Petrobras – Clarification on Sale of Pasadena Refinery to Chevron

Rio de Janeiro, January 30, 2019 – Petróleo Brasileiro S.A. – Petrobras clarifies that, according to Petrobras’ Divestment Methodology, the following stages of divestment projects must be disclosed to the market: teaser, beginning of the non-binding phase (if applicable), beginning of the binding phase, granting of exclusivity for negotiation (if applicable), transaction approval by senior management and agreement signature, and transaction closing.

In this sense, the information on the divestment process related to the sale of the Pasadena refinery (“operation”) was duly disclosed to the market on 02/06, 03/08 and 05/04 of 2018.

Regarding the news published in Valor Econômico on 01/29/2019, the purpose of the letter, Petrobras clarifies that the process is under negotiation phase with Chevron U.S.A. Inc., a step that is not subject to communication to the market, according to the Divestment Methodology.

Although the negotiations are in the completion phase, the operation has not yet been evaluated by the Company’s Board of Directors and the agreements formalizing the transaction have not yet been signed. This stage is expected to take place today and, once confirmed, will be duly communicated to the market, in compliance with the procedures of the Divestment Methodology.

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