Petrobras on Deadline for Sale of Assets under TCCs

Source: 5/11/2021, Location: South America

Petrobras informs that its Executive Board approved, on today's date, the execution of amendments to the Commitment Terms (TCCs) signed with the Administrative Council for Economic Defense (CADE), with the purpose of extending the deadline for Petrobras to continue with the negotiations for the effective conclusion of the negotiation processes and signing of contracts for the purchase and sale of assets provided for therein.

The new deadlines approved by CADE to conclude the processes are as follows:
(i) Refinaria Isaac Sabbá (REMAN), Lubrificantes e Derivados de Petróleo do Nordeste (LUBNOR) and Refinaria Alberto Pasqualini (REFAP) - 07/31/2021;
(ii) Unidade de Industrialização do Xisto (SIX), Refinaria Gabriel Passos (REGAP) and Refinaria Abreu e Lima (RNEST) – 10/30/2021;
(iii) Refinaria Presidente Getúlio Vargas (REPAR) – 12/31/2021 and
(iv) Petrobras Gás S.A. (Gaspetro) – 06/30/2021.

The process of selling these assets is subject to evaluation by Petrobras' internal governance bodies. Such operations are foreseen in the TCCs signed with CADE in June 2019, for the refining assets, and in July 2019, for the natural gas assets, in order to stimulate competition, encouraging the entry of new economic agents in these markets.

Petrobras reaffirms its commitment to broad transparency in the management of its portfolio and reinforces that the main stages of the processes are disclosed to the market in accordance with Petrobras' internal rules and with the special regime for divestment of assets by federal mixed economy companies, provided for in Decree 9,188/2017.

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