RIO DE JANEIRO—Brazilian state-run oil company Petró leo
Brasileiro SA said Monday it plans to slash investments by 37% over
the next five years in an urgent effort to reduce its soaring debt
load.
Petrobras expects capital spending over the 2015-19 period to
total $130.3 billion, the company said in a long-delayed document
outlining its five-year business plan. Petrobras' previous
five-year plan foresaw investments of $220.6 billion over the
2014-18 period.
The company also increased its goal for asset sales this year
and next, saying it now expects to divest $15.1 billion in 2015-16,
up from a previous target of $13.7 billion.
Write to Paul Kiernan at paul.kiernan@wsj.com
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