Petrobras, Brazil’s troubled state-run oil giant, has a big hole in its workers’ pension plan with $6.8bn in unfunded liabilities, according to Reuters.
The company, already the world’s most indebted oil business with around $126bn owed as of May, said its Petros pension fund’s shortfall must be met by equal amounts from Petrobras and from the fund’s 75,000 beneficiaries, who will have to pay increased amounts in contributions.
This is just the latest in a seemingly endless series of setbacks for the company.
For two years Petrobras has been taking financial hits from the plunge in oil prices and from knock-on effects of the massive bribery scandal that has tarnished the firm’s reputation.
It has been slashing budgets and payroll, divesting assets and curtailing investments – many of them in offshore E&P projects – in a bid to right the ship.