Brazil’s Oil Loss from Corruption

Brazil’s Oil Loss from CorruptionBrazil’s Oil Loss from Corruption

Brazil’s state-owned oil company, Brasileiro SA, has reported a huge loss for 2014, driven in part by a massive charge against earnings due to corruption. And the Petrobras scandal has reverberated beyond the oil company to Brazil’s top political tiers. Earnings released this month show a staggering net loss of 21.6 billion Brazilian reals - $7.2 billion - with $2.1 billion directly related to corruption.