State-owned Brazilian oil giant Petrobras is speeding up efforts to sell assets and cut costs in order to reduce its debts, Folha de S.Paulo reported on 19 September.

The proposals were part of the company’s new business plan conceived by new president Pedro Parente, which focused on reducing debts.

Although details were not disclosed, the report said it was expected that Petrobras would cut its investment budget by US$15bn/year, a 20% cut.

The new plan would focus on partnerships with other partners to allow Petrobras to sell its part in any businesses in which it holds controlling positions, such as refining and transportation.

Petrobras’ strategy is to concentrate its investment into petroleum connected products, which would have a greater potential for revenue.

Operations such as biofuel, gas, and petrochemistry may be sold, the report said.