Brazil's Petrobras says investment plan will not be announced on Friday
RIO DE JANEIRO, June 26 (Reuters) - Brazil's state-run oil company Petrobras said it will not release on Friday details of a long-awaited strategic plan review expected to slash spending at the financially troubled company.
The company announced no details would be forthcoming about the strategic plan after the conclusion of a board meeting devoted to it.
Petroleo Brasileiro SA, as the Rio de Janeiro-based company is formally known, is struggling with a corruption scandal, falling oil prices, stagnant output, and the largest debt of any oil company, and has promised investors steep cuts and more realistic output plans.
The company, which had originally planned to unveil the strategic plan by the end of June, will likely delay the release of the details until July after government and company officials found it harder than expected to make cuts, sources close to the talks said earlier this week.
Some, however, had expected the company to approve the plan on Friday in a gesture to meet its promise of a new program by the end of June. (Reporting by Jeb Blount; Writing by Alonso Soto; Editing by Christian Plumb)
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