Petrobras Boomtown Turns Desolate as Refinery's Billions Vanish

Updated on
  • Unit that drained $14 billion may never produce a drop of fuel
  • Probe found cartel of 16 companies rigged project contracts

Pedestrians walk on a street in Itaborai, Brazil.

Photographer: Dado Galdieri/Bloomberg

Located just 30 miles east of Rio de Janeiro’s bustling Copacabana beach, Itaborai looks like many oil boomtowns after the bust -- except the deserted stores and empty glass towers that loom over this town of 220,000 speak of some bigger cataclysm than the collapse of crude prices.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.