Company: PBR
Filing Date: 2025-04-03
Form Type: 20-F
Source: 0001292814-25-001352
Chunk: 101

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-04-03
Form: 20-F
Item: Item 17
Chunk 101
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 Petrobras had been complying with the commitments agreed in TCC Gas, which was only pending the sale of company TBG, a divestment that faced obstacles during its execution.
 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.
 Since the signing of TCC Gas, significant economic, legal and regulatory changes have occurred in the domestic natural gas market to justify the need for Petrobras to re-assess the business model of the projects to be divested in the Natural Gas segment.
 The New Gas Law, which came into effect after the TCC was signed, exempts companies that were already vertically integrated prior to its enactment, which applies to TBG, from the obligation to de-verticalize, so long as these companies comply with the independence and autonomy requirements to be regulated by the ANP. Therefore, considering the de-verticalization of TBG is not required to meet the objectives of TCC Gas, and that its divestment would not be aligned with the 2024-28+ Strategic Plan, the company negotiated with CADE behavioral obligations that ensure TBG’s commercial independence thus eliminating any concerns regarding the preservation of competitiveness in the Brazilian natural gas market.
 The amendment was signed on July 3, 2024, and results from extensive debates between the technical areas of both Petrobras and CADE culminated in the cessation of the obligation to sell TBG, within the scope of the TCC, and established new commitments, summarized as follows:
 
–                                           adoption                                       
    of additional safeguards for the election process of independent members to TBG’s Board
                                         of Directors.                                     
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–                                           adoption                                       
    of relevant independence (de facto) of TBG's Commercial Board in relation to Petrobras,
           removing any possible influence by Petrobras as its majority shareholder.       
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 The terms agreed in the Amendment to TCC Gas will be valid until ANP issues a certificate of independence for TBG, or until March 4, 2039 (the deadline established in article 5, paragraph 4, of the New Gas Law, whichever comes first