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Petrobras resumes oil trading with Vitol, Trafigura, Glencore - Reuters

  • Petrobras (PBR +0.8%) has lifted its ban on trading with major commodity traders Vitol, Trafigura and Glencore following a suspension period, Reuters reports.
  • The suspension was in place since Brazilian prosecutors announced in December 2018 that they were investigating the three trading firms for paying at least $31M in bribes to Petrobras employees in exchange for sweetheart oil deals.
  • Petrobras says it has standardized and improved its monitoring of negotiations and carried out integrity checks of its traders, among other measures.
  • Separately, Petrobras says it has started talks with SBM Offshore (OTCPK:SBFFF) to contract the chartering of the Almirante Tamandaré floating production, storage and offloading unit, which will operate in Buzios field in the Santos Basin.
  • The FPSO would be the sixth at the Buzios field and is planned to start production in 2024.
  • Petrobras earlier lowered guidance for capital spending on oil exploration and production for 2021-25 to $40B-$50B, compared with $64B announced in the 2020-24 strategic plan.

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