(MENAFN) Petrobras, the Brazilian state-led oil company logged a loss of USD977million over the three months to March timeframe, based on the latest reports.
Additionally, this underwhelming outcome was mainly due to low oil prices, a weaker Brazilian currency against the dollar and the nation's worst recession in decades.
The firm is currently suffering to cut costs and sell assets as it seeks to keep top investments in giant offshore oilfields and cut its huge debt, the biggest in the oil industry.
However, in spite of the slight progress on the plan to sell USD15.1bn of assets by the end of 2016, investors' interest seems to be robust as Brazilian officials and economic experts sees it.
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