Brazilian state-controlled giant Petrobras has unveiled a major shake-up of its corporate structure.
Thousands of management positions have been cut in non-operational areas, and activities have been centralised to try to reduce costs and save as much as 1.8 billion reais ($441.1 million) per year.
Petrobras chief executive Aldemir Bendine said the new organisational model takes into account the reality of international oil prices by prioritising profitability, capital discipline and strengthening the company’s governance through greater control and compliance initiatives.
“We
