Petrobras to hold April 25 shareholders meeting to approve board, budget

FILE PHOTO: A man walks in front of the Brazil's state-run Petrobras oil company headquarters in Rio de Janeiro, Brazil December 5, 2018. REUTERS/Sergio Moraes/File photo

RIO DE JANEIRO (Reuters) - Brazil’s Petroleo Brasileiro SA has scheduled a shareholders meeting for April 25 to approve the new composition of the company’s board and its 2019 budget, among other measures, the state-run oil firm said on Monday.

Shareholders in Petrobras, as the company is known, will deliberate on the 54.7 billion reais ($14.1 billion) in planned expenditures in 2019, 47.788 billion reais of which will be dedicated to exploration and production, the company said in a statement. The firm’s 2019 budget is part of its 2019 to 2023 business plan, released in December.

Shareholders will also vote on the approval of five new board members, appointed by the government, shareholders and employees, as well as the removal of one current board member.

Reporting by Gram Slattery; Editing by Susan Thomas