Petrobras Clarification on News: Sale process of Termobahia stake

Rio de Janeiro, August 21, 2017 – Petróleo Brasileiro S.A. – Petrobras reports that it received Official Letter 290/2017/CVM/SEP/GEA-1 on 8/21/2017, requesting the following clarification:

Official Letter n. 290/2017/CVM/SEP/GEA-1

“Mr. Director,

We refer to the news published on 8/21/2017, in the Valor Online newspaper, under the headline “Liminar suspende venda de 50% da TermoBahia, da Petrobras, para Total” [“Injunction suspends the sale of 50% of TermoBahia, from Petrobras to Total”] and in Reuters, under the headline “Justiça acolhe ação popular e suspende negócio entre Petrobras e Total por Termobahia” [“Courts accept class action suit and deal between Petrobras and Total for Termobahia is suspended”], which include, in summary, the following statements:

“The Federal Court of Sergipe granted an injunction suspending on a temporary basis the sale of 50% of TermoBahia from Petrobras to France’s Total. The decision by federal judge Edmilson da Silva Pimenta, of the 3rd Federal Court of Sergipe, is a response to the class action filed by the Oil Workers’ Union of Alagoas and Sergipe (Sindipetro-ALSE).

Petrobras and Total announced last year a strategic alliance worth USD 2.2 billion, which provided for the sale of 25% of the Iara area and 35% of operation in the Lapa field, both in the Santos Basin’s pre-salt layer, and 50% of TermoBahia – which controls thermal power plants Rômulo de Almeida and Celso Furtado.

In the case of TermoBahia, the Federal Prosecutor’s Office understands that there are strong indications that the negotiation, ‘despite being called a Strategic Alliance, actually conforms to the Petrobras Divestment Program, which has already been rebutted by several Brazilian lawsuits’.

The judge understands that the company must obey the principles of legality and publicity. “However, in the manner that they have been conducted by the aforementioned state-owned company, the relevant regulations are not being observed even minimally,” states the dispatch from the Sergipe Federal Court.”


Termobahia operates thermal power plants Celso Furtado and Rômulo de Almeida, both in Bahia. Petrobras holds close to 99 percent of the voting shares in the company, and with the sale, such stake would drop to just over 49 percent.

“The sale of Petrobras’s assets with no bidding process is tainted by material unconstitutionality, reason why it shall be declared null and void,” states the report by Judge Edmilson da Silva Pimenta, from the 3rd Federal Court in Sergipe, who signed the court ruling.

The decision must be complied immediately, but no fine has been fixed for any non-compliance.


In view of the above, we request a statement from the company regarding the news and possible impacts on the Company, as well as comments on other information deemed important on the subject.”


Petrobras, in relation to the aforementioned news, clarifies that it has not yet received any summons, and that it can only confirm its content and express its opinion after the analysis of the injunction, though the Company shall take all legal measures to guarantee its interests and the interests of its shareholders.

Categories: Petrobras

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