The article goes into detail regarding the essential rise of Petrobas as a spearhead for being one of the biggest offshore oil discoveries this century. It consisted of a record breaking 70$ billion public share offering in 2010. It was a technological leader in terms of global oil giants at finding new reserves. But now its position seems very grim. Corruption scandals seem to be unearthed pretty much everyday. The most recent one represented a bribery scheme of around 3.7$ billion dollars.
The future of its army suppliers coupled with around 2,000 employees is very much in doubt. State controlled bank have also lost confidence and with so many construction firms on the brink of total loss, it is very hard to predict Petrobas's future. Rather than a bottomless barrel of oil, Petrobras has become the complete opposite.
sourcehttp://www.economist.com/news/business-and-finance/21636420-more-problems-are-being-revealed-brazils-oil-giant-coming-down-bump
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