Petrobras Inks TOR Amendment Agreement

(Petrobras, 1.Nov.2019) — Petrobras, following the press release issued on October 31, 2019, reports that it has signed today the Amendment to the Transfer of Rights Agreement.

The signing of the Amendment occurred prior to the Transfer of Rights surplus bidding round, after reaching the budget solution for the payment by the Federal Government to Petrobras and after meeting other conditions established by the company’s Board of Directors. 

The amendment provides for the reimbursement to Petrobras of US$ 9.058 billion (nine billion and fifty-eight million dollars), which converted to Real according to the rules of the Transfer of Rights Agreement and updated by the Selic rate until September 30, 2019, reach a total amount of around R$ 34.1 billion (thirty-four billion and one hundred million reais). The amount of the reimbursement will be adjusted by the Selic rate until its effective settlement, which will occur together with the receipt – by the federal government – of an amount equal to or higher than the signing bonus of the Transfer of Rights surplus bidding round or until December 27, 2020, whichever happens first.

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