By Lise Alves, Senior Contributing Reporter
SÃO PAULO, BRAZIL – Despite the recent negative news coming from Brazil’s state-owned petroleum company, Petrobras, the oil giant’s market value is the second largest of a public company in Brazil, according to a survey conducted by consulting firm Economatica. According to the consultancy, Petrobras registered a R$211.64 billion market value, losing only to Brazil holding company Ambev, which registered a market value of over R$307 billion.
“The last time that Petrobras was the second largest company in the Brazilian market was on June 18, 2015, and the last time that Petrobras was the largest public company by market value was on October 15, 2014,” revealed the survey released by Economatica.
According to Economatica, which monitors companies in the United States, Argentina, Brazil, Chile, Colombia, Mexico and Peru, analysts evaluated the companies stock market, bonds, the fund industry and various indicators to produce the ranking.
Due to corruption allegations, financial woes and the decline of petroleum prices Petrobras fell, in February, behind two Brazilian banks, ItauUnibanco and Bradesco to fourth place in value.
Among the Economatica System customers are fund managers, brokerage firms, investment banks, pension foundations and social security systems which use the ranking to decide on investment strategies in Brazil and Latin America.
In the past two years, Petrobras has suffered with a mega corruption scandal that has shaken up not only the multinational company, but also Brazil’s federal government, with politicians as well as company officials being implicated in bribes and money laundering in exchange for hefty contracts with Brazil’s oil giant.