Petrobras Makes New Proposal to End Strike

SAO PAULO (Dow Jones Newswires), Mar. 25, 2009

Brazilian state-run oil company Petrobras has presented a new proposal to its workers and is hoping for an end to a warning strike, the company said in a press release Tuesday night.

Workers are in the third day of a planned five-day warning strike, which began Monday. The strike is mainly over proposed changes to how a company profit-sharing plan is operated.

"The company presented a new profit-sharing plan proposal to the unions. The other issues that compose the labor unions' agenda were also discussed. Negotiations will resume Wednesday morning, and the expectation is that the strike will be terminated," said Petrobras.

According to union representatives, workers at 28 of the 44 Petrobras offshore oil and gas platforms joined the strike, and all 47 company oil terminals were occupied by striking workers.

Petrobras said there have been no interruptions to production and that fuel supplies continued to be normal.  

Copyright (c) 2009 Dow Jones & Company, Inc.

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