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Business

Brazil's Petrobras Slashes Investment Amid Kickback Probe

Petrobras' CEO Pedro Parente says he will root out corruption.

Pedro Parente, far right, Petrobras' CEO, who has vowed to root out corruption, photo: Wikipedia
11 months ago

RIO DE JANEIRO – Brazil’s state-run oil company is further slashing its investment plans by one fourth less than a year after similar cuts as oil prices fall and a corruption probe widens.

Petrobras says in a statement Tuesday that it will invest $74.1 billion between 2017 and 2021, a 25 percent drop from the $98.4 billion promised between 2015 and 2019. It will also sell $19.5 billion in assets in the next two years after selling $15.1 billion in the last two.

The company says it aims to produce 2.77 million barrels a day in 2021.

These five-year projections have repeatedly plunged from $220.6 billion announced in 2014.

Prosecutors have implicated numerous businessmen and politicians in a sweeping kickback scheme centered around Petrobras. Petrobras’ CEO Pedro Parente says he will root out corruption.

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