By Lise Alves, Senior Contributing Reporter
SÃO PAULO, BRAZIL – Petrobras, Brazil's state-led oil giant, announced that it has approved a plan to sell assets worth US$13.7 billion in 2015 and 2016 in order to cut costs and reduce its debts. The company is currently involved in a large-scale corruption scandal and has seen its finances tumble.
“The plan is part of the company’s financial planning which seeks to reduce leverage, preserve cash flow and concentrate in priority investments, especially production of petroleum and gas in Brazil in areas of high productivity and returns . . .