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Petrobras budget cut wins backing from legal community

Petrobras has slashed its budget by 37 per cent for the next five years/nielubieklonu

Brazilian state-owned energy company Petrobras’ move to cut billions from its budget over the next five years to counter the effects of the low price of oil and the unprecedented anti-corruption investigation into its contractual dealings has won support from the country’s legal community, although some have raised concerns about the impact reduced investment by Latin America’s largest company will have on the Brazilian economy.