Signing approval of the agreement for the sale of PetroquímicaSuape and Citepe


Rio de Janeiro, December 28, 2016 – Petróleo Brasileiro S.A. – Petrobras informs
that, in a meeting held today, its Board of Directors approved the signing of
the agreement for the sale of Companhia Petroquímica de Pernambuco
(“PetroquímicaSuape”) and Companhia Integrada Têxtil de Pernambuco (“Citepe”) to
Grupo Petrotemex S.A. de C.V. and Dak Americas Exterior, S.L, both subsidiaries
of Alpek , S.A.B. de C.V. (“Alpek”).

PetroquímicaSuape and Citepe are wholly-owned subsidiaries of Petrobras and are
part of the company’s Chemical-Textile Industrial Complex, located in Ipojuca,
in the state of Pernambuco. Those two companies encompass three integrated
industrial units: the PTA (purified terephthalic acid) unit, the polyester
filament unit, and the PET (polyethylene terephthalate) resin unit.

Alpek is a public Mexican company within the Alfa, S.A.B. de C.V. (“Alfa”),
operating in the petrochemical sector, with a world-leading position in
polyester production (PTA, PET, and filaments).

The total sale value is USD 385 million, to be paid in Brazilian reais on the
closing date for the transaction. This amount is subject to working capital, net
debt, and recoverable taxes adjustments.

This transaction is part of the partnership and divestment program and will be
recorded for the 2015-2016 biennium target. The sale is aligned to the Petrobras
Strategic Plan, which provides for business portfolio optimization upon full
withdrawal from petrochemical interests.

The project is one of the five transactions which the contracts may be signed
pursuant to the preventive order of the Brazilian Federal Accounting Court
(TCU), as disclosed in the material fact announced on 12/20/2016. The conclusion
of the transaction will be preceded by long-term debt restructuring for both
Companies, and it will be subject to approvals by the Petrobras Extraordinary
General Meeting, Alfa’s Board of Directors, the Administrative Council for
Economic Defense (CADE), and to the fulfillment of other usual preceding
conditions.

Lastly, it should be noted that, considering the current opinion of the
Brazilian Securities and Exchange Commission (CVM) and given that
PetroquímicaSuape and Citepe became wholly-owned Petrobras subsidiaries after a
purchase and sale of shares transaction, rather than by merger of shares, where
no dilution in corporate interest by Petrobras shareholders occurred, the
preemptive right set forth in the Brazilian Corporate Law, Art. 253, does not
apply to the transaction.

With the transactions announced today, Petrobras informs that its partnership
and divestment program totaled US$ 13.6 billion on the 2015-2016 biennium, a
figure which is below the US$ 15.1 billion target established for the period.
The explanation for not reaching the target is the obligation by Petrobras to
comply with the injunction granted by the state of Sergipe, halting the
conclusion of the negotiations related to the fields of Tartaruga Verde and
Baúna, located, respectively, in Campos Basin and Santos Basin, on which
Petrobras was in advanced stages of negotiations, with a binding offer, as
disclosed in the material fact dated 10/06/2016. The target of the partnership
and divestment program for the 2017-2018 biennium will be automatically
increased by those values, totaling now US$ 21 billion.



____________________________________________________________________________________
www.petrobras.com.br/ir
Contacts:
PETRÓLEO BRASILEIRO S.A. – PETROBRAS | Investor Relations Department | e-mail:
petroinvest@petrobras.com.br
Av. República do Chile, 65 – 10th floor, 1002 – B – 20031-912 – Rio de Janeiro,
RJ | Phone: 55 (21) 3224-1510 / 3224-9947

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