Petrobras on binding phase of assets in Colombia

June 12, 2020

Petróleo Brasileiro S.A. – Petrobras, following up on the press release
disclosed on 05/21/20, announces the beginning of the binding phase related to the sale of 100% of the shares held by Petrobras International Braspetro B.V. (PIB BV) and other Petrobras subsidiaries, in Petrobras Colombia Combustibles (PECOCO).

Qualified parties for this phase will receive a process letter with detailed instructions on the divestment process, including guidelines for due diligence and submission of binding proposals.

The main subsequent stages of the project will be reported to the market in due course.

This disclosure is in accordance with Petrobras’ divestment guidelines and the special regime of assets divestment by federal mixed-capital companies, provided for in Decree 9,188/2017.

This operation is in line with the strategy of portfolio optimization and improvement of the company’s capital allocation, aiming at maximizing value for its shareholders.

About the assets in Colombia
In Colombia, Petrobras operates, through PECOCO, in the gasoline, diesel, and lubricant distribution and trading market, through a network of 124 service stations and 7 storage units, one of which is in Puente Aranda.

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