February 28, 2019 / 2:19 PM / 3 months ago

Petrobras CEO says will push ahead with "bold" divestment program

RIO DE JANEIRO, Feb 28 (Reuters) - Brazilian state-run oil company Petroleo Brasileiro SA is expanding its already ambitious divestment program and has “bold” plans for future sales, the firm’s chief executive said on Thursday.

On a conference call with analysts following the release of fourth quarter results, CEO Roberto Castello Branco said selling its non-core assets will be key to deleveraging. Petrobras, as the company is known, can reduce its net debt to EBITDA ratio to 1.5 or even 1, he added.

Reporting by Gram Slattery Editing by Chizu Nomiyama

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