Petroleo Brasileiro SA is doing away with chauffeured cars, overseas training programs, office parties and other perks as part of a plan to save $12 billion in corporate spending, people familiar with the measures said.
The chief executive officer and heads of divisions will be allowed to keep their cars with drivers, though, the people said, citing an Aug. 26 company memo and asking not to be named because the document isn’t public. The plan to reach the cost-cutting target by 2019 also includes dismissing outsourced staff and reducing management positions, the people said.
Brazil Energy Insight 
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