PRESS RELEASE

Petrobras Arbitration in Argentina

By
Wednesday, September 12, 2018

Petrobras press release

Petrobras informs that it was served yesterday of an arbitration filed by Consumidores Financieros Asociación Civil para su Defensa ("Association") against the company and other individuals and legal entities, before the "Tribunal de Arbitraje General de la Bolsa de Comercio de Buenos Aires".

Start your 15 day free trial now!

cta-arrow

Already a subscriber? Please, login

Among other issues, the Association alleges Petrobras' liability for a supposed loss of market value of Petrobras' shares in Argentina, due to proceedings related to Operation Car Wash.

Petrobras considers that the claim is totally ungrounded and will present its defense requesting the total dismissal of the claim and the reimbursement for the costs incurred in its defense. Such claim does not generate immediate financial and economic impacts to the company.

The Brazilian authorities, including the Brazilian Supreme Court, recognize that Petrobras has been a victim of the acts revealed by Operation Car Wash. As a victim, Petrobras has already recovered approximately R$ 2.5 billion and will continue to seek all appropriate measures against corporations and individuals that have caused damage to the company.

Material facts related to this subject will be timely disclosed to the market.