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Latin American Economy & Business - May 2014 (ISSN 1741-7430)
BRAZIL: Bad news – or a buying opportunity?
There has been a lot of bad news recently about Petrobras, Brazil’s state-owned oil and gas giant. Production has been weak, first quarter profits were down, there have been massive cost overruns on refinery investments, an expensive accident in offshore operations, and a financially disastrous purchase of a refinery in the US. The financial mistakes have raised allegations of corruption. Is this a nightmare in the making, just as Brazil steps further into the global spotlight with the commencement of the FIFA World Cup and in the middle of a general election year? Or, as some contrarian investors argue, are these bad headlines merely distracting attention from the company’s underlying strengths and providing a buying opportunity?
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