RSS   Newsletter   Contact   Advertise with us

Petrobras ends operational activities in Africa, cut 400 jobs

Share on Twitter Share on LinkedIn
Christian Fernsby ▼ | January 16, 2020
Petrobras, has said it completely closed its operational activities in Africa.
Petrobras ship
Business in Africa   Petrobras ship
The statement came on Tuesday after the company finalized the sale of a 50% stake in the Netherlands-based Petrobras Oil and Gas BV, which holds some 8% Nigerian oil assets, for $1.4 billion to Petrovida Holding.

Topics: Petrobras Africa jobs

Petrovida Holding is formed by Vitol Investment Partnership II, Africa Oil Corp and Delonex Energy.

Additionally, Petrobras, which has its global headquarters in Rio de Janeiro, is expected to suspend operations at its wholly-owned Araucaria Nitrogenados fertilizer plant in Parana state, the company announced in another statement.

The plant reportedly has been recording constant losses since 2013 when it was first acquired from mining conglomerate Vale.

“The decision is in line with Petrobras' strategic positioning to fully exit the fertilizer business and in line with portfolio optimization and improved capital allocation of the company,” the firm explained.

Around 400 employees in the plant will be made redundant.


 

MORE INSIDE POST