Eike Batista

Eike Batista is currently listed as the richest man in Brazil. He is the chairman of Brazilian conglomerate EBX Group. The group includes five companies that trade on the BOVESPA´s Novo Mercado, a special segment of the São Paulo stock market where enterprises with the highest standards of corporate governance are listed. These five companies are: OGX(oil and gas), MPX (energy), LLX (logistics), MMX (mining) and OSX (offshore services and equipment). In early 2012, Batista had a net worth of $30.0 billion, making him the seventh wealthiest person in the world and the richest in Brazil.

Brazil’s oil industry: Bustista

A white-knuckle ride ON OCTOBER 30th OGX, the oil-and-gas firm at the heart of the business empire of Eike Batista, a flamboyant entrepreneur who was until recently Brazil’s richest man, filed for bankruptcy protection. One month earlier it had missed a $45m payment to bondholders, and attempts to negotiate a debt restructuring during a 30-day grace period failed. With $3.6 billion in bonds and another $500m owed to suppliers, it is Latin America’s largest corporate failure. OGX now has two months, extendable for a further three, to agree a recovery plan with investors. Without fresh funding it will run out of cash by the end of the year and risk losing its most valuable remaining assets, stakes in two offshore oilfields close to production. That would leave investors with little or nothing.OGX was listed in 2008 on the basis of promising exploration prospects. Industry specialists understood that without fields in production OGX was a high-risk proposition, says Mark McHugh of OFSCap, an energy-investment firm. But they were impressed by the “dream team” put together by Mr Batista: a group of ex-employees of Petrobras, Brazil’s...

Source: www.economist.com | Date: 15th November 2013 Read more

Record Spending at 11th Oil Round: Daily

By Lucy Jordan, Senior Contributing Reporter RIO DE JANEIRO, BRAZIL – Brazil’s 11th oil and gas auction, held Tuesday in Rio de Janeiro, raised a record R$2.8 billion, the industry’s regulatory agency said, with Petrobras winning the most blocks, and oil giants, BP, Total, Chevron and ExxonMobil also gaining rights to explore new areas. The [...]

Source: riotimesonline.com | Date: 17th May 2013 Read more

Rio’s Maracanã Privatization in Court: Daily

By Anna Kaiser, Contributing Reporter RIO DE JANEIRO, BRAZIL – The bid for the private ownership of the Maracanã football (soccer) stadium for the next 35 years appeared to have been settled Thursday, May 9th. Yet after public outcry, a court order injunction prevented the state government from concluding the contract until the merits of [...]

Source: riotimesonline.com | Date: 14th May 2013 Read more

64 Firms to Bid on Brazil Oil Blocks

By Maria Lopez Conde, Contributing Reporter RIO DE JANEIRO, BRAZIL – Sixty-four out of the 71 national and international companies that filed requests with the Brazil’s National Petroleum Agency (ANP) will be allowed to bid for Brazilian exploration blocks this May, the oil regulator announced. This represents a modest increase from the 61 firms that [...]

Source: riotimesonline.com | Date: 25th April 2013 Read more