Petrobras on REMAN Refinery Divestment

(Petrobras, 10.Mar.2022) — Petrobras, following up on the release disclosed on 08/25/2021, concerning the sale process of Refinaria Isaac Sabbá (REMAN) to Ream Participações S.A., informs that the General Superintendence of the Administrative Council for Economic Defense (CADE) published on 03/08/2022 a dispatch declaring the Act of Concentration to be complex and ordering the execution of a few diligences.

The declaration of complexity is a procedural act defined in article 56 of Law 12.529/2011, allowing CADE to order the execution of complementary instruction, specifying the diligences to be carried out, and also allowing the competition authority to request, afterwards, if necessary, the extension of the deadline in up to 90 days, changing the deadline for the analysis of the operation from 240 to 330 days.

The diligences determined are related to the further analysis of the operation and its effects on the downstream refining markets and possible competitive impacts.

Petrobras will continue to collaborate with CADE in order to obtain the approval of the transaction within the legal deadline and will keep the market informed about any relevant decision.

In addition to the approval by CADE, the completion of the transaction is still subject to compliance with other usual preceding conditions.