Brazil's Petrobras cuts spending plan on real, oil price slump
SAO PAULO Oct 5 (Reuters) - State-controlled Petróleo Brasileiro SA on Monday cut spending plans for this and next year, in the wake of a sharp plunge in the value of Brazil's currency and international oil prices.
In a securities filing, the company commonly known as Petrobras said capital spending will be cut to $25 billion and $19 billion for 2015 and 2016, respectively, from $28 billion and $27 billion previously. Expected costs plus operating expenses excluding purchases of raw materials were trimmed for this and next year as well, the filing added. (Reporting by Guillermo Parra-Bernal; Editing by Grant McCool)
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