Petroleo Brasileiro S.A. - Petrobras, further to the Material Fact disclosed on November 22, 2016, informs that the amount of US$ 1.25 billion received upon the closing of the sale of the stake in the exploration block BM-S-8 to Statoil Brasil Oleo e Gas LTDA is being used in full for the early liquidation of part of the financing contract between Transportadora Associada de Gas S.A. (TAG), a wholly-owned subsidiary of Petrobras, and the Brazilian Development Bank - BNDES.
This is an important measure that has been implemented by Petrobras to use the proceeds from the divestment program to reduce its indebtedness.
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