July 14, 2020 / 10:27 PM / a month ago

Brazil's Petrobras says could beat its debt target for 2020 - CEO

FILE PHOTO: A logo of Brazil's state-run Petrobras oil company is seen at their headquarters in Rio de Janeiro, Brazil October 16, 2019. REUTERS/Sergio Moraes/File Photo

RIO DE JANEIRO (Reuters) - Brazil’s Petrobras (PETR4.SA) will keep its gross debt targets for 2020 amid the new coronavirus pandemic, but may eventually reduce it to lower levels depending on market conditions, Chief Executive Officer Roberto Castello Branco said on Tuesday.

The company aims to reach $60 billion, he said, not specifying a timeline. Castello Branco said the company should announce new divestments in the coming months, despite delays in the process imposed by the health crisis.

Reporting by Sabrina Valle; Editing by Chris Reese

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