Petrobras to cut management positions, streamline operations

Petrobras plans to eliminate approximately 30% of its management positions in non-operational areas and to also streamline the company’s operational structure in an effort to save 1.8 billion reais ($440 million) a year, according to Bloomberg.

In addition to the planned management cuts, Petrobras will also be combining its refining and natural gas divisions to reduce the number of its business units to six.

These changes will be presented to shareholders for approval, and the first phase of dismissals should be completed in about a month, Bloomberg noted, citing a statement from Petrobras CEO Aldemir Bendine.

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