Petrobras President Roberto Castello Branco told CNN Leaders that the global scenario of the Saudi-Russian price war in the oil market and the slowdown in the global economy due to coronavirus could affect the achievement of saudi and Russian oil market targets reduction of indebtedness in 2020.
"Petrobras still has a debt that is more than twice its cash generation. Typically, a commodity producing company is comfortable with indicators below twice (cash generation). We intended to do this (reduce debt) this year… Let's see if that's feasible or not. It's a question mark now, which didn't exist before," said the CEO.
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For Castello Branco, the results will be affected without a doubt, but also added that the company is in a more comfortable situation than five years ago in the financial sector, even if the debt is high.
In addition, he also stated that the global scenario has not impacted the company's divestment plans, such as the sale of refineries. "We have received no sign of withdrawal, lack of enthusiasm, from those interested in buying the refineries. On the contrary: we have potential buyers visiting refineries," Castello said, according to the station.