Petrobras Denies Hiring JPMorgan for License Sales

Petrleo Brasileiro SA denied on Friday that it has hired JPMorgan Chase & Co to handle the sale of oil exploration licenses in deep-sea areas off the coast this year. In a securities filing, the state-controlled oil producer known as Petrobras reiterated the need to reduce capital investments, dispose of assets and step up divestitures to preserve cash.

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