Petrobras Streamlines Business to Survive Graft Probe, Oil Bust


capThe combined shock of low oil prices and Brazil’s biggest corruption scandal is changing state-controlled oil producer Petroleo Brasileiro SA.

The company, based in Rio de Janeiro, is abandoning a state-development model pursued during 13 years of control under the Workers’ Party where the government shifted profits to side industries to create jobs and stimulate the economy, often at the expense of shareholders. Chief Executive Officer Pedro Parente, who joined Petrobras in June after lawmakers suspended former President Dilma Rousseff for manipulating fiscal accounts, is dumping fertilizer, biofuel and petrochemical projects to focus on pumping and selling oil.

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