The largest oil workers union in Brazil has announced that it will begin a strike against Petrobras on Sunday, Asia Shipping Media reported. The workers are striking to protest austerity measures being implemented at the massive oil giant.
Petrobras has endured months of scandal and controversy after extreme cases of bribing and corruption were exposed early this year by local and international media. These practices were found to be prevalent at all levels of the company, leading to the scandal’s designation as the biggest in Brazilian history.
The belt-tightening is needed in the depressed oil price environment, Petrobras stated, in addition to attempts to restore the company’s image. Bloomberg noted that the firm is cutting costs at every junction, doing away with chauffeurs, parties, and overseas training programs.
The reduction in expenses alone is expected to produce savings of over $12b per year, with an additional $15b to come from selling off assets.