Petrobras: 10,000 People Accept Voluntary Buyouts
; employees are going to leave the company," he said. "Two thousand left over the course of the year. The rest will leave by December, and a smaller part will leave in 2021."Aided by a massive divestment program which will see employees in many units working for new owners, Petroleo Brasileiro SA, as the company is formally known, should have about 30,000 employees long-term, versus over 45,000 today, he said.DIVESTMENTS SLOWEDOn a separate webinar, Chief Financial Officer Andrea Almeida said Petrobras plans to give more time for potential investors to make offers for the company'
3,800 Petrobras Workers Might Take Voluntary Severance Offer
Brazil's state-controlled oil company Petrobras aims to save 7.6 billion reais ($1.4 billion) by 2025 through voluntary buyout programs that will affect 3,800 employees, according to a securities filing on Wednesday.Petroleo Brasileiro SA, as the company is formally known, on Wednesday launched a new program focused on employees who are eligible for retirement, and said it is making adjustments to voluntary severance programs already in place.Petrobras in recent years has initiated several waves of buyouts, which have gained urgency as the company sells off hundreds of assets and exits various
Petrobras CEO: Wage Hikes of Last Decade are Impossible Today
Brazil's state-led oil company Petrobras is unable to give its workers the kind of pay raises that increased company salaries by about 50 percent in real, inflation-adjusted terms over the past decade, Chief Executive Pedro Parente said on Friday. Petroleo Brasileiro SA, as Petrobras is formally known, is in annual pay talks with its unions, but Parente said that at least some of the employees understand the need for the financially troubled, heavily indebted company to limit pay increases. (Reporting by Jeb Blount; Editing by Chizu Nomiyama)
Oil Workers Reject Petrobras Offer, Strike Possible
Brazil's largest oil workers' federation said Thursday its members voted overwhelmingly to reject a contract offer from Petroleo Brasileiro SA, or Petrobras, and were preparing for a possible strike. Leaders of the FUP union plan to continue talks with Petrobras starting at 2 p.m. (1700 GMT) in Rio de Janeiro and have not yet called on workers to walk off the job. In recent years, Petrobras has given wage increases well in excess of inflation, and this year's annual negotiations are shaping up as a test of mettle for new Chief Executive Officer Pedro Parente, who has pledged to cut
Petrobras Sees Layoff Plan Saving up to $9.2 Bln
Brazil's embattled state-run oil company Petroleo Brasileiro SA said on Friday it will launch a voluntary layoff program to cut an estimated 12,000 jobs in a bid to save up to 33 billion reais ($9.20 billion) by 2020. The program will cost 4.4 billion reais and is open to all employees, according to a statement from Petrobras, which has been hard hit by low oil prices, refinery project problems and a massive price-fixing, bribery and political kickback scandal. The company said the planned redundancies would help adjust the size of its workforce to a smaller investment plan and boost
Brazil Speeds Leniency for Corrupt Firms to Save Jobs
and engineering companies, including Odebrecht SA, Queiroz Galvão, OAS, and Galvão Engenharia SA are on a government blacklist for involvement in price-fixing, bribery and political kickbacks at oil company Petrobras and other state-run firms. The scandal has paralyzed Petroleo Brasileiro SA, Brazil's largest company, which cut off payments to the blacklisted companies. That in turn left hundreds of suppliers on the verge of bankruptcy and led to tens of thousands of layoffs. "The main objective of this measure is to reduce uncertainty and preserve jobs. Its aims
Petrobras Chairman Ferreira to take Leave
Murilo Ferreira will take a leave of absence as chairman of state-run oil firm Petrobras, turning his full attention to his job as chief executive of Vale SA as the mining giant grapples with a downturn in the sector. Petroleo Brasileiro SA, as the company is formally known, did not give a reason for Ferreira's leave, which it said would last until Nov. 30. A company source told Reuters he had requested time off to focus on Vale as it navigates a slump in iron ore prices and a slowdown in China. Ferreira, 62, who has been CEO of Vale since 2011, was appointed chairman of Petrobras in April
Monforte Quits Petrobras Board
Jose Guimarães Monforte quit his position on the board of directors of Petroleo Brasileiro SA on Friday, two days after he abstained from voting to approve the company's audited financial statements, the state-run oil company said on Friday. Petrobras, as the company is commonly known, gave no reason for the resignation, in a note announcing the resignation sent to Brazil's securities regulator CVM. Monforte was not immediately available for comment after normal Brazilian business hours on Friday. The board on Wednesday voted 7 to 3 to approve audited financial statements that have
Bradesco Asset Management Nominates 2 on Petrobras Board
The assets management unit of Brazilian bank Bradesco has proposed two candidates for seats on the board of the state-run oil company Petroleo Brasileiro SA, or Petrobras. Petrobras said in a filing on Friday that Bradesco Asset Management SA had nominated Eduardo Bunker Gentil and Otavio Yazbek as candidates for the board. Gentil was executive director at the local investment bank Itau BBA as well as an executive director at Credit Suisse. Yazbek is an attorney in Sao Paulo and a director of regulation at the BM&FBovespa commodities and stock exchange in Sao Paulo. Petrobras said
Petrobras: 12% Staff to Take Early-Retirement Plan
Brazil's state-run oil company Petroleo Brasileiro SA said on Monday it expects to save about 10 billion reais ($4.51 billion) by 2018 after one in eight employees agreed to quit under an early retirement plan. Petrobras, as the company is known, said in a statement that 8,298 employees signed up for the plan and that their departure will cut labor costs by 13 billion reais over five years. Petrobras will write off the 2.4-billion-real cost of the voluntary dismissal program's incentives in the first quarter, the company said. When 815 million reais of related tax credits are included
