May 11, 2017 / 10:44 PM / a year ago

Petrobras ahead of schedule on cutting debt, not slowing down -CEO

SAO PAULO, May 11 (Reuters) - Brazilian oil company Petroleo Brasileiro SA is reducing debt faster than forecast in its business plan and may hit its debt target before the end of 2018, Chief Executive Officer Pedro Parente told journalists on Thursday.

Still, Parente said the company, known as Petrobras, will not stop reducing debt if it hits the target earlier, given that its debt metrics are still twice that of industry peers. (Reporting by Marta Nogueira and Rodrigo Viga Gaier; Writing by Brad Haynes; Editing by David Gregorio)

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