Brazil’s state-run Petroleo Brasileiro SA is slowing down a planned sale of assets and turning its attention to cost cutting to trim its massive debt, a senior company source told Reuters on Monday.
The change in strategy by Petrobras, as the company is known, means that the plan to sell up to 25 percent of distribution unit BR Distribuidora SA is now on hold, said the source, who is directly involved in company planning.
The realization that the company will be unable to meet its goal of selling $15.1 billion of assets by the end of 2016 is the latest sign that the company’s $130 billion five-year investment plan, announced less than three months ago, is already obsolete, the source said.
Brazil Energy Insight 
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