Brazil’s state-owned oil and gas company Petrobras has approved a revision of its strategic plan for the near future—including a new voluntary redundancy program. Besides leaving the company, the plan will give workers the option of being relocated to Petrobras’ subsidiary companies. This new strategy is part of Petrobras’ divestment program, and is considered crucial to generate value for shareholders, something that has been stressed by CEO Roberto Castello Branco. The company’s vision has been amended, now being “to become the best energy company in shareholder value, focusing on oil and gas with safety, respect for people and the environment.”
Oil exploitation and production will remain core activities for the Brazilian giant. However, it plans to restrict its presence to the Southeast when it comes to oil refining. This year, Petrobras began the process of selling eight of its 13 refineries—which control over 98 percent of the sector in Brazil. The...
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