Brazil's Odebrecht Expects to Take Part In Petrobras Auctions In 2019

Brazilian conglomerate Odebrecht SA’s construction unit expects to speed up talks with Petroleo Brasileiro SA to resume providing services to the state-run oil company and participate in its public auctions in the second half of 2019, an Odebrecht executive said on Thursday, Reuters reported. Olga Pontes, Odebrecht’s compliance director, says Odebrecht Engenharia e Construcao (OEC) should be able to resume its relationship with Petrobras because of steps taken by the conglomerate to improve governance and compliance in the wake of a 2016 leniency deal tied to a corruption scandal. Odebrecht along with other firms was ensnared in a major global corruption investigation into billions of dollars in bribes that were paid to win contracts with Petrobras in the last two decades. Read more

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