November 2019, Vol. 246, No. 11

Global News

Brazil’s Petrobras Confronts Growing Pipeline Thefts

Brazilian state-run oil firm Petrobras said thefts from its pipelines soared to a record high 261 incidents in the states of Rio de Janeiro and Sao Paulo last year, up from just one case in 2014, according to a securities filing and a Reuters report. Most of those heists, police say, are the work of sophisticated criminal groups, some with their own trucks, distribution firms and even retail gas stations.  Crime costs Petrobras’ distribution subsidiary, Petrobras Transporte SA, or Transpetro, over $37 million per year, CEO Roberto Castello Branco said. The alleged losses are tiny compared to Mexico, where fuel theft costs state-run Pemex over $3 billion annually. “We’re working exactly t

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