CEO

Exclusive: Petrobras turnaround could yield first dividend in years in 2017

Brazil’s state-controlled oil company Petrobras will pay its first shareholder dividend in three years if the company turns a profit in 2017, Chief Executive Officer Pedro Parente said on Wednesday.

Parente took the helm of the world’s most indebted energy company a year ago and said he is ahead of schedule with an aggressive restructuring plan to cut its $95 billion debt, reduce costs and sell assets.

Petroleo Brasileiro SA, or Petrobras, made a record operating profit in the first quarter and if that continues throughout the year, chances are good that the firm will pay a dividend, Parente told Reuters in an interview in New York.

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Categories: CEO, Financial, Petrobras

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