SÃO PAULO, BRAZIL – Brazil’s oil giant, Petrobras, announced last week its new strategy of focusing on oil and gas production, doing away with its distribution and transportation subsidiaries and its fertilizer sub-division, as well as concentrating its operations in the Southeastern part of Brazil. Going against the global trend, the company has also slowed down investments in renewable energy.
“We are building the new Petrobras, a sustainable, competitive company that operates safely and ethically, creating more value for its shareholders and society. We will be a less-indebted company dedicated to deepwater oil exploration and production. This . . .
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