Petrobras In Brazil

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From the 16th to 19th century, Brazil was part of the Portuguese Empire. The country gained its independence on September 7, 1822, becoming a country on its own. The country went through periods of governance under dictatorship and military rule until 1985, when Tancredo Neves was elected president in an indirect election. Although Brazil has the largest economy in South America, Brazil still has low GDP per capita, poor living standards and infrastructure for it to be labeled as a developed country. One of the key factors is the consistent corruption that occurs in the government running the country. With strong economic growth and life expectancy, Brazil is part of the ‘BRIC countries’, the four developing countries economists around the …show more content…
Petrobras was established in the hopes of accelerating Brazil’s economic growth. By 1954, Petrobras’s oil and other products already accounted for 54% of Brazil’s energy consumption. At that time, Petrobras were still relying on oil from two refineries inherited from National Petroleum Council. The company set out early goals to be self-sufficient in the production of their main oil products and become a world leader of high technological standard in oil production.

By building Latin America’s biggest research center, the Cenpes, together with the first Brazilian-made oil drilling rig, Brazil was experiencing a GDP growth of 10% every year in the 1970s due to the increase in oil consumption. When members of the Organization of Petroleum Exporting Countries (OPEC) raised international prices for oil in 1973, the Brazilian government was forced to adopt new measures such as reducing oil product consumption and increasing internal supply of oil in order to combat the oil crisis that threatened the growth of the nation’s …show more content…
In addition, Petrobras is a strong advocate for environmental protection and a main supporter of whale conservation in the region. Therefore, Petrobras had a great reputation in the eyes of the public for the work the company has done outside of its industry. (Our History… 1)

Today, we find Petrobras involved in what could be the biggest bribery scandal the world will ever witness. The scandal involves Petrobras executives awarding suspect contracts to outside companies that are worth upwards of $4 Billion. After being awarded the contracts, contractors then kickback a portion of the proceeds they earned from the contracts to the company’s executives. This form of corruption has not only negatively impacted Petrobras but also the country of Brazil as a whole.

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