Petrobras may face $1.6 billion in fines over corruption scandal

A source said that Brazilian oil firm Petroleo Brasileiro S.A. could $1.6 billion or more in fines to settle U.S. criminal and civil probes into its role in a corruption scandal, reports Reuters.

The source said that the settlement process is likely to take two to three years.

The settlement is likely to be "large," two other sources said.

The oil firm's executives have reportedly conspired with construction and engineering firms and other suppliers to rig bids and inflate the cost of contracts.

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