11,700 Petrobras Workers Resign

11,700 Petrobras Workers Resign11,700 Petrobras Workers Resign

Over 11,700 Petrobras employees signed up to leave through the Brazilian energy firm’s voluntary dismissal program. The government-owned company set up the program to reduce debt and reduce operational costs by $10 billion in the coming years as global oil prices stay low, Oil Price reported. Petrobras workers had until August 31 to sign up for the voluntary dismissal program, through which they would be eligible for severance benefits. Paying out the benefits for the 12,000 workers on the way out will cost the company $1.23 billion, an official statement said on Friday. The firm’s stock prices rose by 4.5% on Friday morning, the highest jump since August 11. Petrobras’ stock prices have doubled over the course of 2016 after sinking to a 17-year low in January. So far, the company has pulled out of major investments and stabilized fuel prices in Brazil to keep revenues up, as the bear market for oil passes.