Petrobras (PBR -0.7%) is looking to team up with foreign partners to share the cost of projects...


Petrobras (PBR -0.7%) is looking to team up with foreign partners to share the cost of projects from northeastern Brazil to Angola. PBR has reduced by half contracts with Brazilian engineering groups for projects outside of Brazil, indicating it is pressuring local suppliers to cut costs. “They’re putting their house in order,” one analyst says. “When things start to improve... there could be a strong movement” back into the stock.

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