Petrobras Completes Sale of Interest in GasLocal

Petrobras, in continuation of the statement released on 9/25/2020, informs that it has concluded, on this date, the sale of its 40% stake in the company GNL Gemini Comercialização e Logística de Gás Ltda (GásLocal) to White Martins Gases Industriais Ltda . (White Martins), ending disputes arising from the activities of the Gemini Consortium and GásLocal, in particular pending arbitration and matters under judicial discussion. The agreement also provides for adjustments in the commercial conditions for the supply of gas, by Petrobras, as a consortium member of the Gemini Consortium, formed between Petrobras, White Martins and GásLocal, by the end of 2023, in compliance with what was determined by the Administrative Council for Economic Defense (WHERE).

After compliance with all the conditions precedent, the signed agreement will result in receipt, by Petrobras, of an estimated amount of R$ 60.6 million, of which (i) R$ 56.0 million will be paid on this date; and (ii) R$4.6 million, subject to corrections provided for in the respective agreement, to be paid within a period of up to 13 months from the closing date of the agreement.

This disclosure is in accordance with Petrobras’ internal rules and with Decree 9.188/2017.

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

About GásLocal

GásLocal is a company that operates in the commercialization and logistics sector of compressed or liquefied natural gas, through cryogenic trucks.