Brazil's Petrobras to cut staff, aims to save $442 mln a year
BRASILIA Jan 28 (Reuters) - Petroleo Brasileiro SA will cut staff and restructure management to adapt to dwindling oil prices and prioritize high-yield projects, the state-controlled oil producer said in a statement on Thursday.
Managerial staff will be cut by at least 30 percent in non-operational areas, with an estimated cost reduction of about 1.8 billion reais per year ($442 million), Petrobras said.
Two company sources had told Reuters on Wednesday that job cuts would be announced on Thursday.
Petrobras is in the midst of curbing investments and trying to sell assets to pay down its debt load and adjust to a lower oil price.
Brent crude oil traded at $33.56 a barrel on Thursday, less a third of its price in 2014.
($1 = 4.0740 reais) (Reporting by Silvio Cascione; editing by Jason Neely)
© Thomson Reuters 2017 All rights reserved.