Brazil's Petrobras and Odebrecht to reduce costs

April 1, 2016 5:36 PM

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SAO PAULO – Two Brazilian companies ensnared in massive corruption investigation say they plan to cut billions of dollars in costs or sell off assets.

State-run oil company Petrobras says in a Friday statement that it has approved a voluntary layoff program to reduce its workforce by about 12,000 and save 33 billion reals (about $9.20 billion) by 2020.

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