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Monday, 22 December 2014

Petrobras deal shows it's more Gazprom than Exxon

Petroprom

By overpaying for 5 bln barrels of reserves the Brazilian statecontrolled oil group is transferring up to $17 bln of value to the government, whose stake will also rise. Petrobras is looking like an instrument of the state rather than a guardian of shareholder interests.



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