Petrobras, following up on the press release disclosed on July 9, 2020, informs that it has concluded the negotiation phase with the Mubadala Group as part of the process for divesting the Landulpho Alves Refinery (RLAM), in Bahia.

As provided by Petrobras' Divestment Methodology, the process is currently undergoing a new round of binding proposals. In this new round, Petrobras asked all participants which submitted binding proposals, including the Mubadala Group, to submit their final offers based on the negotiated versions of the contracts with Mubadala. Petrobras expects to receive these offers in January 2021.
Regarding the Lubrificantes e Derivados do Nordeste refinery (LUBNOR) and the Unidade de Industrialização do Xisto (SIX), the company informs that it has also received proposals for the two assets.

Additionally, Petrobras expects to receive binding proposals for the refineries Presidente Getúlio Vargas (REPAR), in Paraná, and Alberto Pasqualini (REFAP), in Rio Grande do Sul, on December 10. The receipt of binding proposals for the refineries Abreu e Lima (RNEST), in Pernambuco, and Gabriel Passos (REGAP), in Minas Gerais, is expected to occur in the first quarter of 2021.

Petrobras reinforces its commitment to the broad transparency of its divestment projects and portfolio management and clarifies that, despite this announcement, there is no provision in the Divestment Methodology for the disclosure of this stage and that the subsequent stages will be disclosed to the market in a timely manner in accordance with the company's Divestment Methodology.

About Petrobras

Petrobras has 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.