April 4, 2017 / 1:23 PM / a year ago

Petrobras CEO sees debt falling below reduction target by end 2018

SAO PAULO, April 4 (Reuters) - Brazil’s state-controlled oil firm Petroleo Brasileiro SA could reduce debt below a projected target of 2.5 times Ebitda by the end of next year, Chief Executive Officer Pedro Parente said on Tuesday.

According to Parente, that would be possible if the company maintains the current trend of debt reduction. Petrobras has a debt load of just under $100 billion, amongst the highest in the global oil industry.

Reporting by Bruno Federowski; Writing by Marcelo Teixeira; Editing by Daniel Flynn

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