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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.)

This article was posted by Steve on Sunday, August 17th, 2008. Comments are currently closed.

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

  1. derekcrane says:

    It seems that the Obama administration is OK about losing its green sheen when Soros is involved:

    http://www.ibdeditorials.com/IBDArticles.aspx?id=334968315717535

  2. proreason says:

    No way the Morons $2B loan to Petrobras is related to Soros’ massive investment in Petrobras. Only a racist would imply there was a connection.

    After all, there was a 3-day gap between the two events.

    http://online.wsj.com/article/SB10001424052970203863204574346610120524166.html?mod=googlenews_wsj


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