The Odebrecht and Andrade Gutierrez conglomerates include two of Latin America’s largest building companies. Petrobras has said it was hoodwinked by a few of its employees who allegedly took bribes from a cartel of construction companies and shared the proceeds with politicians.
Saudi Arabia steered the Organization of Petroleum Exporting Countries in November to protect its market share in the face of swelling U.S. crude output, rather than cut supplies to shore up prices as it did in the past.
The spiritual leader of 1.2 billion Catholics around the world made his plea for the planet, and for the world’s poorest people, in a 181-page letter to bishops Thursday. Companies and industry groups said the fuels they produce are needed to supply rising global demand for energy.
Crude’s price slump, pressure to get off fossil fuels and tax increases in Alberta are adding to high costs and a lack of pipelines, prompting producers from Suncor Energy Inc. to Imperial Oil Ltd. to accelerate a shift to smaller projects.
Francis gave Catholics little room for maneuver, writing that Christians “realize that their responsibility within creation, and their duty towards nature and the creator, are an essential part of their faith.”
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