Uncategorized

Petrobras Clarification on News

Rio de Janeiro, October 1, 2018 – Petróleo Brasileiro S.A. – Petrobras reports that it received the Official Letter No. 363/2018/CVM/SEP/GEA-1, which requests the following clarification:

Official Letter No. 363/2018/CVM/SEP/GEA-1

“Mr. Director,
1. We refer to the news published on this date, in the newspaper “Valor Econômico”, Companies section, under the title: “Petrobras estimates that it would have from R$20 billion to R$ 30 billion yet to be reimbursed,” which includes the following statements: Negotiated three years ago, the agreement between Petrobras, the SEC and the DoJ has stalled in the last two months due to the determination by the company, which was ultimately successful, in being considered a victim rather than a beneficiary of the corruption process.
[…]
Internal calculations indicate that the company has from R$20 billion to R$30 billion to be reimbursed.

2. In this regard, we request a company’s statement as a verification of such news, notably as to the existence of estimates of amounts to be reimbursed, and if that’s the case, an explanation of the reasons why it was not considered a material fact, as well as comments on other information considered relevant on the matter.”

Clarification

The company clarifies that it does not recognize the existence of internal valuations that indicate the amounts mentioned in the news by “Valor Econômico”, in the amount ranging from R$20 billion to R$30 billion, to be reimbursed under the scope of Operation “Car Wash.”

Petrobras has been reporting to the market in a timely manner about the actions it has been taking and the amounts that have been recovered under the scope of the Operation, in order to provide its shareholders and other stakeholders with a more detailed view of the efforts made to protect the interests of the company.

In this regard, on August 28, 2018, Petrobras issued a Notice to the Market in which it was informed that, as a result of Cooperation and Leniency Agreements and repatriation, it has already recovered over R$2.5 billion. It also reported on 16 administrative misconduct lawsuits seeking compensation of R$10.9 billion as indemnity, and R$31.2 billion in connection with potential fines to be applied, as well as 53 criminal lawsuits in which Petrobras acts as assistant prosecutor, on account of the damage it suffered.

The company, which is recognized by the authorities as a victim of the acts unveiled by the Operation, will continue to take appropriate actions against companies and individuals that have caused it damages.

Categories: Uncategorized

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