Clarification on News: Embezzlement in contracts with Odebrecht

Rio de Janeiro, November 14, 2016 – Petróleo Brasileiro S.A. – Petrobras responds to Official Letter No. 525/2016/CVM/SEP/GEA-1 which requests clarifications, as follows:

Official Letter Nº 525/2016/CVM/SEP/GEA-1

“Dear Executive Officer,

We report to the news published today in the newspaper “O Estado de São Paulo”, section Economics & Business, under the title: “Petrobrás estima em pelo menos R$ 7 bi desvios em contratos com a Odebrecht” [“Petrobras estimates in at least BRL 7 billion embezzlement in contracts with Odebrecht”], which contains the following affirmations:

Based on internal audits, Petrobras has a preliminary estimate that the Odebrecht group participated in the embezzlement of at least R$ 7 billion from the state-run company. The amounts consider not only engineering works. They include liabilities that would have been created with fraudulent overpricing applied to contracts for the construction of operating units, supply of equipment, such as rigs, and provision of services such as exploration of oil, which helped cover the payment of bribes in the corruption scheme that involved executives of Petrobras and politicians.

As a source with transit in Petrobras reported to [the newspaper] Estado, the amount was not officially disclosed nor informed to Odebrecht because the state-run company is waiting for the result of the more than 70 plea bargains of executives of the Odebrecht group. One believes that new details may increase this initial estimate as well as the indemnity that Petrobras will claim.”


Petrobras clarifies it has no knowledge about the existence of a preliminary estimate in the amount mentioned in the article of at least R$ 7 billion, regarding possible embezzlement with the Odebrecht group, based on Petrobras’ internal audits and/or inquiry commissions.

Facts on the subject which were judged to be material shall be timely disclosed to the market.

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