Petrobras reported on its website that it is not true that the company has a reserve of BRL 200 billion for profit distribution, as was reported by a report on June 16th. According to the company, the amount of BRL 208.6 billion cited in the Quarterly Information Form for the first quarter of 2022 as “Profit Reserve” includes various indications such as legal reserve and tax incentive reserve, used to offset tax losses or increase in share capital when necessary.
On the night of Monday, the 20th, the President of the Republic, Jair Bolsonaro, told supporters that the company has a goal of reaching R$ 200 billion to distribute to shareholders. “They have documents in reserve to reach a goal of R$ 200 billion this year for shareholders. I will not go into more details”, declared the Chief Executive.
The Petrobras note, however, does not mention Bolsonaro.
When questioned, the Securities and Exchange Commission (CVM) has so far not commented on the president’s statement.
