Company: PBR
Filing Date: 2025-04-03
Form Type: 20-F
Source: 0001292814-25-001352
Chunk: 99

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-04-03
Form: 20-F
Item: Item 17
Chunk 99
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 customary regulatory approvals.                            
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–                                                on                                             
    May 29, 2024, we competed the transfer of our entire interest (30%) held in Brentech Energia
                             S.A., for a total amount of US$2 million.                          
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–                                                on                                            
    July 1, 2024, we competed the transfer of our entire interest (18.8%) held in UEG Araucária
                           (UEGA), for a total amount of US$13.5 million.                      
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–                                              on                                           
    November 27, 2024, we released a teaser for the transfer of our interest in one field in
                                   the Sergipe-Alagoas Basin.                               
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Annual Report and Form 20-F 2024 |

Agreements
with CADE 
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In 2019 we signed with CADE two important Terms of Cessation Commitments (“TCC”), one for the refining and another for the gas market.
 
Refining market agreement
 The TCC for the Refining Market (the “TCC Refino”) provided, among other commitments, the mandatory divestment of eight 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 three invested companies (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 the 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