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Petrobras Starts Negotiation Phase for the Divestment of RLAM Refinery

Source: www.gulfoilandgas.com 7/9/2020, Location: South America

Petrobras, regarding to the news published in the media, referring to the divestment of the Landulpho Alves Refinery (RLAM), clarifies that there was approval by the Company's internal bodies to start the negotiation phase of the applicable contracts and the Mubadala Investment Company (Mubadala) presented the best binding phase proposal and was invited to start negotiations.

The start of negotiations with the participant which presented the best proposal is expected in divestment projects, which according to the special regime of asset divestment do not need any disclosure to the market. After the negotiations conclusion with the first place, there is still the possibility of a new round of binding proposals with the participants classified for this phase, depending on the terms of the contracts negotiated.

Finally, Petrobras reinforces its commitment to the transparency of its divestment projects and portfolio management and informs that the subsequent steps will be disclosed to the market in accordance with the Company's divestment program.

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