January 14, 2020 / 2:49 PM / 15 days ago

Brazil's Petrobras idles loss-making fertilizer plant, fires 396 -statement

SAO PAULO, Jan 14 (Reuters) - Brazil’s state-controlled oil company Petroleo Brasileiro SA, known as Petrobras, said on Tuesday it will idle a fertilizer plant in Paraná state because it has been consistently losing money since its acquisition in 2013.

Petrobras said in a statement it has been trying to sell the nitrogen fertilizer unit unsuccessfully for more than two years, adding it will fire its 396 employees as a result of the decision. In the 9 months ending in September of 2019, Petrobras said the subsidiary lost 250 million reais ($60.4 million).

$1 = 4.1401 reais Reporting by Ana Mano

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below