- Petrobras (PBR -4.4%) CEO Maria das Graças Foster defends the 2006 decision to buy a refinery in Pasadena, Tex., against allegations the company had dramatically overpaid, telling Brazil's congress it purchased the 100K bbl/day refinery to maximize returns on heavy Brazilian oil in the U.S. market.
- Opponents of Pres. Rousseff are pushing for a formal investigation into the $1.2B purchase, which they say was made for 20x the true value of the refinery.
- The figure comes from the $42.5M Belgium's Astra Oil supposedly paid for the refinery in 2005, but Foster says Astra actually paid $360M.
- Foster also reiterates Rousseff's recent claim that the approval of the 50% stake purchase by Petrobras' board was based on a faulty report from a former executive who was subsequently demoted.
From other sites
at CNBC.com (Mar 16, 2015)
at Zacks.com (Mar 2, 2015)
at Investor's Business Daily (Feb 25, 2015)
at CNBC.com (Feb 4, 2015)
at Investor's Business Daily (Feb 4, 2015)
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