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Petrobras on Arbitration Involving Sete Brasil

Source: www.gulfoilandgas.com 7/29/2020, Location: South America

Petrobras informs that the Board of Directors approved, in a meeting held today, an agreement with Fundação Petrobras de Seguridade Social (Petros), which aims to end the arbitral dispute proposed by Petros in order to obtain compensation from Petrobras for alleged material damages related to the investment in Sete Brasil.

The agreement extinguishes the dispute without acknowledgment of guilt or liability by both parties and does not affect other lawsuits or arbitrations involving the parties, as well as other disputes involving the investment in Sete Brasil.

As a result of the agreement, whose terms are protected by confidentiality, Petrobras will pay Petros R$ 950 million, an amount already reflected in the financial statements for 2Q20. The Company will inform the date of payment to Petros in due time.

Finally, Petrobras remains in defense of its interests in the ongoing proceedings

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