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Petrobras to slash spending, restore confidence

About 83 per cent, or US$108.6 billion, of the new capex plan will go towards exploration and production. The biggest cuts come in refining and supply which saw its budget reduced 67 per cent to US$12.8 billion, compared with last year's plan.

Rio de Janeiro

BRAZIL'S state-run oil company Petrobras has cut its long-term spending plan to the lowest level in eight years as new management moved to reduce the industry's largest debt burden and restore confidence after a devastating corruption scandal.

Petroleo Brasileiro SA