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Brazil: Management Shake-up At Petrobras – Report

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Local newspaper Jornal do Brasil is today reporting that Petrobras Chief Executive Maria das Gracas Foster (pictured) will replace three key executives at the state run firm. According to the report, Downstream director Paulo Roberto Costa, Services Director Renato Duque and International Director Jorge Zelada will be replaced.

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Argentina: Eskenazi May Not Envoke Repsol Buy-Back Clause

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The former chairman of Argentina’s state-owned oil company YPF Sebastian Eskenazi has told Repsol YPF chairman Antonio Brufau that he currently has no plans to enforce a buyback option from the ousted Spanish producer after it had its shares seized by the Argentine government last week. In 2008, Repsol and the Eskenazi family agreed that should the company lose its controlling stake in YPF, Repsol would offer to buy back the stake from the family, although the decision by Argentine President Cristina Fernandez de Kirchner to seize the shares may invalidate the contract as it qualifies as a force majeure occurrence.

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Argentine: Government Invites Petrobras to Invest in YPF

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Argentina has called on Brazil to increase its investment in its recently nationalised state oil company YPF, one week after expropriating Spain's Repsol of its shares. The country's planning minister Julio De Vido (pictured) asked its neighbours and their state oil company Petrobras to double its annual $500m investment, during a visit to Brazil earlier this week. 

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