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Two of Brazil's states plan to file lawsuits with the country's Supreme Court to fight
changes to oil royalties payments
that could cost the states billions of dollars in revenue. The moves follow a vote by both houses of Brazil's Congress to overturn a
of key portions of a controversial oil royalties bill.
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I'm an investment advisor with an international brokerage firm. My view on Petrobras is that at 14.50 it had fallen much too much; the company has a good future although recent government restrictions made its outlook look worse. The fact that the government has agreed to some fuel price increases implies that the government is taking more seriously Petrobras' needs as a business; and the fact that Petrobras is curbing its renting to new rigs indicates that the company is dealing with its more uncertain future. Both positive factors, although there is no reason to believe that the price will continue to move sharply upward.
Mar 8, 2013. 01:20 PM
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