Brazil Oil Workers Union Calls Off Strike Action

SAO PAULO (Dow Jones Newswires), August 4, 2008

A platform workers union in Brazil's key Campos Basin called off a five-day strike that was due to begin Tuesday after accepting a proposal from state-run oil giant Petroleo Brasileiro (PBR), or Petrobras.

Sindipetro-NF union members at 40 of the 42 Petrobras production platforms in the region voted to accept the deal, according to a statement from the union.

According to the Sindipetro-NF, Petrobras partially accepted the union's request that "disembark day," or the day workers disembark from platforms for shore leave, should not be counted as a vacation day.

Petrobras offered half pay for these days, paid retroactively to 2005.

A similar strike in mid-July caused Petrobras to lose about 63,000 barrels of daily crude oil production in the Campos Basin. The Campos Basin is responsible for more than 85% of Brazil's crude oil output.

A broader nationwide strike that would have shuttered all of Petrobras' operations, including refineries and pipelines, was avoided last week. Petrobras raised its profit-sharing proposal to the umbrella Brazilian Oil Workers Federation, or FUP.

FUP accepted the proposal and urged oil workers to vote to approve it and cancel plans for the August 5th strike.

Copyright (c) 2008 Dow Jones & Company, Inc.


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