Petrobras Concludes Sale of Interest in GásLocal

Source: www.gulfoilandgas.com 9/24/2021, Location: South America

Petrobras, following up on the release disclosed on 09/25/2020, informs that it concluded, on this date, the sale of its 40% interest in the company GNL Gemini Comercialização e Logística de Gás Ltda. (GásLocal) to White Martins Gases Industriais Ltda. (White Martins), ending the controversies arising from the activities of the Gemini Consortium and Gás Local, especially those pending arbitration and issues under litigation. The agreement also foresees adjustments in the commercial conditions for the supply of gas, by Petrobras, as a consortium member of the Gemini Consortium, formed by Petrobras, White Martins and GásLocal, until the end of 2023, in accordance with what was determined by the Administrative Council for Economic Defense (CADE).

After the fulfillment of all the precedent conditions, the signed agreement will result in Petrobras receiving an estimated amount of R$ 60.6 million, of which (i) R$ 56.0 million was paid on the present date and; (ii) R$ 4.6 million, subject to the corrections foreseen in the respective agreement, to be paid within 13 months from the agreement closing date.

This disclosure is in accordance with Petrobras' internal rules and Decree 9,188/2017.

This operation is aligned with the company's portfolio optimization strategy and capital allocation improvement, aimed at the maximization of value.


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