Australian player hits pause on field purchases from Brazilian state player amid court ruling
Rio de Janeiro, 21 November 2016 – Petróleo Brasileiro S.A. – Following the material fact disclosed on 10/06/2016, Petrobras informs that became aware of the existence of an action in respect of which an injunction was granted to suspend the divestment process of the concession rights for Baúna and Tartaruga Verde for the time being.
Petrobras will appeal the injunction and clarifies that this transaction was conducted in compliance with the stages laid down in the Divestment System and guaranteed extensive competition among potential interested parties, as a means of ensuring the best deal for the Company.
Petrobras also considers the independent opinions of financial institutions which assess transactions, affirming that the sales value is fair. The processes are analysed by various committees of the company and submitted to the competent bodies for approval of the transactions.