CEO: Petrobras Spending To Be Gauged Based On Cash Flow

Reuters

BRASILIA, April 28 (Reuters) - State-controlled Petróleo Brasileiro SA will determine future capital spending plans depending on the oil producer's ability to generate cash and obtain fresh financing, Chief Executive Officer Aldemir Bendine said on Tuesday.

Bendine, speaking after giving congressional testimony in Brasilia, said he is not concerned about the ability of Petrobras, as the company is more commonly known, to raise funding from banks, investors and other creditors.

He added that management is working on a new corporate governance framework to enable the company to become more agile in making strategic decisions.

(Reporting by Nestor Rabello; Writing by Guillermo Parra-Bernal)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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