Petrobras CEO: 5 Years to Rebuild Company

Petrobras CEO: 5 Years to Rebuild Company

The chief executive of Brazil's Petroleo Brasileiro SA estimates it will take five years for the state-run oil producer to win back the credibility it lost among investors after a massive corruption scandal sent some of its top executives to jail.

Aldemir Bendine told daily O Estado de S.Paulo that the corruption scandal will weigh on Petrobras as long as investigations continue but that he will keep pushing for management and financial changes in the company, Reuters reported.

"I wouldn't be here if I did not believe in this project," he said in an interview published on the paper's website on Saturday. "It is a five-year project."

Petrobras last week reported an 89% plunge in its second-quarter net income as it took a one-time charge for underperforming projects before a planned sale of up to $15.1 billion in assets by the end of 2016.

Bendine said he was negotiating partnerships to help Petrobras conclude some of its investments, including its $15 billion Comperj Refinery outside Rio de Janeiro.

"We already have four investors interested (in Comperj), including a Chinese investor," he said without giving names. "The (partnership) value is $0.9-1.1 billion but if they want to invest more, I will not be upset."


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