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

4-Traders Homepage  >  Equities  >  BOLSA DE VALORES DE SAO PAULO  >  Petroleo Brasileiro SA Petrobras    PETR4   BRPETRACNPR6

End-of-day quote. End-of-day quote  - 09/27
13.4 BRL   -2.12%
09/26 BRAZIL : former finance minister arrested in Petrobras probe
09/26DJPETROLEO BRASIL : Brazil's Former Finance Minister Palocci Arrested ..
09/26 PETROLEO BRASIL : Brazil Supreme Court allows corruption probe of Pr..
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

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
09/26 BRAZIL : former finance minister arrested in Petrobras probe
09/26DJPETROLEO BRASILEIRO PETROBRAS : Brazil's Former Finance Minister Palocci Arreste..
09/26 PETROLEO BRASILEIRO PETROBRAS : Brazil Supreme Court allows corruption probe of ..
09/26DJPETROLEO BRASILEIRO PETROBRAS : Brazil Former Finance Minister Palocci Arrested ..
09/26 Brookfield infrastructure consortium to acquire south american natural gas tr..
09/26DJPETROLEO BRASILEIRO PETROBRAS : Brazil's Former Finance Minister Palocci Arreste..
09/26 PETROLEO BRASILEIRO PETROBRAS : Brazil arrests Silva's ex-finance minister in gr..
09/26 PETROLEO BRASILEIRO PETROBRAS : Brazilian ex-Minister arrested over alleged invo..
09/25 PETROLEO BRASILEIRO PETROBRAS : Opec might not reach a deal, but here are seven ..
09/24 BRÉSIL : 3 semaines après sa désignation, le président déjà inquiété par la just..
More news
Sector news : Integrated Oil & Gas
09/26 No sign of oil freeze at home as Russia meets OPEC
09/26 Exclusive - Russian oil majors raise output of hard-to-recover crude
09/26DJLamprell Secures $90 Million Vessel Upgrade Contract
09/25DJAll the Texas Tea in China Is Less Than It Once Was -- Heard on the Street
09/23DJStatoil to Improve Chopper Safety After Crash
More sector news : Integrated Oil & Gas
News from SeekingAlpha
09/26 Petrobras to meet investors in U.S., Europe next month
09/26 Petrobras said to seek builders for six new offshore oil platforms
09/23 Asset sales under way, Petrobras to exit Braskem stake by end 2018
09/23 Brookfield in $5.2B deal for Petrobas gas pipeline operation
09/22 More arrests in Petrobras probe
Advertisement
Financials ( BRL)
Sales 2016 296 523 M
EBIT 2016 37 834 M
Net income 2016 5 934 M
Debt 2016 338 634 M
Yield 2016 2,87%
P/E ratio 2016 59,01
P/E ratio 2017 15,05
EV / Sales 2016 1,78x
EV / Sales 2017 1,48x
Capitalization 188 675 M
More Financials
Chart PETROLEO BRASILEIRO SA PET
Duration : Period :
Petroleo Brasileiro SA Pet Technical Analysis Chart | PETR4 | BRPETRACNPR6 | 4-Traders
Full-screen chart
Technical analysis trends PETROLEO BRASILEI...
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 14
Average target price 14,1  BRL
Spread / Average Target 2,9%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Pedro Pullen Parente Chief Executive Officer & Director
Aldemir Bendine President & Director
Luiz Nelson Guedes de Carvalho Chairman
Ivan de Souza Monteiro Chief Financial & Investor Relations Officer
Roberto Moro Chief Engineering & Technology Officer
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
PETROLEO BRASILEIRO SA..108.96%58 246
PETROCHINA COMPANY LIM..-12.93%190 274
TOTAL3.08%119 322
NK ROSNEFT' PAO--.--%58 984
ENI SPA-8.33%51 405
STATOIL ASA3.88%50 877
More Results