State-controlled Petrobras, the Brazilian oil producer at the center of a sweeping corruption probe, plans to save 1.8 billion reais (US$500 million) a year through a reorganization plan that includes merging several business units, cutting jobs and streamlining activities.
In a securities filing, Petrobras said on March 30 that a new governance model will lead to a 43% reduction in 5,300 jobs with diverse nonoperational 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. (US$1 = 3.6040 Brazilian reais)
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