"The difference is that instead of dirt and poison, we have rather chosen to fill our hives with honey and wax, thus furnishing mankind with the two noblest of things, which are Sweetness and Light." - Jonathan Swift

« ACORN Workers Admit Voter Fraud - Video | Home | Obama Camp Says McCain Heard Questions »

Soros Invests $811 Million In Brazilian Oil

More interesting news that almost slipped by us, from Bloomberg:

Soros hedge fund invests $811m to buy Petrobras stake

August 15, 2008

London: Billionaire investor George Soros bought an $811 million stake in Petroleo Brasileiro (Petrobras) in the second quarter, making the Brazilian state-controlled oil company his investment fund’s largest holding.

As of June 30, the stake in Petrobras, as the Rio de Janeiro-based oil producer is known, made up 22 per cent of the $3.68 billion of stocks and American depositary receipts held by Soros Fund Management, according to a filing with the US Securities and Exchange Commission. Petrobras has since slumped 28 per cent…

In November, Petrobras announced the discovery of Tupi, a field with as much as 8 billion barrels of reserves, making it the largest find in the Americas since 1976.

“Petrobras has something that other oil companies don’t have: oil - lots of it and they’re going to find more,” said Ricardo Kob-ayashi, equity fund manager with UBS Pactual in Rio de Janeiro…

Tupi is part of a new deepwater offshore region known as the pre-salt that may contain as much as 50 billion barrels, according to Peter Wells, oil analyst with the UK’s Neftex Petroleum Consultants.

The drop in Petrobras’ US-traded common shares since June 30 would have reduced the value of Soros’s disclosed stake by $235 million.

Soros Fund Management didn’t report holding any Petrobras shares at the end of the first quarter. It did disclose much smaller stakes in the Brazilian oil company during 2007, including 150,000 depositary shares, with a market value of about $17.3 million at December 31.

The hedge fund company also had calls on another 35,000 shares at December 31…

So now we understand the Democrats’ no-drill policies.

They can’t undercut their sugar daddy.

(Thanks to Learner for the heads up.)

Related Articles:

  Print Email

This article was posted by Steve Gilbert on Sunday, August 17th, 2008 at 2:14 pm. You can leave a response.

7 Responses to “Soros Invests $811 Million In Brazilian Oil”

  1. wardmama4
    August 17th, 2008 at 5:20 pm

    Learner - and how exactly is this not worse and more collusional than two former oil people in the WH? Sounds to me like Soros, who is behind the scenes with his MoveOn, etc financing the push for Democrats in this election - while Pelosi is pulling out all the stops to get even more taxes taken from the citizens (either directly to fund the Glowball Warning scam or indirectly by the oil companies who are attempting to re-coup after the excessive windfall profits taxes hit) - while ‘investing’ said taken tax dollars into failures, schemes and scams.

    Either way they both win - Pelosi takes more taxes, pockets a percentage (isn’t she invested in one of T. Boone’s companies?!?) and Soros either pockets money from the oil boom or wins by bringing down the American economy (which he really loves to do).

    And exactly how has Bush & Co hurt America - oh yeah by tax subsidies so the oil companies keep oil flowing into the US!?!

  2. Daniel
    August 17th, 2008 at 8:09 pm

    The corruption of the democratic party bosses is ignored, from Feinstein to Peloser to Soros.
    Thank you for informing us.

  3. platypus
    August 17th, 2008 at 9:23 pm

    Respectfully, wardmama4, your comments really aren’t making sense.

    Exactly what are the Two Oilmen in the White House doing that hurts Americans?

    As I see it, the only reasons that we have a supply problem are that we cannot drill here (thanks to Congress) and we do not have enough refineries.

    The USA owns the oil under the ocean. Are they giving it to the oil companies?

    Somebody has to buy that oil (if it is sold) and the money goes straight to the US treasury instead of the Saudi treasury.

    Tell us what Bush/Cheney are doing to cause the oil companies to buy oil from the Saudis.

    I expect to hear crickets.

  4. learner
    August 17th, 2008 at 9:25 pm

    Wardmama 4 you are correct on the Pelosi/Boone connection. I have been reading about that story for a week now. Right now with all the environmental laws and environmental groups(sponsored by Soros money)even if Congress opened up all our territories to oil exploration the legal battles would kill it. Therefore it will take a lot of continued pressure from Us to get the oil rigs up and drilling. We will have too demand speedy trials on environmental law suites or an emergency Congressional act that will exempt oil companies from legal hassles from environmentalist lobbies. Soros is counting on his environmental lobby to pull these oil deals with foreign companies through for him and is also using his paid for politicians to continue to impede the will of Americans.

  5. notsoyoungjim
    August 18th, 2008 at 12:41 pm

    Assuming that Soros is still long the Euro, he’s getting killed.

  6. shel777
    August 18th, 2008 at 3:30 pm

    I never can figure out why anyone would buy from a store (i.e. Arabia) so distant, the same thing you can buy right down the street (that is, oil from our own country). Sounds like outsourcing - ship it elsewhere for refining so more people work, which in turn drives up prices. I’m sure politicians receive lots of kickbacks from this. Mostly Democrats.

  7. BillK
    August 18th, 2008 at 5:03 pm

    Of course as always, do you think a single Republican will note the MoveOn->Soros->No Drilling link in a single campaign ad?

    Alas, I can almost guarantee not.


Leave a Reply

You must be registered and logged in to post a comment.


« Front Page | To Top
« ACORN Workers Admit Voter Fraud - Video | Obama Camp Says McCain Heard Questions »