The full spectrum and the consequences of a wide-ranging corruption scandal unravelled at Brazil’s Petrobras has yet to be properly assessed, but there is no doubt the entire industry will suffer greatly with the reduction of investments planned by the state-controlled company.
The existence of a multi-billion-dollar graft scheme involving Petrobras and more than two dozen local contractors — made public by one of the most efficient investigations ever conducted by the federal police — rocked the country’s oil industry to the core.
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