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Petrobras cuts delayed until July and Govt oil-policy plan -sources

2015-06-16 17:14:53| Oil & Gas - Topix.net

Brazil's state-run oil company Petrobras will likely delay details of major cuts to its $221 billion five-year spending plan until July, two sources said, when the government plans to announce a rescue program for the industry. Petrobas, which is struggling with a corruption scandal, falling oil prices, stagnant output, and the largest debt of any oil company, had planned to announce deep spending cuts, expected to be about 30 percent of the proposed spending, by the end of June.

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