Petrobras on Stake in the Company Ibiritermo S.A.

Source: www.gulfoilandgas.com 6/1/2022, Location: South America

Petrobras signed a contract for the purchase of Edison S.p.A.'s interest (50%) in Ibiritermo S.A., for the price of R$ 1.00, in compliance with the Energy Conversion Contract (ECC), signed on 06/21/2002 with Ibiritermo S.A..

Additionally, at the conclusion of the transaction, Petrobras will make the payment of compensation for part of the capital in the amount of R$ 2.500.000,00 (two million and five hundred thousand reais) to Edison S.p.A., as provided for in the share purchase agreement, and the ECC will be closed, with the transfer of the Usina Termelétrica Ibirité (UTE Ibirité) to Petrobras, the only asset of Ibiritermo S.A., which since the execution of the ECC has been operated by Petrobras.

Petrobras already holds a 50% stake in Ibiritermo S.A. and, after the transaction is concluded, the company will hold 100% of Ibiritermo S.A.'s shares and exclusive ownership of UTE Ibirité.

The conclusion of the transaction is subject to precedent conditions, such as approval by the Administrative Council for Economic Defense (CADE).

After the conclusion of the transaction, Petrobras will adopt the necessary measures to start the liquidation of Ibiritermo S.A., starting to operate UTE Ibirité as an integrated asset to its thermal power plants portfolio, without an associated corporate structure.

About Ibiritermo S.A.
Founded in 2001, Ibiritermo S.A. is a closed capital corporation, and its only asset is the UTE Ibirité, located in the city of Ibirité in Minas Gerais, with an installed capacity of 226 MW.

The power plant is the subject of an ECC - Energy Conversion Contract, signed on June 21, 2002, between Ibiritermo S.A. and Petrobras, with Edison S.p.A. as the consenting intervening party.

Through the ECC, Petrobras has been the lessee of the plant since June 21, 2002, and is in charge of the operation and maintenance, the fuel and water supply, and the payment of the connection and usage charges of the electric energy distribution and transmission systems. On the other hand, Petrobras is free to dispose of the energy generated by the plant.


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