Brazil’s Petrobras plans big cost cuts in 2013 – reports

19 October 2012 14:08  [Source: ICIS news]

LONDON (ICIS)--Brazil’s state oil, gas and petrochemicals major Petrobras aims to cut operational and sales costs by reais (R) 5bn ($2.5bn) to R15bn in 2013, according to media reports on Friday.

The reports, from Reuters and Brazil’s O Globo newspaper, said Petrobras had announced the cuts at an internal company presentation on Thursday. Petrobras’s media officials were not immediately available for comment.

In August, Petrobras reported a second-quarter loss as exploration and other costs rose faster than revenues.

Petrobras is a partner in a planned petrochemicals project, the Complexo Petroquimico do Rio de Janeiro (Comperj).

($1 = R2.03)

By: Stefan Baumgarten
+1 713 525 2653

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