Brazil - 01

Brazil: Petrobras’ Comperj Announcement: A Hint of an Agreement with the TCU?

Petrobras CEO Pedro Parente announced last week that the company is planning to reinitiate the construction of the UPGN at Comperj. Thirty companies – all foreign – have been invited to participate in a procurement bid. According to Parente, the invitations were sent in the first week of January and did not include Brazilian companies because of legal impediments linked to the ongoing Lava Jato corruption investigations. Construction was originally begun by Queiroz Galvao, one of Brazil’s largest construction conglomerates, and interrupted after the company decided to break its contract in mid-2015, alleging that Petrobras’ estimate of $2bn for building the complex was too low.

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