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Petrobras’ profits jump 350% to $4.8 bn in the second quarter

Petrobras profits

The company’s net income falls 57 percent year-on-year to $1.3 bn from $3 bn

Brazil’s oil giant Petrobras posted a record breaking 350 percent increase in net profits to $4.8 billion in the second quarter. However, net income plunged 57 percent year-on-year to $1.3 billion from $3 billion.

As of July, the company sold assets worth $15 billion which contributed to Petrobras’ historic profits. The company is focused on selling its non-core assets, including oil refineries and its stake in petrochemical group Braskem.

Earlier in April, the oil giant sold its share in its natural gas pipeline unit to France’s Engie for $8.6 billion. In July, it also sold a majority stake in its fuel distribution unit, BR Distribuidora, for $2.3 billion.

“We are firmly committed to completely disengaging from the natural gas transportation and distribution business,” Roberto Castello Branco, CEO of Petrobras told the media.

Petrobras considers a mass transfer of employees out of its Transpetro logistics unit

Brazilian state-run Petrobras is considering downsizing its Transpetro logistics unit, according to media reports. It is common practice in Petrobras for employees to be hired by the parent company and later shifted to a subsidiary.

Petrobras’ fuel distribution unit also went through a similar process.

According to the oil-giant, it is constantly carrying out evaluations of the profile and quantity of its personnel, taking into account goals, competencies and knowledge. After individual evaluations, the human resource department will consolidate the information and, together with executive managers, they will come up with a return plan for employees.

Transpetro operates over 7,500 km of oil pipelines and has a fleet of over 50 ships. It reported net revenue of $1.8 billion in 2018, contributing about 2 percent of Petrobras’ revenue.

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