Petrobras Updates On TOR Approval

(Petrobras, 5.Sep.2019) — Petrobras reports that the Brazilian Senate approved the Constitutional Amendment Proposal (CAP) that allows the Federal Government to share with states, the Federal District and municipalities the funds raised in the pre-salt auctions – CAP 98/2019, one of the required steps to enable the payment by the Federal Government to Petrobras of $9.058 billion resulting from the Review of the Transfer of Rights Agreement.

Petrobras will await the approval of the aforementioned CAP in the House of Representatives and the consequent amendment of the Annual Budget Law, in order to comply with the budgetary solution conditions required by the company’s Board of Directors for the signature of the Amendment to the Transfer of Rights Agreement, as per communication disclosed on May 21, 2019. It should be emphasized that the Board also conditioned that the execution of the amendment must take place before the auctioning of the Transfer of Rights surplus.

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