For Petrobras CEO, P&G industry recovery will be slow

“The recovery will be slow by mass unemployment in the world, rapid increase in financial leverage (indebtedness) of families, companies and government and uncertainty about the new coronavirus, which will only disappear with a vaccine,” said Petrobras President Roberto Castello Branco, in an interview last Friday (15), pointing out the reasons that make the state not see a rapid recovery in the sector. 

The president also reinforced what the chief financial officer, Andrea Marques de Almeida, recently said about lower prices: “We want to generate more value, we believe in world-class assets and we will be able to generate. Petrobras is prepared to operate with a barrel of oil at US$ 15.” In addition,

the CEO of the state-owned company stated that the company’s strategic plans have not changed and spoke about the company’s preparation: “Our focus is to take care of the health of our employees and the liquidity of the company. We have $15.7 billion in cash, we reduce investments by $3.5 billion, and we cut costs by $2 billion.” Finally, Castello Branco reaffirmed that there were no mass layoffs in the

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