Petrobras is splitting its petroleum trading unit into a division for domestic markets and another for international markets.
“The change aims to align Petrobras with movements in the sector and bring more synergies, innovation and agility to its trading unit,” Petroleo Brasileiro SA, as the Brazilian state-controlled oil producer is officially known, said in an emailed statement.
The move, first reported by Reuters, happens a couple of months after Petrobras decided to close offices in New York, Mexico City, Tokyo and other locations to cut costs and concentrate its workforce at its Rio de Janeiro headquarters.
Previously, teams were divided by products, such as gasoline, naphtha and jet fuel. Now, they’ll be divided by destinations with similar regulations, the company said.