Virus deals massive blow to Brazil oil giant
Brazilian oil company Petrobras reports a loss of 48.5 billion real for the first quarter. – AFP pic, May 15, 2020.
BRAZIL’S state-run oil company, Petrobras, yesterday reported a steep loss for the first quarter and warned that more blows are on the horizon because of the coronavirus pandemic. The firm reported a loss of 48.5 billion real for the first three months of the year, its worst quarter since it was hit by a huge corruption scandal in the 2014-2017 period.
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