terça-feira, 13 de janeiro de 2015

Brazilian Oil and Politics

In 1953, the Brazilian President Getulio Vargas pressed by a the local politicians founded the Brazilian Oil Company, or Petrobras.
The idea was to find all oil the country needed and become independent from imports.
A company that started drilling 2 thousand barrels a day would become a giant, 60 years later drilling over 2 million barrels a day.
Not bad if you thing on the private sector side, but through the years more and more anskilled people starte to grab pieces of it and we ended 2014 with the biggest corruption scandall ever.
A second level director gave back US$100 million to get his sentence reduced charged of corruption, others are being procecuted, but the feeling is that we will never get to the boss.
Oil barrel dropped to less the U$45,00, Saudi Arabia is not reduceing production, american shale oil is not being so desireable by now and the ethanol project of getting Brazilian Bio fuel as a world commodity sank.
What can we expect for the future ? More public money in a not so public company. Yes, we will pay this bill
Anyhow, their hands will remain dirty for a long time.

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