Petrobras Said to Cut Parties, Chauffeurs to Save $12 Billion

  • Company looking to reach cost-cutting target by 2019
  • Will also cut outsourced staff, reduce management positions

Petroleo Brasileiro SA is doing away with chauffeured cars, overseas training programs, office parties and other perks as part of a plan to save $12 billion in corporate spending, people familiar with the measures said.

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