Petrobras To Continue With Refinery Divestments

(Petrobras, 1.Oct.2020) — Petrobras informs the plenary composition of the Supreme Federal Court (STF), by majority vote, denied the preliminary injunction request formulated by the Federal Senate and Congress committees regarding the Complaint 42576 to suspend the processes of divestment in refining and their respective logistic assets.

Therefore, the company will continue the competitive processes for divestment of Landulpho Alves Refinery (RLAM) in Bahia, Presidente Getúlio Vargas Refinery (REPAR) in Paraná, Abreu e Lima Refinery (RNEST) in Pernambuco, Shale Industrialization Unit (SIX) in Paraná, Alberto Pasqualini Refinery (REFAP) in Rio Grande do Sul, Gabriel Passos Refinery (REGAP) in Minas Gerais, Isaac Sabbá Refinery (REMAN) in Amazonas and Lubrificantes e Derivados de Petróleo do Nordeste (LUBNOR) in Ceará.

Today’s decision enables the continuity of the portfolio optimization and capital allocation improvement strategy, allowing  greater generation of value for our shareholders. Petrobras CEO, Roberto Castello Branco, commented the result: “We are very happy. We have always believed in a positive result because we have confidence in the capacity of our Supreme Court”.

Finally, Petrobras reinforces its commitment to a wide transparency of its divestment projects and portfolio management and informs that subsequent steps will be disclosed to the market in accordance with the company’s divestment guidelines and Decree 9,188/2017.