Petrobras Is Set to Lay Off About 11,000 Employees by 2021

Written by Valdemar Medeiros

Published on 19/09/2020 at 09:58

Funcionário da Petrobras realizando atividade em altura

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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.

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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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.

Petrobras Is Set to Lay Off About 11,000 Employees by 2021

Petrobras President Roberto Castello Branco Stated That About 11,000 Employees Accepted Acquisition Packages and Will Leave by the End of 2021

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Mass Layoffs at Petrobras

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Petrobras Is Set to Lay Off About 11,000 Employees by 2021

Petrobras President Roberto Castello Branco Stated That About 11,000 Employees Accepted Acquisition Packages and Will Leave by the End of 2021

Read Also

The Covid-19 Pandemic Disrupted the Global Energy Sector, Causing a Major Setback for the Already Threatened Petrobras

Mass Layoffs at Petrobras

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