Whenever Petrobras (PBR -6.3%) looks ready to turn the corner, the Brazilian government seems to...

|About: Petrobras - Petroleo Brasil... (PBR)|By:, SA News Editor

Whenever Petrobras (PBR -6.3%) looks ready to turn the corner, the Brazilian government seems to do something to spoil it. This time, the decision to require PBR to participate in the Libra oilfield auction has the stock on its heels. As UBS explains, PBR will have to pay 4.5B reais to Brazil by year's end, and "investors seem afraid of super-regulation/intervention" as PBR needs to commit $100B in capex.