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Report: Petrobras to review workers profit-sharing agreement

  • Petrobras (NYSE:PBR) is seeking to modify the terms of a profit-sharing pact with workers, as disputes between the state-controlled company and unions escalate, Reuters reports, citing the Valor Econômico newspaper.
  • Unions leaders reportedly said the proposal could include barring a current rule that would guarantee a one-time bonus for workers even if the company posts an annual loss; a work stoppage may take place Nov. 30 to protest a potential revision of the profit-sharing agreement, according to the report.
  • Unions are challenging CEO Pedro Parente attempts to limit pay raises and sell assets, and recently won an injunction to halt the sale of two oil fields to Australia's Karoon Gas.

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Petróleo Brasileiro S.A. - Petrobras