Company: PBR
Filing Date: 2025-09-05
Form Type: 424B2
Source: 0001104659-25-087755
Chunk: 14

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-09-05
Form: 424B2
Chunk 14
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Our 2024 Form 20-F includes extensive risk factors relating to our operations, our compliance and control risks, our relationship with the Brazilian federal government, and to Brazil. You should carefully consider those risks and the risks described below, as well as the other information included or incorporated by reference in this prospectus supplement and the accompanying prospectus, before making a decision to invest in the Notes.

Risks Relating to PGF’s Debt Securities

The market for the Notes may not be liquid.

The Notes are an issuance
of new securities with no established trading market. We intend to apply to list the Notes on the NYSE. We can provide no assurance as
to the liquidity of trading markets for the Notes offered by this prospectus supplement. We cannot guarantee that holders of the Notes
will be able to sell their Notes in the future. If a market for the Notes does not develop, holders of the Notes may not be able to resell
the Notes for an extended period of time, if at all.

Restrictions on the movement of capital out of Brazil may impair your ability to receive payments on the guaranties and restrict Petrobras’s ability to make payments to PGF in U.S. dollars.

In the past, the Brazilian
economy has experienced balance of payment deficits and shortages in foreign exchange reserves, and the government has responded by restricting
the ability of Brazilian or foreign persons or entities to convert reais into foreign currencies. The government may institute
a restrictive exchange control policy in the future. Any restrictive exchange control policy could prevent or restrict our access to U.S.
dollars, and consequently our ability to meet our U.S. dollar obligations under the guaranties and could also have a material adverse
effect on our business, financial condition and results of operations. We cannot predict the impact of any such measures on the Brazilian
economy. In the event that any such restrictive exchange control policies were instituted by the Brazilian government, we may face adverse
regulatory consequences in the Netherlands that may lead us to redeem the Notes prior to their maturity.

In addition, payments by Petrobras
under the guaranties in connection with PGF’s Notes do not currently require approval by or registration with the Central Bank of
Brazil. The Central Bank of Brazil may nonetheless impose prior approval requirements on the remittance of U.S. dollars, which could cause
delays in such payments.

Petrobras would be required to pay judgments of Brazilian courts enforcing its obligations under the guaranties only in reais.