Search

The article discusses the challenges faced by leftist leaders in Latin America, such as failing to deliver on promises of social reform and grappling with rising crime rates. The region is witnessing a shift towards more business-friendly economic models, with voters showing sympathy towards such approaches. Economic conditions, corruption, crime, and narcotrafficking are key concerns for Latin Americans, influencing their political preferences. The article highlights the struggles of leftist leaders like Gustavo Petro in Colombia and Gabriel Boric in Chile, while also mentioning the relative success of Brazil's Luiz Inacio Lula da Silva. The political landscape in Latin America is evolving, with a growing acceptance of economic liberalism and a shift away from state intervention. [Extracted from the article]

Bolivia, once considered a successful socialist country in Latin America, has experienced a series of blunders that have led to economic decline and social unrest. The country's reliance on natural gas exports and unsustainable policies have resulted in a decline in gas production and a nationwide diesel shortage. Fuel subsidies and a lack of investment in other industries have drained foreign reserves and led to a black market for scarce dollars. The current administration, led by President Luis Arce, is facing criticism and protests as the country grapples with an economic crisis. However, Arce remains optimistic about Bolivia's future, citing plans for exploration, investments in other industries, and the building of biodiesel plants. Critics argue that the promises may not be enough to resolve the economic pain, and the country has missed opportunities to diversify and develop its natural resources. The economy is in crisis, and analysts recommend damage control measures such as a gradual elimination of fuel subsidies. The government is organizing a national referendum to decide the fate of the subsidies. The economic crisis has affected people from all walks of life, including working-class truckers and upper-class families struggling to obtain foreign currency for their children studying abroad. The government has ordered a militarization of the border to halt the flow of subsidized goods outside the country. Despite the challenges, Arce remains focused on staying in power and suggests buying cryptocurrencies as an alternative to dealing with the currency crisis. [Extracted from the article]

Bolivia, once considered a successful socialist country in Latin America, has experienced a series of blunders that have led to economic decline and social unrest. The country's reliance on natural gas exports and unsustainable policies have resulted in a decline in gas production and a nationwide diesel shortage. Fuel subsidies and a lack of investment in other industries have drained foreign reserves and led to a black market for scarce dollars. The current administration, led by President Luis Arce, is facing criticism and protests as the country grapples with an economic crisis. However, Arce remains optimistic about Bolivia's future, citing plans for exploration, investments in other industries, and the building of biodiesel plants. Critics argue that the promises may not be enough to resolve the economic pain, and the country has missed opportunities to diversify and develop its natural resources. The economy is further strained by fuel subsidies and an artificially strong exchange rate. Arce is organizing a national referendum to determine the fate of the subsidies. The economic crisis has affected people from all walks of life, including working-class truckers and upper-class families struggling to obtain foreign currency for their children studying abroad. Arce's suggestion to buy cryptocurrencies as an alternative to dollars has been met with skepticism. [Extracted from the article]

Bolivia, once considered a successful socialist country in Latin America, has experienced a series of blunders that have led to economic decline and social unrest. The country's reliance on natural gas exports and unsustainable policies have resulted in a decline in gas production and a nationwide diesel shortage. Fuel subsidies and a lack of investment in other industries have drained foreign reserves and led to a black market for scarce dollars. The current administration, led by President Luis Arce, is facing criticism and protests as the country grapples with economic challenges. While Arce remains optimistic about a turnaround, critics argue that more exploration and diversification are needed to address Bolivia's economic woes. [Extracted from the article]

TotalEnergies SE and APA Corp. have approved a $10.5 billion project to develop the first oil discoveries off Suriname, with production expected to start in 2028. The GranMorgu project will include a floating production unit and is estimated to have recoverable reserves of over 750 million barrels. Suriname, a sparsely populated nation, is hoping that the project will transform its economy. The project is expected to create over 6,000 jobs and generate more than $1 billion in local content. [Extracted from the article]

TotalEnergies SE and APA Corp. have approved a $10.5 billion project to develop the first oil discoveries off Suriname, with production expected to start in 2028. The GranMorgu project will include a floating production unit and is estimated to have recoverable reserves of over 750 million barrels. Suriname, a sparsely populated nation, is hoping that the project will transform its economy. The project is expected to create over 6,000 jobs and generate more than $1 billion in local content. [Extracted from the article]

(Bloomberg) -- OPEC Secretary-General Haitham Al-Ghais's speech in Brazil got off to a rough start after the power went out to the podium and a protester took to the stage.Al-Ghais was speaking in perfect Portuguese about the Organization of Petroleum Exporting Countries' oil outlook when the power failed. Then a woman raised a banner saying "Fair Energy Transition" and "Who Pays?" before she was swiftly escorted off the stage."What I love when I'm in Brazil is the energy of this country," Al Ghais said after power was restored.©2024 Bloomberg L.P.By Peter MillardReported by Author [Extracted from the article]

EIG Global Energy Partners has secured Repsol SA as a client for shipping crude oil from its port facilities in southeast Brazil. Repsol will use Porto do Acu for oil transshipment operations, taking advantage of its proximity to Brazil's main offshore oil basins. The increase in oil production in Brazil necessitates exporting the excess, as there is a lack of domestic refineries to process it. This development highlights Brazil's growing significance in the global oil market and adds to Vast Infraestrutura's list of clients, which includes major oil companies such as Petrobras, Shell, TotalEnergies, and Equinor. [Extracted from the article]

Equinor ASA, a Norwegian oil major, has secured contracts to build a natural gas development off the coast of Brazil. The project, known as Raia, is expected to start production in 2028 and could supply 15% of Brazilian gas demand. This initiative is part of Brazil's efforts to increase domestic gas supplies and lower prices for consumers. Equinor is also developing another offshore oil project in Brazil called Bacalhau, with first oil expected in 2025. The company is considering the economic viability of building a pipeline and related infrastructure to transport gas to shore, potentially in partnership with other producers. [Extracted from the article]

TotalEnergies CEO, Patrick Pouyanne, has expressed interest in partnering with Petrobras on projects outside of Brazil as TotalEnergies expands in Latin America. Pouyanne mentioned Namibia, Suriname, and Angola as potential areas for cooperation. TotalEnergies is also close to approving a 220,000-barrel-a-day project in Suriname. This interest in partnering with Petrobras abroad reflects a rebound in offshore exploration, despite the slower-than-expected energy transition. TotalEnergies also has significant investments in wind energy in Brazil, with a focus on onshore wind. [Extracted from the article]

TotalEnergies SE is making significant progress in its plans for a $9 billion oil development off the coast of Suriname. While the project has not yet been officially approved, the company is already seeking rig leases for future drilling and has reserved construction capacity for a floating oil-production vessel. This development is expected to bring an end to years of delay and disappointment for Suriname, which has lagged behind neighboring Guyana in attracting foreign oil exploration. The investment in Suriname is part of a broader revival of high-seas oil exploration in the Atlantic Basin. [Extracted from the article]

Bolivian President Luis Arce is prioritizing fuel imports and debt payments to address the country's dollar shortage and economic crisis. Arce believes that new investments, such as a state-owned steel mill and increased agricultural production, will help alleviate the crisis. He also encourages the use of cryptocurrencies for sending money abroad and accuses opponents in congress of sabotaging foreign loans. Arce's difficulties are compounded by his split with former mentor Evo Morales, and he aims to continue Bolivia's state-led economic model. The government is also focusing on the oil and gas sector, as well as lithium extraction and steel production, to diversify the economy. [Extracted from the article]

SBM Offshore NV, a major supplier of oil vessels, is awaiting tenders from Petrobras to further accelerate growth in Brazil, the largest oil-producing country in Latin America. The company has a production vessel en route to Brazil and another nearing completion in a Chinese shipyard. SBM is also waiting for Petrobras to re-launch a tender for two floating production storage and offloading vessels for an offshore project. The rapid growth in Brazil and Guyana is increasing global oil supply and complicating efforts by OPEC+ to control prices. SBM is also a supplier to Exxon Mobil Corp. in Guyana and is waiting for TotalEnergies SE to make a final investment decision for an FPSO in Suriname, which could potentially lead to opportunities in Namibia. [Extracted from the article]

Brazilian President Luiz Inacio Lula da Silva's efforts to increase the supply and reduce the cost of natural gas in Brazil have raised concerns about interventionist policies that could discourage investment from major oil companies. A recent decree allows Brazil's oil regulator to determine the amount of natural gas that oil producers reinject into reservoirs, potentially diverting more gas to the fuel market instead. This could impact the economics of offshore projects being studied by companies like Equinor and Shell, as they may be required to build gas pipelines and limit gas reinjection. Experts warn that such regulations could discourage investment and affect the country's oil production. [Extracted from the article]

Brazil's state-controlled oil producer, Petrobras, is seeking shale gas deals in Argentina to increase its fuel supplies and promote industrial growth. The company is looking to acquire a stake in Tecpetrol SA, a unit of the Techint Group. Petrobras aims to expand internationally, focusing on oil and gas projects in Latin America and off Africa's Atlantic coast. However, this strategy has sparked controversy within the government, which is also prioritizing environmental initiatives. Petrobras' interest in importing Argentine gas may conflict with Brazil's goal of becoming a global leader in the energy transition, as it could displace renewable energy sources. [Extracted from the article]

Brazil is turning to liquefied natural gas (LNG) as a backup power source due to a drought that is threatening its hydroelectric production. The country typically relies on hydroelectricity for its power needs but switches to gas when water levels are low. Energy suppliers in Brazil, including state-owned Petroleo Brasileiro SA, are seeking six LNG cargoes for delivery in September. This increased use of gas will impact consumers and industries, leading to higher bills. The situation is not as critical as in 2021, but the purchases coincide with strong demand in Asia and Europe due to various factors. [Extracted from the article]

Brazil is turning to liquefied natural gas (LNG) as a backup power source due to a drought that is threatening its hydropower production. The country typically relies on hydroelectricity for its power needs but switches to gas when water levels are low. Energy suppliers in Brazil, including state-owned Petroleo Brasileiro SA, are seeking six LNG cargoes for delivery in September. This increased use of gas will impact consumers and industries, leading to higher bills. The situation is not as critical as in 2021, but the purchases coincide with strong demand in Asia and Europe due to various factors. [Extracted from the article]

Brazil is turning to liquefied natural gas (LNG) as a backup power source due to dry weather conditions that are threatening its hydropower production. The country typically relies on hydroelectricity for its power needs but switches to gas when water levels are low. Energy suppliers in Brazil, including state-owned Petroleo Brasileiro SA, are seeking six LNG cargoes for delivery in September. This increased reliance on gas will impact consumers and industries, leading to higher bills. The situation is not as critical as in 2021, but the purchases coincide with strong demand in Asia and Europe due to various factors. [Extracted from the article]

Brazil is turning to liquefied natural gas (LNG) as a backup power source due to dry weather threatening its hydropower production. The country typically relies on hydroelectricity for its power needs but switches to gas when water levels are low. Energy suppliers in Brazil, including state-owned Petroleo Brasileiro SA, are seeking six LNG cargoes for delivery in September. This increased use of gas will impact consumers and industries, leading to higher bills. The situation is not as critical as in 2021, but the purchases coincide with strong demand in Asia and Europe due to various factors. [Extracted from the article]

Norwegian renewable energy company Fuella AS, backed by Allianz Capital Partners, is planning a green hydrogen project in Brazil. The company has reserved acreage at the Port of Acu in northern Rio de Janeiro state and intends to make a final investment decision on a 400,000-ton-a-year green ammonia plant within four years. Brazil recently approved a legal framework to attract investment in low-carbon hydrogen production, and Prumo Logistica SA, which operates the port, is in negotiations with other hydrogen developers. The country's cheap and abundant renewable energy resources make it an attractive location for green hydrogen production. [Extracted from the article]

Norwegian renewable energy company, Fuella AS, backed by Allianz Capital Partners, is planning a green hydrogen project in Brazil. The company has reserved acreage at the Port of Acu in northern Rio de Janeiro state and intends to make a final investment decision on a 400,000-ton-a-year green ammonia plant within four years. Brazil recently approved a legal framework to attract investment in low-carbon hydrogen production, and Prumo Logistica SA, which operates the port, is in negotiations with other hydrogen developers. The country's cheap and abundant renewable energy makes it an attractive location for green hydrogen production. [Extracted from the article]

Tropical Storm Beryl has weakened after causing significant damage in the Caribbean and making landfall in Mexico's Yucatan Peninsula. The storm is expected to regain hurricane strength as it moves across the Gulf of Mexico and potentially makes a second landfall in northern Mexico or southern Texas. Texas officials have issued voluntary evacuation orders and are preparing for potential impacts. The storm has already caused billions of dollars in damages and is a significant threat to smaller island nations. The exact path and intensity of the storm are still uncertain. [Extracted from the article]

Hurricane Beryl has caused significant damage in Mexico's Yucatan Peninsula, with high winds and heavy rain leading to power outages and flooding. The storm made landfall with winds of 110 mph, but has since weakened to a Category 1 hurricane. While Mexico has reported no deaths or injuries, the storm is expected to result in at least $5 billion in damages, with smaller nations in the Caribbean being particularly affected. Beryl is projected to regain strength as it moves towards the southern Gulf of Mexico and may make a second landfall in northern Mexico or southern Texas. [Extracted from the article]

Hurricane Beryl has made landfall on Mexico's Yucatan Peninsula after causing destruction in the Caribbean. The storm brought strong winds, heavy rain, and dangerous storm surge. Evacuations have been carried out in communities along the storm's path, and airports have suspended operations and canceled flights. Beryl is expected to weaken as it moves towards the southern Gulf of Mexico and the US state of Texas. [Extracted from the article]

Hurricane Beryl has hit Mexico's Yucatan Peninsula with strong winds and heavy rain, causing damage and prompting evacuations. The storm made landfall with winds of 110 mph, but has since weakened slightly. It is expected to regain strength as it moves into the southern Gulf of Mexico and make a second landfall in northern Mexico or southern Texas. The storm has already caused destruction in the Caribbean and is part of an unusually active hurricane season. [Extracted from the article]

Hurricane Beryl is approaching Mexico's Yucatan Peninsula after causing destruction in the Caribbean. The storm has brought strong winds, heavy rain, and dangerous storm surge. Hurricane warnings are in effect for the Mayan Riviera, including popular tourist destinations such as Cancun and Cozumel. Local authorities have evacuated residents and canceled flights, and schools have been closed in affected areas. Beryl is expected to weaken while crossing the Yucatan Peninsula but may re-intensify when it moves into the Gulf of Mexico. President Andres Manuel Lopez Obrador has urged people to take cover. The storm has already caused damage in the Caribbean, including in Jamaica where it knocked out power to 60% of the population. The threat to oil and gas production in the Gulf of Mexico is diminishing as the storm's path spares major drilling areas and platforms. [Extracted from the article]

Hurricane Beryl is approaching Mexico's Yucatan Peninsula, prompting local authorities to evacuate residents in its path. The storm is currently east of Tulum, Mexico, with sustained winds of 110 miles per hour. It is expected to weaken before making landfall, but is still predicted to bring strong winds, storm surges, and damaging waves. Hurricane warnings are in effect for the Mayan Riviera, including popular tourist destinations such as Cancun and Cozumel. The storm has already caused destruction in the Caribbean and is part of an unusually active hurricane season. [Extracted from the article]

Hurricane Beryl is approaching Mexico's Yucatan Peninsula, prompting local authorities to evacuate residents in its path. The storm is currently east of Tulum, Mexico, with sustained winds of 110 miles per hour. It is expected to weaken slightly before making landfall, bringing strong winds, storm surges, and damaging waves. Hurricane warnings are in effect for the Mayan Riviera, including popular tourist destinations such as Cancun and Cozumel. The storm has already caused destruction in the Caribbean and is forecasted to make landfall again in Tamaulipas state. The threat to oil and gas production in the Gulf of Mexico is diminishing as the storm's path avoids major drilling areas and platforms. [Extracted from the article]

Hurricane Beryl has passed the Cayman Islands and is heading towards Mexico, posing a threat of strong winds, storm surge, and damaging waves. The storm is currently a Category 3 hurricane with sustained winds of 115 miles per hour. Beryl has already caused destruction in the Caribbean, becoming a Category 5 storm earlier this week. Jamaica and Grenada experienced widespread damage, power outages, and one reported death. The Yucatan Peninsula in Mexico is expected to face deteriorating conditions with heavy rain, strong winds, and rough surf. However, the threat to oil and gas production in the Gulf of Mexico is diminishing as the storm's path avoids major drilling areas and platforms. [Extracted from the article]

Brazil's recent rebound in oil production after a significant decline poses challenges for OPEC's efforts to control global supplies and prices. The country's daily crude output dropped by nearly 25% due to repairs and equipment replacements, but it has since recovered one-third of the deficit. This increase in oil production could hinder OPEC's attempts to boost prices by reducing production. Brazil's offshore oil reserves, similar to US shale, have always been a concern for OPEC. The country's production is expected to surpass pre-collapse levels by approximately 200,000 barrels per day this year. However, there are potential obstacles such as strikes and negotiations for extending operating licenses that could impact production. [Extracted from the article]

The Panama Canal has avoided a shipping crisis by implementing careful water management and benefiting from increased rainfall. During a drought last year, the number of vessels allowed to cross the canal each day was reduced to 60% of normal, causing significant delays. However, as water levels have risen, the canal authority has gradually increased the limit, and if rain patterns continue, the canal could return to full capacity next year. This turnaround highlights the vulnerability of waterways to extreme weather and the need for adaptation in the face of climate change. [Extracted from the article]

Brazil's Batista brothers, known for their beef company JBS SA, have expanded their energy business by acquiring Pluspetrol Bolivia, a company with three natural-gas fields in Bolivia. The acquisition will allow their oil and gas company, Fluxus, to send gas produced in Bolivia to the Cuiaba thermal power plant in Brazil. The Tacobo, Tajibo, and Yacuiba fields currently produce about 100,000 cubic meters of natural gas per day, with the potential for more. Fluxus aims to create a multinational oil and gas venture in Latin America and is also transitioning to operate the Centenario field in Argentina. Pluspetrol operates in several countries, including Argentina, Bolivia, Colombia, and Peru. [Extracted from the article]

Brazilian brothers Wesley and Joesley Batista, known for their involvement in the beef industry, have expanded their energy business by acquiring Pluspetrol Bolivia, an independent oil company with operations in several countries. The acquisition includes three natural-gas fields in Bolivia's Tarija-Chaco basin, which currently produce about 100,000 cubic meters of natural gas per day. Fluxus, the Batista brothers' oil and gas company, aims to create a multinational venture in Latin America and is also preparing to operate the Centenario field in Argentina. [Extracted from the article]

Latin American countries struggle to boost output as fuel inflation sparks political turmoil [ABSTRACT FROM AUTHOR]

Latin American countries struggle to boost output as fuel inflation sparks political turmoil [ABSTRACT FROM AUTHOR]

Latin American countries struggle to boost output as fuel inflation sparks political turmoil [ABSTRACT FROM AUTHOR]

Latin American countries struggle to boost output as fuel inflation sparks political turmoil [ABSTRACT FROM AUTHOR]

Latin American countries struggle to boost output as fuel inflation sparks political turmoil [ABSTRACT FROM AUTHOR]

Latin American countries struggle to boost output as fuel inflation sparks political turmoil [ABSTRACT FROM AUTHOR]

Magda Chambriard, the new CEO of Petrobras, addressed investor concerns about government intervention and emphasized the company's commitment to guaranteeing returns for shareholders. Her appointment comes after her predecessor was fired due to a dispute over dividend payments. Chambriard's comments were well-received by investors, with Petrobras's preferred shares rallying in response. She also discussed the need to accelerate exploration off Brazil's coast and criticized licensing delays for drilling in environmentally sensitive areas. Additionally, Chambriard stated that Petrobras will continue to work to shield consumers from short-term fluctuations in oil prices. [Extracted from the article]

Magda Chambriard, the new CEO of Petrobras, has reassured investors about the company's ability to provide returns. Chambriard's appointment comes at a time when investors are concerned about government intervention in Petrobras. President Luiz Inacio Lula da Silva wants the company to invest more in sectors like refining and job creation. Chambriard also emphasized the need to accelerate exploration off Brazil's coast and criticized licensing delays for drilling in environmentally sensitive areas. Additionally, she stated that Petrobras will continue to shield consumers from short-term fluctuations in oil prices. [Extracted from the article]

Magda Chambriard has been appointed as the new CEO of Petrobras, the state-controlled oil company in Brazil. She has been given a mandate to increase investments in sectors such as refining. This decision has caused concern among investors, who worry that the company will prioritize less profitable areas like refining and renewable energy over more profitable deep-water oil extraction. Petrobras has historically been influenced by Brazilian presidents, who have used the company to further their economic agendas. Chambriard, an engineer, has a long history with Petrobras and previously served as the head of the Brazilian National Agency for Petroleum, Natural Gas, and Biofuels. [Extracted from the article]

Petrobras, the Brazilian state-owned oil company, has reached an agreement with Brazil's antitrust watchdog, Cade, to keep eight oil refineries that it had previously planned to sell. This decision comes as the company aims to expand its facilities and increase investments under pressure from the current administration to stimulate economic growth and job creation. The move represents a shift in strategy since the new administration took office, with Petrobras now focusing on areas such as refining, fertilizers, and renewable energy, which may be less profitable but align with the government's priorities. [Extracted from the article]

Magda Chambriard, an oil-industry veteran with close ties to Brazilian President Luiz Inacio Lula da Silva, has been appointed as the new CEO of Petrobras, the state-controlled oil company. Chambriard has a history of supporting large investment projects, which has concerned shareholders worried about overspending. Investors have shown their disapproval of her appointment, causing shares of Petrobras to decline. Chambriard's appointment is seen as a sign of government intervention, and she is expected to align with the government's priorities, including refinery expansions and using the company to stimulate economic growth. However, there are concerns about her ability to balance shareholder interests and government directives. [Extracted from the article]

Magda Chambriard, an oil-industry veteran with ties to Brazilian President Luiz Inacio Lula da Silva, has been appointed as the new CEO of Petrobras, the state-controlled oil company. Chambriard has a history of supporting large investment projects, including refinery expansions, which aligns with Lula's economic growth plans. However, investors have expressed concern about her appointment, leading to a decline in Petrobras shares. Chambriard's appointment is seen as positive by oil unions, who hope she will revive Brazil's offshore industry and build new refineries. She has also criticized licensing delays that have hindered exploration in Brazil. [Extracted from the article]

Microsoft Corp. has partnered with a Brazilian reforestation company, re.green, to purchase 3 million tons of removal credits over 15 years. This is Microsoft's second agreement in the past six months to buy nature-based carbon credits in Brazil, highlighting the country's potential to supply voluntary carbon markets. Brazil's tropical climate and large areas of degraded farmland make it capable of planting fast-growing forests at scale, potentially offsetting 30.5 billion metric tons of carbon dioxide equivalent by 2050. However, the carbon offset industry in Brazil has faced challenges, including cases of greenwashing and investigations into alleged mistreatment of indigenous groups. Re.green is seeking to register its projects with Verra, a carbon offset verifier, and hopes that the partnership with Microsoft will attract more investors and enable expansion. [Extracted from the article]

Brazil's junior oil drillers are shifting their focus to corporate acquisitions as Petrobras moves away from oil-field divestment. Companies like PRIO SA, 3R Petroleum Oleo e Gas SA, Enauta Participacoes SA, and PetroReconcavo SA, which grew by buying Petrobras' fields, are now engaged in merger negotiations or assessing potential acquisitions. These junior oil explorers offer investors an alternative to Petrobras and contribute to Brazil's goal of becoming one of the top five global sources of crude and gas. The trend towards consolidation is exemplified by the battle for 3R, with PetroReconcavo and Enauta competing for a merger. Petrobras, after facing financial difficulties, began selling mature fields and shallow-water assets, providing opportunities for other drillers. While Petrobras has shifted its focus back to onshore and international operations, it continues to review its portfolio and divest lower-performing fields. Junior drillers like PRIO are interested in acquiring assets, such as the Peregrino offshore field operated by Equinor ASA. Other potential acquisition targets include the Brazilian units of Karoon Energy Ltd. and BW Offshore Ltd. PetroReconcavo is evaluating smaller drillers, and Seacrest Petroleo Bermuda Ltd. is looking for a buyer for its onshore fields. The consolidation of positions in the Brazilian oil sector is expected to continue as companies assess the potential of their new holdings. [Extracted from the article]

Petrobras, the Brazilian state-controlled oil producer, is waiting for other companies to make bids for a stake in petrochemicals producer Braskem after Abu Dhabi National Oil Co. (Adnoc) withdrew its bid. Petrobras may also exercise preferential rights for the stake. The financially strained controlling shareholder of Braskem has been struggling to find a buyer for its stake. Petrobras is open to working with a financially strong partner and has ongoing dealings with Adnoc. [Extracted from the article]

Abu Dhabi National Oil Co. (Adnoc) has abandoned its bid for a stake in Braskem SA, a troubled Brazilian petrochemicals company. This decision has disappointed equity investors who were expecting a deal, causing Braskem shares to fall by as much as 16%. Braskem's financially strained controlling shareholder, Novonor SA, has been trying to sell its stake for years, and Brazil's state-controlled oil company, Petrobras, would like to see a new investor take over. The demand for petrochemicals produced by Braskem is expected to increase in the region, but finding a buyer for Novonor's stake has been challenging. Adnoc's decision to pull out of the potential deal is still unclear. [Extracted from the article]

Braskem SA, a Brazilian petrochemicals producer, saw its stock price drop by 25% in US premarket trading after Abu Dhabi National Oil Co. (Adnoc) announced that it is no longer pursuing a stake in the company. Adnoc had previously made a non-binding offer in November, but has since lost interest. Braskem's parent company, Novonor, is still actively trying to sell its stake. This development comes as Novonor has been attempting to sell the stake to address its creditors, a process that has been ongoing for several years. Braskem's shares and bonds also experienced declines in response to the news. [Extracted from the article]