Petrobras Will Not Slow Down Asset Sales

State-controlled oil company Petróleo Brasileiro SA will not slow down asset sales or debt-cutting efforts if it meets debt targets earlier than expected, Chief Executive Pedro Parente said on Monday.

Petrobras, as the company is known, plans to cut net debt to 2.5 times operating profits by 2018, down from 3.24 times in the first quarter. In a presentation to investors, Parente added that the company was working to soon present a model to seek partnerships for its downstream operations.
 
 
(Reporting by Luciano Costa; Writing by Bruno Federowski)

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