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NYT: Brazilís Star, Petrobras, Is Hobbled by Scandal and Stagnation

Authors: Simon Romero, and Landon Thomas Jr.
April 15, 2014

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"The ills that plague Petrobras — too much debt and spending for too little return — reflect a larger concern that the golden age for Brazil, China, Russia and Turkey, once the vanguard of the emerging-market boom, is coming to an end."

RIO DE JANEIRO — No company has embodied Brazil's rise like the oil giant Petrobras.

Bolstered by some of this century's largest oil discoveries, Petrobras soared into the top ranks of global energy producers. Executives at the state-controlled company boasted that it could even outstrip Apple as the world's most valuable publicly traded company. Political leaders here said Brazil was on the cusp of energy independence.

Now Petrobras is coming to symbolize something else entirely: the disarray afflicting Brazil's sluggish economy and the reassessment of growth prospects in emerging markets around the world.

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