January 14, 2020 / 2:54 PM / 10 days ago

Brazil's Petrobras idles loss-making fertilizer plant, fires 396 -statement

FILE PHOTO: A logo of Brazil's state-run Petrobras oil company is seen at their headquarters in Rio de Janeiro, Brazil October 16, 2019. REUTERS/Sergio Moraes/File Photo

SAO PAULO (Reuters) - Brazil’s state-controlled oil company Petroleo Brasileiro SA, known as Petrobras, said on Tuesday it will idle a fertilizer plant in Paraná state because it has been consistently losing money since its acquisition in 2013.

Petrobras said in a statement it has been trying to sell the nitrogen fertilizer unit unsuccessfully for more than two years, adding it will fire its 396 employees as a result of the decision. In the 9 months ending in September of 2019, Petrobras said the subsidiary lost 250 million reais ($60.4 million).

Reporting by Ana Mano

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