Petrobras Signs Agreement on Environmental Processes

Source: www.gulfoilandgas.com 10/8/2021, Location: South America

Petrobras, in line with its ongoing process of evaluating contingencies, signed an agreement in the scope of three public civil actions that investigate environmental damages arising from the leak of the Santa Catarina - Parana Oil Pipeline (OSPAR), which occurred on July 16, 2000, at municipality of Araucaria, in the state of Parana.

The value of the agreement is R$1.4 billion, to be paid in four quarterly installments, as from its signature and subsequent court approval. The effectiveness of the agreement is subject to ratification by the Federal Regional Court of the 4th Region.

Public civil actions are classified as a probable loss in the financial statements for the 2nd quarter of 2021, and are included in environmental lawsuits provided for, note 14.1.

The company emphasizes that the signing of this agreement does not imply, on the part of Petrobras, confession or legal recognition of the alleged damages, nor the practice of unlawful conduct, referring only to the fulfillment of the agreed actions.


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