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Brazil: Petrobras gets new boss

By  |  May 22, 2016

Brazil’s interim President, Michel Temer, has named a new boss for scandal-hit state-run oil firm Petrobras.

He is former energy minister Pedro Parente, who replaces existing chief executive Aldemir Bendine to become the third head of the firm in 16 months.

Petrobras is at the centre of a massive corruption scandal that has rocked Brazilian politics.

It has said it will cut 12,000 jobs by 2020 as it fights to stay competitive.

Petrobras, which has reported losses for the last two financial years, is expected to spend $1.23bn on implementing the job cuts, which come as part of an investment plan to turn around the company’s fortunes.

Full Content: BBC

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