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Report: Petrobras chief says firm will hike production, focus on core business

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Report: Petrobras chief says firm will hike production, focus on core business

Newly sworn-in Petróleo Brasileiro SA - Petrobras CEO Roberto Castello Branco said the Brazilian state-owned company will increase oil production and focus on its core business as it plans to leave other sectors.

In a Jan. 4 report from Bloomberg, Castello said the fuel unit BR Distribuidora and midstream assets are among those being considered for possible sale. He was sworn in as CEO of Petrobras on Jan. 3 and had been a member of its board.

Castello said the company also plans to reduce the debt load of the company, which is among the largest for any publicly trading oil company, and plans to continue its divestment program to help raise cash and streamline operations.

Petrobras' segments include exploration and production; refining, transportation and marketing; gas and power; biofuels; and distribution.