Brazil official says alleged Petrobras corruption scheme could reach $1.6B

• The alleged corruption scheme involving kickbacks from contracts at Petrobras (NYSE:PBR) may have totaled as much as $1.6B, or 4B Brazilian reais, according to the head of the country’s budget watchdog.
• The value includes money allegedly overcharged on contracts involving the purchase of a refinery in Texas and the construction of a petrochemical complex in Rio de Janeiro state and three refineries in other locations in Brazil.
• "This case is the biggest corruption scheme... in terms of the financial amount involved and also regarding the huge number of people involved,” the head of Brazil’s Court of Accounts tells WSJ.