From Bloomberg

Brazil’s state-controlled oil company is reducing management positions and streamlining operations to save 1.8 billion reais ($440 million) a year as it navigates the worst oil market in a generation and a sprawling corruption investigation.

Petroleo Brasileiro SA is reducing management positions in non-operational areas by about 30 percent and combining the refining and natural gas divisions to reduce its business units to six, it said in a statement Thursday. The company has nearly 7,500 management jobs, with 5,300 in non-operational areas. The changes will be presented to shareholders for approval, and the first phase of dismissals should be completed in about a month, Chief Executive Officer Aldemir Bendine told reporters in Rio de Janeiro.

“It’s a scenario of total stress,” Bendine said at a press conference. “The company has to adapt.”

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