Brazil’s embattled and scandal-plagued state oil firm Petrobras has revealed in a securities filing that it plans to save about $500m per year with an internal restructuring, according to Reuters.
The company is at the heart of a huge bribes-for-contracts graft scheme that has seen leading business executives and politicians jailed.
And its status as the world’s most indebted oil company has not been helped by fallout from the scandal nor from the global oil-price plunge.
This reorganization of the firm – including merging of units – will entail axeing of jobs and consolidation of functions.
The plan follows previous announcements in recent months to save costs by renegotiating contracts with suppliers, repurposing administrative staff to non-management roles, slashing investment plans and selling off assets.