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Petrobras President Roberto Castello Branco Stated That About 11,000 Employees Accepted Acquisition Packages and Will Leave by the End of 2021
The number is an increase from the 10,000 initially presented in July 2020 by Petrobras and is equivalent to about a quarter of the entire workforce of the Brazilian state oil company.
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The Covid-19 Pandemic Disrupted the Global Energy Sector, Causing a Major Setback for the Already Threatened Petrobras
In addition to concerns over long-term debt, Petrobras was involved in a major bribery scandal that affected the global oil industry.
In December 2018, Brazilian regulators began an investigation to determine whether insiders, employees, and traders at Petrobras accepted over $30 million (£23 million, €25 million) in alleged bribes from trading giants Glencore, Vitol, and Trafigura.
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Brazilian giant expands borders in the Southeast: Petrobras confirms new oil discovery in ultra-deep waters in the pre-salt of the Campos Basin.
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Alert in the global energy market: Severe tropical cyclone hits the coast and disrupts gas production at major plants in Australia, threatening global supply.
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Petrobras finds high-quality oil in the pre-salt at 113 km from RJ and reignites expectations about strategic reserves in the Campos Basin.
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Ocyan opens registrations for startups focused on innovation in the oil and gas sector and will select projects for Innovation Day with the support of Nexio.
Consequently, the company announced that it was suspending oil and fuel trading with the three commodity giants. The investigation into the ‘Operation Lava Jato’ is still ongoing. However, it has already led to the impeachment of then Brazilian president Dilma Rousseff, spanned at least eleven countries, and forced Petrobras to pay over $800 million in fines.
Mass Layoffs at Petrobras
In addition to mass layoffs, Petrobras began to divest from several assets to balance its accounts. On Thursday, it reported that it had released a teaser regarding the sale of its stake in the fertilizer company Araucária Nitrogenados SA.
In the same presentation, the company revealed the popularity of its considerable bond repurchase program. Investor appetite exceeded the $4 billion initially offered on September 10, 2020.
According to the terms of the agreement, the company did not accept all offers. But this interest will help Petrobras meet its goal of extending the maturity of its debt and cutting costs.
The company fell 0.63 percent in Friday morning trading, to R $ 22.00. Although it has recovered somewhat from the decline suffered at the height of the Covid-19 panic, Petrobras is still more than a quarter below its pre-crisis level.
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