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Petrobras on Arbitration Involving Sete Brasil

Source: www.gulfoilandgas.com 4/1/2020, Location: South America

Petrobras has entered into a settlement agreement to end an arbitration filed by an investor in Sete Brasil Participaçoes S.A. - under judicial reorganization, seeking compensation from Petrobras for alleged damages related to its investment in the Sondas Project.

In the 1Q2020, Petrobras will revert a provision of R$ 634 million related to thew disputes arising from the company Sete Brasil. The terms of the settlement agreement and the arbitration are confidential.

The company remains in defense of its interests in the ongoing proceedings.

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