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BRASILIA, April 1 (Reuters) - Executives of Brazil's state-run oil producer Petroleo Brasileiro SA approved a voluntary layoff program to cut about 12,000 jobs and save 33 billion reais ($9.20 billion) by 2020, the company said in a statement on Friday.
The program will cost 4.4 billion reais ($1.23 billion) to be implemented, Petrobras said.
$1 = 3.5883 Brazilian reais Reporting by Silvio Cascione; Editing by Chizu Nomiyama