(Investing)– Brazilian oil workers union FUP said on Monday it plans to accept a counteroffer from state-run company Petrobras for a labor deal, paving the way to end a week-long strike.
In a statement published on social media, FUP said a majority of its board had approved signaling it would accept the oil firm’s counteroffer, which still requires approval from workers. It did not provide further details.
Petrobras in a separate statement confirmed it had made “adjustments” to its latest collective labor proposal, “including advances on key union demands,” and added the strike has not affected production or market supply.
The strike stems from an ongoing dispute over a deficit in the company’s pension fund and proposed changes to employee compensation, among other issues. It hit oil platforms, refineries and biodiesel plants, according to unions.
