Rio de Janeiro, October 23, 2015 – Petróleo Brasileiro S.A. – Petrobras announces that its Board of Directors, in a meeting held today, has approved the partial spin-off of Petrobrás Gás S.A. (Gaspetro).

The spin-off aims to segregate the assets and liabilities related to the natural gas distribution business from the company’s remaining assets and liabilities, turning Gaspetro into a holding company which will consolidate Petrobras’ interests in natural gas distributors.

The Board of Directors also approved the creation of a new wholly-owned subsidiary of Petrobras (Petrobras Logística de Gás S.A.) with the purpose of receiving the assets and liabilities not related to the natural gas distribution business segregated from Gaspetro.