Brasília – The president of Brazil’s state-owned oil company Petrobras, Aldemir Bendine, said this Tuesday (28th) that he should finish outlining a new business plan in 40 days. According to him, this is the biggest challenge that lies ahead for the corporation. Petrobras’ president also stressed that a complete administrative reorganization is underway.
“We plan on working hard on corporate governance and risk mitigation, to render in-company decision-making much safer, with no detriment to agility,” Bendine said during a joint hearing of the Brazilian Senate’s Infrastructure Services and Economic Affairs commissions.
Bendine attended the public hearing a week after the 2014 audited financial statements were released, reporting R$ 21.6 billion (US$ 7.3 billion at current exchange rates) in losses, over R$ 6 billion (US$ 2 billion) of which are corruption-related. With R$ 282 billion (US$ 95.8 billion) in net debt, Petrobras would require five years’ worth of operations to meet all obligations, the statements show.
*Translated by Gabriel Pomerancblum
