Petrobras Announces Divestments, Office Closings in Argentina, Colombia, Uruguay

RIO DE JANEIRO, BRAZIL – Brazilian state oil company Petrobras said it will rationalize its international presence next year and will close its offices in Argentina, Colombia and Uruguay after divestment there.

“The company also maintains offices in Bolivia, Argentina, Colombia and Uruguay. In these last three countries, there is an ongoing disinvestment process, and the tendency is that, once completed, the respective offices will also be deactivated,” said a press statement released on Wednesday.

The closures will allow the company to focus on three main oil markets: Europe, North America and Asia, the press release stated.

The initiative is part of the company’s actions to reduce corporate costs by up to $13.5 million in 2021 after the gradual closure of external offices since 2019.

Petrobras has closed 10 of the 18 foreign offices it had at the end of 2018, including those in China, Mexico, Iran, Turkey, New York, Japan, Paraguay, Nigeria, Tanzania, and Libya.

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