Petrobras (PBR) Flat as Brazilian Regulators Plan Probe Into Alleged Irregularities in Procurement, Tax-Reporting Procedures

Brazil's Senate President, Jose Sarney, is planning to open a congressional investigation on the state-run oil giant, Petrobras (NYSE: PBR), according to sources. The examination will look into alleged irregularities related to the company's procurement and tax-reporting procedures, among several other issues.

In a statement released late yesterday, Brazil's Senate said the investigation will begin on July 14 and extend for 180 days.

Specifically, lawmakers will open a probe into alleged cost overruns during the construction of a Pernambuco refinery and an alleged divergence of oil-exploration royalties by Brazil's national oil regulatory agency, ANP.

Despite the seemingly concerning news, shares of Petrobras are trading relatively flat today. The stock most recently traded at $36.21, down 0.14% from yesterday's close.

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