Petrobras To Review Workers Profit-Sharing Pact

Reuters

SAO PAULO, Nov 22 (Reuters) - Petroleo Brasileiro SA , the world's most indebted large oil company, is reviewing terms of a profit-sharing accord with workers, as rifts between the Brazilian state-controlled company and unions escalate, the Valor Econômico newspaper reported on Tuesday.

According to Valor, Petrobras intends to modify aspects of the PLR, as the profit-sharing mechanism is commonly known.

Unions leaders told the newspaper that the proposal could include barring a current rule that would guarantee a one-time bonus for workers even if the company posts an annual loss.

Unions are challenging efforts by Petrobras Chief Executive Officer Pedro Parente to dispose of assets and limit pay raises.

He says such actions could help prevent the company's $130 billion debt from growing.

Workers are considering a stoppage on Nov. 30 to protest a potential revision of the profit-sharing agreement, Valor said.

Rio de Janeiro-based Petrobras, as well as the media offices for unions representing oil workers in the states of Sergipe and Alagoas, did not respond to requests for immediate comment.

Last week, Parente vowed to stick to a $15.1 billion asset sale goal for the two years ending in 2016, signaling that Petrobras is making headway on its downsizing plan.

Unions recently won an injunction to halt the sale of the Baúna and Tartaruga Verde fields to Karoon Gas Australia Ltd . Petrobras has vowed to appeal the injunction, Valor said.

(Reporting by Guillermo Parra-Bernal; editing by Jason Neely)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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