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  • Petrobras on the cessation of refining at CADE
    édité le 23/05/2024 - Plus de news de "PETROBRAS" - Voir la fiche entreprise de "PETROBRAS"

Petrobras on the cessation of refining at CADE
Petrobras, in continuity to the Material Fact disclosed on May 20, 2024, informs that the Administrative Council for Economic Defense (CADE) decided in favor of renegotiating the Terms of Cessation Commitment (TCC) for Refinery, signed on May 29, 2019, which was also approved today by the Company's Board of Directors.

On May 29, 2019, the Term of Cessation Commitment for the Refining Market (“TCC Refino”) was signed between Petrobras and CADE, which provided, among other commitments, the mandatory divestment of 8 refineries (REPAR, RNEST, REGAP, REFAP, RLAM, REMAN, LUBNOR and SIX). These commitments were aligned with the guidelines of the Executive Board at that time and National Energy Policy Council (“CNPE”) Resolution 09/2019, then in force, which established guidelines for promoting free competition in refining activities in Brazil.

Petrobras had been complying with the commitments agreed in TCC Refino, including the sale of its entire equity stakes in 3 assets (SIX, RLAM and REMAN) but faced obstacles during the execution of the divestment processes which prevented the Company from concluding the sale of the remaining refineries within the scope of the TCC.

According to the Material Fact disclosed on March 29, 2023, upon receipt of Official Letters 166/2023/GM-MME, 257/2023/GM-MME and 261/2023/GM-MME from the Ministry of Mines and Energy, the Company’s Board of Directors understood that need to assess the Ministry's requests to review if the investments and divestments processes should be carried out based on the Company's new Strategic Plan proposed by the newly elected Executive Board.

Subsequently, Resolution CNPE 05/2023 was published, which consolidated the end of the guidelines related to the divestment of the assets, in addition to Petobras’ 2024-2028+ Strategic Plan, which has among its objectives to act in a competitive and safe manner, maximizing the capturing of value by adapting and improving the refining park and developing new products aimed at a low carbon market. Therefore, the terms of the TCC were reviewed to adapt it to the new market reality and regulatory environment.

The amendment results from extensive debates between the technical areas of both Petrobras and CADE and culminated in the cessation of the obligation to sell TBG, within the scope of the TCC, and established new commitments, summarized as follows:

1. new behavioral obligations to provide CADE with mechanisms for monitoring, within a controlled environment, data related to Petrobras' commercial activities in the derivatives and petroleum (crude oil) market, in domestic territory, thus allowing it to verify the nondiscriminatory nature of prices charged by Petrobras;

2. disclosure, by Petrobras, of general, non-discriminatory commercial guidelines for deliveries of oil, by sea, to any independent refinery in the Brazilian territory;

3. the offering of Frame Contracts to any independent refinery, in the Brazilian territory, for deliveries by sea. This contractual model defines the basic conditions for the negotiation, load by load, of oil volumes ensuring that the purchase and sale requirements will only be applied if both parties reach an agreed price, guaranteeing their alignment with market conditions at the time each transaction is concluded. These contracts must provide, during a period of 3 (three) business days (“Negotiation Period”), the guarantee to supply a minimum monthly oil volume to be delivered, by sea, by Petrobras.

The obligations agreed in the Addendum to TCC Refino are valid for 3 years and can be extended for the same period, at CADE's sole discretion.

The new obligations also foresee investigations initiated after the signing of the TCC and preserve the objective of maintaining competitiveness in the refining market, in addition to expanding independent agents, in a period in which the Brazilian refining system is undergoing a transition.

In view of the above, the Executive Board of Petrobras removed REPAR, RNEST, REGAP, REFAP and LUBNOR from the divestment portfolio.

The amendment reflects Petrobras’ respect for the antitrust authority and the agreements signed, thus preserving the country's business environment.

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.

Origine : Communiqué PETROBRAS

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