Petrobras, following up on the release issued on April 26, 2019, announces the beginning of the opportunity disclosure stage (teaser) related to the sale of refining and associated logistics assets in Brazil.

The divestments account for about 50% of the national refining capacity, with a total of 1.1 million barrels of processed oil per day, and include the sale of the following assets: Abreu e Lima Refinery (RNEST), Shale Industrialization Unit (SIX), Landulpho Alves Refinery (RLAM), Gabriel Passos Refinery (REGAP), Getúlio Vargas Refinery (REPAR), Alberto Pasqualini Refinery (REFAP), Isaac Sabbá Refinery (REMAN) and Lubrificantes e Derivados de Petróleo do Nordeste (LUBNOR), as well as the logistics assets integrated to these refineries.

The sale of these eight refineries will be carried out pursuant to the Petrobras' divestment methodology, through independent competitive processes, which will take place in two phases.

The first phase, of which the opportunity disclosure stage begins today, includes the following refineries: RNEST in Pernambuco, RLAM in Bahia, REPAR in Paraná, and REFAP in Rio Grande do Sul, as well as their corresponding logistics assets.

Teasers of the second phase, comprising REGAP, REMAN, SIX and LUBNOR refineries and their corresponding logistics assets, will be released later this year.

The following key phases of the project will be timely informed to the market.

Downstream divestments are aligned with the company’s portfolio optimization and capital allocation improvement, aiming to maximize value for our shareholders.

About Petrobras

We have upwards of 100 production platforms, 16 refineries, 30,000 kilometers of pipelines and more than 6,000 service stations. Our proved reserves are around 14 billion barrels of oil, a figure expected to double in the next few years. With the discovery of oil and gas in the pre-salt region, Brazil may become the world's fourth biggest oil producer in 2030.

We have built a track record of overcoming challenges since 1953, when the company was created. The main one was developing technology to explore and produce oil in deep and ultra-deep waters, where upwards of 90% of our reserves are nestled. With innovation and daringness, we are now the Brazilian company that makes the applies for the most patents in Brazil and abroad.