-9.35%58 302
PETROCHINA COMPANY LIM..0.13%203 046
TOTAL-5.15%122 224
ENI SPA-3.10%58 807
NK ROSNEFT' PAO--.--%58 747
STATOIL ASA-9.09%55 064
More Results