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Financial News: PETROBRAS: Company Gets Favorable Injunction In Arbitratio

PETROBRAS: Company Gets Favorable Injunction In Arbitration On Baleias

04/03/2018 - 18:48:00 (RTTNews)

(RTTNews) - The Brazilian state-owned oil company Petrobras obtained a favorable injunction in the arbitration proceedings established before the Brazilian Petroleum, Natural Gas and Biofuels Agency (ANP) in connection to Parque das Baleias. The proceedings address the possibility of unifying the fields.

By the decision of the Arbitral Tribunal, issued Monday, Petrobras should not be required to pay around R$ 8 billion (US$ 2.42 billion) related to the difference of special participations upon the offer of guarantees, to be agreed between Petrobras and ANP.

According to Petrobras, the charge from ANP corresponds to the difference of special participation between the second quarter of 2014 and the fourth quarter of 2017.

The state-owned oil company also stressed that it "would continue to discuss the legal merit on the unification of the Parque das Baleias fields before the Arbitral Tribunal."

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