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26/10/2017 - 12:59hs

Petrobras to save USD 10 million

The Brazilian state-run oil company will restructure its oil exploration, production and refining operations, as well as its natural gas operations, which will lead to cost-cutting.

Rio de Janeiro – The Brazilian state-owned oil company Petrobras’ Board of Directors approved last Wednesday (25) a restructuring of oil exploration, production and refining operations, as well as its natural gas operations. This will lead to an estimated BRL 35 million (US 10.7 million) being saved.

Petrobras said in a statement that the move will entail a downsizing of roughly 11% in number of management positions, in a continuation of the restructuring that began in June 2016. The restructuring aims to adapt the company’s structure and management to the vision put forth in its 2017-2021 Business and Management Plan, increasing competitiveness for Petrobras.

*Translated by Gabriel Pomerancblum

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