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Petrobras woes reach Europe as slowdown leaves partners hanging

The European firms cite late payments, delivery delays or other difficulties in Brazil

TROUBLE AHEAD: The state-run oil producer is grappling to assess the magnitude of losses from a scandal in which some of its executives are accused of taking kickbacks from builders in exchange for awarding inflated construction contracts.


WHEN Italian oil services company Saipem SpA spent US$300 million at the start of the decade in Brazil, it joined a long list of foreign companies jockeying for business with Petroleo Brasileiro SA. Now it's struggling to get paid.

Saipem is one of at least five European...

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