“Brazilian state oil company Petrobras has closed its office in Tehran. Brazilian Ambassador to Tehran Santiago Irazabal Mourao said for the time being Petrobras has no intention to return to the Iranian market, Iran's Mehr news agency reported on May 27. ’Petrobras focused on developing oil and gas projects in Brazil,’ he added. ‘However, the company is obliged to its contract with the National Iranian Oil Company to explore for oil in the Persian Gulf,’ he noted. In 2009, Petrobras said the exploration of an Iranian oil block in the Persian Gulf would prove its development to be not commercially feasible. Petrobras also said it had decided not to continue with an exploration project in the Caspian Sea in northern Iran. Petrobras International Director Jorge Zelada said that the offshore Tusan block in the Persian Gulf was geologically unappealing, according to Reuters report. Zelada also explained that the company would not begin exploration in a block in the Caspian Sea because it appeared to hold mostly natural gas, rather than oil, in an area that did not have the necessary infrastructure for gas production. ‘There is no Petrobras exploration activity in the Caspian Sea. There was an opportunity that Petrobras reviewed and decided not to continue with,’ he said.” (Trend, “Brazilian state oil company Petrobras closes office in Tehran,” 5/27/14)
Despite a lack of current investments in Iran, Brazilian state-controlled oil giant Petrobras (PBR, PETR4.BR) will keep its office running in that country for the foreseeable future, Petrobras President Jose Sergio Gabrielli said Monday...
In the past few years, Petrobras has worked in partnership with Iran's government in oil development on Iranian soil. Petrobras has made total investments in Iran of some $30 million, but test wells drilled by Petrobras have failed to come up with commercially significant oil volumes.
Gabrielli did not elaborate on the company's decision to maintain its office in Iran, despite the lack of any current investment program there. He said the decision was 'an internal matter.'" (Dow Jones Newswires, "Brazil Oil Giant Petrobras To Keep Iran Office -Estado," 4/12/10)
The New York Times lists Petrobras business "on hold" and that its business in the country may constitute a violation of the Iran Sanctions Act. From 2000 to March 2010, Petrobras has been the recipient of $2 billion in U.S. federal funds.
"Petrobras, a state owned oil company in Brazil, invested $100 million to explore Iran's offshore oil prospects in the Persian Gulf. It has also received a large loan from the Export Import Bank to develop offshore oil reserves discovered off the coast of Brazil. Diogo Almeida, the economic attaché at the Brazilian Embassy in Iran, said the company is in talks with the Iranians about future oil and gas development projects, but first must determine how much of its resources it wants to devote to the Brazilian discovery. I.A. 'Tony' Piazza, managing director of Petrobras Middle East B.V. - Iran, confirmed that the company remains interested in doing business in Iran." (The New York Times, "Profiting From Iran, and the U.S.", 3/12/10)
"Brazil's state oil company Petrobras expects exploration of an Iranian block will yield disappointing results, a company director said on Friday, adding another Iranian block has shown similarly dim prospects... Petrobras invested around $100 million to drill two wells in Tusan and in February said it had found signs of oil." (Reuters, "Brazil's Petrobras sees few prospects for Iran oil," 7/3/09)
"The enormous New York State Common Retirement Fund plans to divest $86.2 million in investments from nine companies doing business in Sudan and Iran...The decision comes after two years of reviewing these companies, the potential risk of the investments and, in some cases, humanitarian efforts in these countries.'We don't expect our investments to benefit regimes that support genocide and terrorism,' said DiNapoli. The fund plans to divest out of $86 million in Gazprom (OGZPY), Inpex (1605.TO), Lukoil (LUKOY), Oil And Natural Gas Corp (500312.BY), OMV (OMVKY), Petroleo Brasilia (PBR), Statoil (STO), Wartsila OYJ and Sinopec Corp. DiNapoli said the firms were chosen because 'they failed to respond or we were not satisfied with their responses' when asked to provide information to the fund on the investments and their risks." (Dow Jones Newswires, "NY Comptroller To Divest $86.2M In State Pension Fund Investments," 6/30/09)
While Petrobras had a modest $35-million invested in an Iranian oil drilling company, as far as they knew, Florida had no investments in Petrobras. Except for a few ruffled feathers - Petrobras officials were taken aback by the scolding from a politician on only his second overseas trip - that seemed like the end of the saga. Now the St. Petersburg Times has learned that the Florida pension fund has $111,919,435 in foreign equity assets invested in Petrobras, according to the State Board of Administration, which manages the state's investments. The miscalculation could have serious repercussions for the relationship between Petrobras and the state. Under Florida law, Petrobras has until September 2008 to sever its ties with Iran before state officials would be forced to withdraw the $112-million investment in Petrobras." (St. Petersburg Times, "State Pensions, Brazil's Oil and Iran Entangles," December 10, 2007)
Listed by U.S. Government as doing business in Iran. (U.S. Securities and Exchange Commission, List of Companies Doing Business With State Sponsors Of Terror. Removed from the Internet in July 2007)
"Petrobras, the Brazilian oil giant, has signed a $34 million deal to drill in the Iranian part of the Caspian Sea, the second deal the company has made in the last year, a company executive said. Last year, Iran's government-owned National Iranian Oil Company granted Petrobras a license to explore a 3,200-square-mile area of the Persian Gulf." (The New York Times, "Petrobras To Drill In Caspian," July 7, 2004)