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Oil theft costs Petrobras nearly $40 million per year

Posted On: Sep. 24, 2019 6:34 AM CST

Roberto Castello Branco, chief executive of Brazilian oil firm Petroleo Brasileiro SA, said that oil theft costs the company's distribution subsidiary Petrobras Transporte SA nearly $40 million per year, Reuters reports. Theft from Petrobras' pipelines rose to a record high of 261 incidents in the states of Rio de Janeiro and Sao Paulo last year.

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