Petrobras may collaborate with Batista companies

Petrobras may team up with companies from the empire of Brazillian billionaire Eike Batista to provide ports and other services, local reports quoted its chief as saying Tuesday.

The family of companies, which includes electricity, logistics and port operations as well as oil and gas explorer OGX, has been short of cash in the wake of delays and cost overruns.

For its part, Petrobras has been looking to trim costs and unload assets as it works to bring online the riches of Brazil’s pre-salt province.

"EBX is one of the groups we are evaluating for projects that will serve us in the medium and long term, its business, not aid," Reuters quoted chief executive Maria das Gracas Foster as saying.

"Petrobras has to reduce its capital expenditure. It can't do everything, build everything and be the owner of everything.”

Shares of the businesses surged in the wake of the remarks, with logistics arm LLX up 9.33%, OGX up 8% and shipbuilder OSX gaining 1.4%.

Petrobras previously said it aims to cut costs by $15.4 billion by 2016.

Those reductions include $5.4 billion in logistics costs through 2020.

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