NEW YORK (TheStreet) -- Shares of Petroleo Brasileiro Petrobras (PBR) are higher by 2.05% to $9.96 in early afternoon trading on Wednesday, as the Brazil-based state-run oil company continues to rise from Tuesday's session.
Petrobras is preparing to offer debt notes in Brazil's domestic markets in an attempt to raise funds needed to pay for already-contracted investment outlays this year and to refinance some of the $170 billion it owes banks, suppliers, and investors, Reuters reported.
Petrobras has been dealing with a corruption case in which allegations of fixed prices and political bribery have been plaguing the company for over a year.
Ricardo Pessoa, the head of the Brazilian construction firm UTC Engenharia is going to sign a plea deal with prosecutors, Reuters reports, adding that this makes Pessoa the highest-level executive to collaborate with the corruption investigation.
It has been alleged that Pessoa led a cartel of over 20 firms that fixed prices on project bids and over charged Petrobras on contracts. The remaining funds were used to enrich politicians, executives, and political parties, Reuters noted.
Pessoa is working with the country's federal prosecutor's office and is expected to name those senior politicians that are said to have taken bribes.
Additionally, Petrobras said it is expecting to export 350,000 barrels of petroleum per day in 2015, the company's crude manager said at an event Wednesday, Reuters noted.
Separately, TheStreet Ratings team rates PETROLEO BRASILEIRO SA- PETR as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation: