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In August, Petrobras Disbursed R$ 950 Million to Petros, Referring to the Full Amount of the Agreement Regarding the Arbitration Dispute Related to the Investment in Sete Brasil.
Petrobras announced in a relevant fact last night (12/17) that it will pay R$ 190 million to the Previ fund, from Banco do Brasil, to finalize the arbitration dispute over the losses related to Sete Brasil. 3R Petroleum Acquires 14 Onshore Oil Fields from Petrobras in Bahia
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“The amount is reflected in the company’s financial statements for the 3rd quarter of 2020,” says Petrobras. “The company continues to defend its interests in the ongoing processes,” it concludes.
The state-owned company paid R$ 190 million to Previ. According to Petrobras, the agreement settles the dispute without acknowledgment of fault or liability by either party, and its terms and the arbitration process are protected by confidentiality,” adds the statement.
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In August, Petrobras disbursed R$ 950 million to the Petros Social Security Foundation, referring to the full amount of the agreement made with the recipient, regarding the arbitration dispute related to the investment in Sete Brasil.
Recall the Case Petrobras vs. Petros vs. Sete Brasil
In 2006, after the discovery of the pre-salt, Petrobras found that there were not enough drilling units to meet the exploration demand.
It was necessary for someone to be willing to build rigs, assuming the risks. Thus, Sete Brasil was created, which would initially be responsible for the construction of seven rigs, out of a total of 28.
However, Sete Brasil ended up being contracted for the construction of all 28, divided into two phases.
The pension funds Petros, Funcef, Previ, and Valia were expected to make investments in the company between 2011 and 2019, through the FIP Sondas, a fund created for that purpose.
In 2015, still at the height of Operation Lava Jato, Petros stated that “the investment in Sete Brasil was made observing all the technical criteria of corporate governance and the investment policy guidelines.”
“From a long-term performance perspective, the investment proved to be a good investment opportunity at the time to ensure the sustainability of the business and the timely payment of benefits,” it explained.
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