Petrobras to Save $500m a Year with Reorganization Plan

Source: Reuters 3/30/2016, Location: South America

State-controlled Petroleo Brasileiro SA, the Brazilian oil producer at the center of a sweeping corruption probe, plans to save 1.8 billion reais ($500 million) a year through a reorganization plan that includes the merger of several business units, job cuts and a streamlining of activities. In a securities filing, the company known as Petrobras said on Wednesday that a new governance model will lead to a 43 percent reduction in 5,300 jobs with diverse non-operational responsibilities. Petrobras is cutting costs, reducing capital spending and selling assets to stem the impact of slumping oil prices and the probe, which partially curtailed access to financing. ($1 = 3.6040 Brazilian reais)


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