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Brazil President says report on Petrobras purchase of Texas refinery "flawed"

Brazil President Rousseff's backing of a 2006 Petrobras (PBR +0.7%) purchase of a Texas oil refinery that has turned into a major headache for the company was based on a flawed internal report, according a statement from the president's communications office.

The purchase has become a scandal in Brazil, as PBR spent nearly $1.2B to buy the refinery that had changed hands only a year earlier for ~$60M; Brazil's Federal Police opened an investigation into the matter last week.

The statement was published in response to an article in a local newspaper that claimed Rousseff had backed the controversial refinery purchase when she was chairwoman of PBR's board of directors.

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Comments (4)
  • omarbradley
    , contributor
    Comments (964) | Send Message
    maybe it's in a really nice neighborhood?
    19 Mar 2014, 10:33 AM Reply Like
  • Capt Jack Daniels
    , contributor
    Comments (1466) | Send Message
    Wait they paid how much ?


    how long ago ? 2006 ?


    It's 2014...


    Good 8 years later.
    19 Mar 2014, 11:09 AM Reply Like
  • ChiefEngineer
    , contributor
    Comments (153) | Send Message
    Don't worry, Dilma, your sister Obama is right behind you in the gummint takeover of vital industries. Since they then won't be operated for dirty capitalist profit, the "peeple" will benefit. Guffaw, chortle, smirk.
    19 Mar 2014, 11:13 AM Reply Like
  • lava13
    , contributor
    Comments (2) | Send Message
    Brazil, land is full off corruption, people should demand results of the government not only talking!!! government is to corrupt!!
    19 Mar 2014, 01:06 PM Reply Like
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