July 3, 2020 / 12:56 AM / in a month

Brazil's Petrobras sees cost-savings of $3.4 bln through 2025 with worker buyouts

SAO PAULO, July 2 (Reuters) - Brazilian state-run oil company Petrobras said on Thursday that 10,082 of its workers have taken buyouts since 2019, which would allow a total cost-savings of around 18 billion reais ($3.4 billion) through 2025.

In a securities filing, Petroleo Brasileiro SA, as the company is formally known, said the buyouts will have no immediate impact on its cash position as some workers who took buyouts in 2019 agreed to leave their jobs in the following 24 months.

$1 = 5.3596 reais Reporting by Gabriela Mello; Editing by Tom Hogue

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