Petroleo Brasileiro SA Petrobras (Petrobras) has officially concluded its internal investigation into allegations of improper conduct by two of its directors regarding the tolling contract with Unigel. The investigation, which was overseen by independent auditor KPMG, found no evidence of irregularities. KPMG conducted additional tests and reviewed the procedures and controls throughout the process, ensuring compliance with applicable rules. Petrobras emphasized that the contract with Unigel was approved following all relevant procedures and that the company's governance system was fully respected. Contrary to claims, KPMG did not remove any directors from the financial statement certification process and was not hired by the Statutory Audit Committee to investigate the Unigel contract. Petrobras maintains its financial statement disclosure schedule and clarifies...Show More

Petroleo Brasileiro SA Petrobras (Petrobras) has officially concluded its internal investigation into allegations of improper conduct by two of its directors regarding the tolling contract with Unigel. The investigation, which was overseen by independent auditor KPMG, found no evidence of irregularities. KPMG conducted additional tests and reviewed the procedures and controls throughout the process, ensuring compliance with applicable rules. Petrobras emphasized that the contract with Unigel was approved following all relevant procedures and that the company's governance system was fully respected. Contrary to claims, KPMG did not remove any directors from the financial statement certification process and was not hired by the Statutory Audit Committee to investigate the Unigel contract. Petrobras maintains its financial statement disclosure schedule and clarifies that the service contract with Unigel is temporary, designed to keep its Sergipe and Bahia plants operational for eight months. The tolling service contract, which involves gas processing to produce urea and ammonia, has not yet required any disbursements from Petrobras. The company and Unigel intend to develop a sustainable business model for the plants during the contract term. Petrobras continues to provide clarifications requested by the TCU and will disclose material facts to the market as necessary.