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2016-09-05 18:35:00

PETROBRAS CUTS 11,704 JOBS

PETROBRAS CUTS 11,704 JOBS

According to WSJ, Brazil's troubled state-run oil company Petróleo Brasileiro SA on Friday announced the end of its voluntary layoff program, with 11,704 workers deciding to leave the company amid intense efforts to cut costs.

Petrobras said the program, implemented in April, is likely to cost around 4 billion reais ($1.23 billion) and could save up to 33 billion reais through 2020. Petrobras already provisioned 1.2 billion reais in the second quarter.

In April, the company said it expected up to 12,000 employees to leave as part of the layoff program.

Petrobras has been making cuts across the board, reducing its once-ambitious investment plan and listing assets for sale as it tries to cope with low oil prices and a corruption scandal.

Petrobras had 78,470 employees at the end of 2015, down from a high of 86,111 at the end of 2013. Tens of thousands of third-party contractors dependent on Petrobras have also been fired or not had their contracts renewed amid the company's struggles.

Petrobras' net profit fell 30% in its second quarter from a year earlier to 370 million reais, the most recent figure available, due to weak fuel demand in recession-stricken Brazil and lower oil prices in the international market, among other factors.

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Earlier:

PETROBRAS NET INCOME $106 MLN 

STATOIL BUY BRAZIL: $2.5 BLN 

PETROBRAS SELLS $6.75 BLN 

PETROBRAS SELLS $1.4 BLN 

BRAZIL & VENEZUELA IN SHOCK

 

Tags: OIL, PRICE, PETROBRAS, BRAZIL, JOB

Chronicle:

PETROBRAS CUTS 11,704 JOBS
2018, January, 19, 12:15:00

S.KOREA'S DIVERSIFICATION

PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.

PETROBRAS CUTS 11,704 JOBS
2018, January, 19, 12:10:00

ADNOC'S 2030 STRATEGY

AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.

PETROBRAS CUTS 11,704 JOBS
2018, January, 19, 12:05:00

TOSHIBA SELLS WESTINGHOUSE

WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.

PETROBRAS CUTS 11,704 JOBS
2018, January, 17, 23:50:00

OIL PRICES: NOT ABOVE $70 YET

REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.

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