Company: PBR
Filing Date: 2025-02-27
Form Type: 6-K
Source: 0001292814-25-000670
Chunk: 108

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-02-27
Form: 6-K
Chunk 108
---
iii) a post-tax
discount rate derived from the WACC or the Capital Asset Pricing Model (CAPM) models, specific for each case.

Accounting policy for impairment of associates and joint ventures

Investments in associates and joint ventures are tested individually
for impairment. When performing impairment testing of an equity-accounted investment, goodwill, if it exists, is also considered part
of the carrying amount to be compared to the recoverable amount.

Except when specifically indicated, value in use
is generally used by the Company for impairment testing purposes in proportion to the Company’s interests in the present value of
future cash flow projections via dividends and other distributions.

| 25.3.1. | Investment in publicly traded associates |

Braskem S.A.

Braskem’s shares are publicly traded on stock
exchanges in Brazil and abroad. As of December 31, 2024, the quoted market value of the Company’s investment in Braskem was R$ 3,448
based on the quoted values of both Petrobras’ interest in Braskem’s common stock (47% of the outstanding shares), and preferred
stock (22% of the outstanding shares), see note 28.4. However, there is extremely limited trading of the common shares, since non-signatories
of the shareholders’ agreement hold only approximately 3% of the common shares.

Given the operational relationship between Petrobras and Braskem,
the recoverable amount of the investment for impairment testing purposes was determined based on value in use, considering future cash
flow projections and the manner in which the Company can derive value from this investment via dividends and other distributions to arrive
at its value in use. As the recoverable amount was higher than the carrying amount, no impairment losses were recognized for this investment.

Cash flow projections to determine the value in use of Braskem
were based on estimated prices of feedstock and petrochemical products reflecting international trends on prices, petrochemical products
sales volume estimates reflecting projected Brazilian and global G.D.P. growth, post-tax discount rate (excluding inflation) of 7.4% p.a.,
(WACC), and decreases in the EBITDA margin during the growth cycle of the petrochemical industry in the next years and increases in the
long-term. Estimated exchange rates and Brent prices are the same as those set out in note 25.1.

| 26. | Exploration and evaluation of 
 oil and gas reserves          |

These activities cover the search for oil and