Brazil’s Petrobras to slash operational costs

SAO PAULO (AP) – Brazil’s state-run oil company has announced plans to slash USD8.1 billion from its operational costs between 2019 and 2023 to “maximise value for shareholders”.

Petrobras said in statement on Friday that the amount to be reduced is 6.6 per cent of the USD122.6 billion originally budgeted for the period.

The company said it plans to introduce cuts to staff spending and reduce discretionary expenses like sponsorships and advertising.