Reuters is reporting that Petrobras is to idle a fertilizer plant in the Brazilian state of Paraná because it has been consistently losing money since its acquisition in 2013.
Petrobras said 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 2019, Petrobras said the subsidiary had lost 250 million reais (US$60.4 million).
Read the article online at: https://www.worldfertilizer.com/nitrogen/15012020/petrobras-idles-fertilizer-plant/
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