Petrobras publishes abysmal result

"Maybe the final number doesn't show the company's grandiosity," says Petrobras CEO following the interim report which includes debt of around USD 125 billion.

BY MAZ PLECHINGER, ENERGIWATCH

If cars could run on corruption then the financial report from Petrobras would have been an easier pill to swallow. Unfortunately for the Brazilian oil company, this is not the case. The interim report for the second quarter of the year actually reflects that there is much more money under the table than on the table for the company. With a net result of USD 150 million, the bottom line thus takes a fall of 90 percent compared to the same period last year.

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