Petrobras Signs $3.6 Billion Deal to End Investigations in the United States.

According to the State-Owned Company, this Agreement Will Allow 80% of the Values of This Contract to Be Invested in Brazil.

Petrobras announced yesterday (09/27) that it has reached some agreements to close the investigations by the DOJ (Department of Justice) and the SEC (Securities and Exchange Commission) in the USA, related to accounting records, internal controls, and financial statements of the state-owned company during the period from 2003 to 2012. The oil company claims that it will also reach an agreement with the MPF (Federal Public Prosecutor’s Office), “once the underlying facts were uncovered through investigations of the Lava Jato Operation coordinated by Brazilian authorities.”

According to the company, this will allow 80% of the amounts agreed upon with the DOJ and the SEC to be invested in our country. The agreements serve the best interests of the company and its shareholders and put an end to uncertainties, burdens, and costs associated with potential litigation in the United States. According to the oil entity, the agreements fully close the investigations by the U.S. authorities. Under the terms, Petrobras will pay 85.3 million dollars to the DOJ and 85.3 million dollars to the SEC in the United States.

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Additively, 682.6 million dollars of the agreements are destined for Brazilian authorities, with this amount being deposited by Petrobras into a special fund to be used according to an instrument to be signed with the MPF.

The institution will identify the amount of 853.2 million dollars as a provision of the agreements, estimating it to be 3.6 billion reais, already including taxes in the financial statements of the 3rd quarter of 2018.