In the worst oil industry crisis in a hundred years there will be no layoffs, Petrobras discloses

Apr 20, 2020

Petrobras has adopted emergency and temporary measures that have as a priority to preserve jobs and the company’s sustainability in what is the worst crisis in the oil industry in a hundred years. There have not been and will not be dismissals of Petrobras employees. The measures to temporarily reduce personnel expenses are part of a set of actions taken by the company to face this crisis that combines the abrupt reduction in demand due to the new coronavirus pandemic and the sharp drop in oil prices.

Petrobras also disbursed credit lines, cut and postponed investments and reduced operating expenses. It postponed the payment of the Performance Prize for employees and dividends for shareholders, in addition to the renegotiation of contracts with major suppliers. Petrobras’ actions are in line with what the entire global oil industry is doing to overcome the impacts of this crisis.

Source: Petrobras Agency

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