Brazilian state-run Petrobras could reduce its 2010 financing needs to less than $4 billion on cost cuts, the company's chief financial officer, Almir Barbassa said.

Petrobras could cut its remaining projected 2010 financing needs by more than half if the company can reduce costs by 15% Barbassa told the local Estado news agency.

Barbassa made the comments on the sidelines of an event in Sao Paulo, said a Dow Jones Newswire report.

Currently, Petrobras, needs to raise about $8.9 billion of the $18.9 billion in funding it needs to finance its 2010 investment plans.

The company has already secured a $10 billion guarantee from the Brazilian National Development Bank.

Petrobras is negotiating contracts with suppliers to cut costs, which the company said still reflected last year's record-high oil prices.

In January, Petrobras announced its 2009-13 strategic plan, which includes investments of $174.4 billion.

Petrobras boss Jose Sergio Gabrielli said at the time, however, that the company would work nonstop to reduce the investment budget through cost cuts.