Page 15 - LatAmOil Week 09 2021

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LEGAL

Petrobras comments

on Samsung leniency
agreement

Petrobras announces that it has received
BRL360mn ($65mn) last week related to the
leniency agreement executed by Samsung financer of the wind farm development and entries being made to Petrobras.
Heavy Industries. This cash arises from the first by the Administrative Council for Economic The operation is still subject to approval by
installment of the Samsung agreement of a total Defense (CADE). Petrobras’ General Shareholders’ Meeting, to be
amount of BRL705.9mn that will be applied to The present disclosure is in accordance with convened in due course.
the reimbursement for Petrobras. the internal rules of Petrobras and with the spe- Petrobras, February 24 2021
With these values, Petrobras surpasses cial regime of asset divestment by the federal
BRL5.3bn in funds recovered through collab- mixed economy societies, foreseen in the Decree
oration, leniency and repatriation agreements. 9.188/2017. FINANCE
In 2020, the company received BRL797mn in This transaction is aligned to the strategy of
reimbursement of amounts related to Car Wash portfolio optimisation and the improvement Moody’s changes Hunt
Operation. of the company’s capital allocation, aiming the
These reimbursements result from the condi- maximisation of value for its shareholders. Peru’s outlook to stable;
tion of victim of Petrobras in the crimes investi- Eólica Mangue Seco 2 is part of a complex of
gated under Car Wash Operation. Petrobras will four wind farms (Mangue Seco 1, Mangue Seco affirms Ba2 ratings
continue do take applicable actions seeking the 2, Mangue Seco 3 and Mangue Seco 4) located
appropriate compensation for damages resulting in Guamaré, in the state of Rio Grande do Norte, Moody’s Investors Service affirmed Hunt Oil
from unlawful acts committed against the Com- with a total installed capacity of 104 MW. Eólica Co. of Peru’s Ba2 corporate family rating and
pany. Petrobras is co-plaintiff with the Federal Mangue Seco 2 owns and operates a wind farm, senior unsecured rating and changed the ratings
Prosecutor’s Office and the Federal Govern- with a capacity of 26 MW. outlook to stable from negative.
ment in 21 pending administrative misconduct Petrobras had already signed contracts for The change in Hunt Peru’s outlook to stable
actions, in addition to being an assistant prose- the sale of its interest in the wind farms Mangue from negative reflects the solid revenue and cash
cutor in 76 criminal cases related to illegal acts Seco 1, 3 and 4, on January 7, 2021, as disclosed flow recovery from the impact of the COVID-
investigated by Car Wash Operation. to the market. 19 outbreak in 2020. Moody’s expects that the
FIP Pirineus was established on September company’s operational and financial metrics will
Petrobras, March 01 2021 25, 2015, and aims to invest in companies in the correspond to those of a Ba2-rated Exploration
renewable energy sector, including wind and and Production company over the next 12-18
solar photovoltaic complexes and the develop- months.
INVESTMENT ment of disruptive technology. The Ba2 corporate family rating on Hunt
FIP Pirineus acts proactively in its investee Peru considers the company’s small production
Petrobras signs contract for companies, with effective influence on the defi- size; asset concentration in only two gas blocks;
nition of their strategic policy and management. operating dependence on only two pipelines,
Mangue Seco 2 sale Currently, the fund is a partner of Petrobras in owned by Transportadora de Gas del Peru
(TGP) (Baa1 stable); no operating control over
Eólica Mangue Seco 2, holding 49% of the com-
Petrobras, following up on the release disclosed pany’s capital stock the gas blocks; vulnerability to commodities
on April 5, 2020, informs that it signed today Petrobras, February 26 2021 prices; high dividend payout rate and Moody’
with Fundo de Investimento em Participações expectation of continued volatile natural gas and
Multiestratégia Pirineus (FIP Pirineus), a con- Petrobras approves natural gas liquids prices.
tract for the sale of its entire 51% interest in On the other hand, Hunt Peru’s ratings are
the capital of Eólica Mangue Seco 2-Geradora incorporation of CDMPI supported by the company’s large proved gas
e Comercializadora de Energia Elétrica S.A. reserves, equivalent to about 18 years of life
(Eólica Mangue Seco 2), owner of a wind power Petrobras informs that its Board of Directors, based on 2020 production; a solid asset base in
generation plant. in a meeting held today, approved the proposed the world-class, prolific Camisea gas fields; low
The sale price is BRL32.97mn, to be paid in incorporation of Companhia de Desenvolvi- volume risk given solid demand both in the local
a single installment at the closing of the trans- mento e Modernização de Plantas Industriais and international markets; the strategic impor-
action, subject to the adjustments provided for (CDMPI). tance of the Camisea fields to the Government of
in the contract. The transaction results from the The incorporation aims at simplifying and Peru (A3 stable); and the company’s experienced
exercise of the preemptive right by FIP Pirineus, optimising the corporate structure of Petrobras. management team.
in accordance with the shareholders’ agreement Since this is an incorporation of a wholly-owned Moody’s considers the debt agreement’s pro-
of Eólica Mangue Seco 2. subsidiary, there will be no capital increase at visions in Hunt Peru’s unsecured notes, that help
The closing of the transaction is subject to Petrobras, nor will new shares be issued. The ring-fence Hunt Peru from its parent, to be bene-
compliance with precedent conditions, such as shares representing the capital of CDMPI will ficial to its credit profile since the notes represent
approval by Banco do Nordeste do Brasil, the be extinguished, with the necessary accounting 100% of the company’s debt.

Week 09 04•March•2021 www. NEWSBASE .com P15