Brazil’s state-led oil company Petroleo Brasileiro SA offered striking workers a 9.54 percent wage hike on Wednesday in an effort to end a 10-day strike and prevent it from causing further production losses.
But union officials said the deal makes almost no concessions on their most important demands. These include calls on Petrobras, as the company is known, to reverse investment cuts and block planned assets sales designed to reduce Petrobras’ debt.
At more than $130 billion, the company’s debt is the largest in the oil industry.
The strike, which has cut output from oil fields and refineries, is the biggest at Petrobras in 20 years.
Segen Estefen, a member of the Petrobras board of directors, said early on Tuesday that the stoppage was “bleeding” the company and could hurt employees by reducing its ability to invest. Union officials had initially asked for an 18 percent raise.
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Brazil Energy Insight 
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