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Petrobras of Brazil Announces Losses of US$17 Billion in 2014

By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – The oil giant of Brazil, Petrobras, released on Wednesday night its net result for 2014, which was negative by over US$7 billion. Company officials also announced that corruption, bribes and devaluation of assets (impairment) cost the company over US$17 billion last year.

According to Petrobras executives the Lava Jato (Carwash) scheme alone caused losses of over US$2.1 billion. “We are taking a fundamental step towards the full recovery of Petrobras’ credibility with its stockholders, suppliers, the market and society; regaining its capacity for technological innovation, which . . .

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