March 12, 2019 |
Brazil's Petrobras said it plans to cut operating costs by $8.1bn as part of a so-called Resilience Plan for 2019 to 2023.
The state-owned energy company said it will offer voluntary layoff payments to employees and reduce advertising and sponsorship expenses as it looks to trim the $123bn in budgeted operating costs by 6.6% over the next five years.
Petrobras will also expend its asset sales program to lower debt and reduce the cost of capital, it said in a statement.
The company last week r
Brazil's state-owned energy company tries to lower operating expenses by $8bn in five years