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Petrobras (NYSE:PBR) signed an agreement with Brazil’s ANP oil regulator to end legal proceedings involving the recalculation of government shares on oil production in the Jubarte field during periods ranging from 2009 to 2015, according to a Brazil securities filing issued Tuesday.
The deal involves payment of 832.4M reais (~$167.7M), to be paid in an initial installment of 35% and the balance in 48 installments.
Separately, Petrobras (PBR) CEO Jean Paul Prates said Tuesday that the company plans to expand its refining capacity by 25% over the next four years.
Prates, speaking on the sidelines of the India Energy Week event in Goa, also said Petrobras (PBR) is not affected by shipping disruptions in the Red Sea since it does not use those routes.
Image and article originally from seekingalpha.com. Read the original article here.