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Falling refining margins, tax program fueled weak results -Petrobras CFO
November 13, 2017 / 10:36 PM / 7 days ago

Falling refining margins, tax program fueled weak results -Petrobras CFO

RIO DE JANEIRO, Nov 13 (Reuters) - Brazilian state-controlled oil company Petroleo Brasileiro said on Monday that falling refining margins and non-recurring charges such as those linked to a tax renegotiation plan contributed to weak results in the third quarter.

Petrobras Chief Financial Officer Ivan Monteiro told a news conference that the company posted 2 billion reais in non-recurring charges in the quarter, of which 900 million reais came from the decision to join a federal tax renegotiation program. (Reporting by Alexandra Alper and Rodrigo Viga Gaier; Editing by Lisa Shumaker)

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