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v3.23.1

Investments | 12 Months Ended
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Dec. 31, 2022
Investments Abstract |
Investments |
29. | Investments
29.1. | Information on direct subsidiaries, joint arrangements and associates
Summary of information on direct subsidiaries, joint arrangements and associates |  |  |  |  |  |
| Main business segment | % Petrobras' ownership | % Petrobras' voting rights | Share-holders’ equity (deficit) | Net income (loss)for the year | Country
Subsidiaries |  |  |  |  |  |
Petrobras International Braspetro - PIB BV | Several | 100.00 | 100.00 | 52,728 | 3,787 | Netherlands
Petrobras Transporte S.A. - Transpetro | RT&M | 100.00 | 100.00 | 932 | 90 | Brazil
Petrobras Logística de Exploração e Produção S.A. - PB-LOG | E&P | 100.00 | 100.00 | 87 | 225 | Brazil
Petrobras Biocombustível S.A. | Corporate, others | 100.00 | 100.00 | 193 | (38) | Brazil
Araucária Nitrogenados S.A. | Gas & Power | 100.00 | 100.00 | 31 | 10 | Brazil
Termomacaé S.A. | Gas & Power | 100.00 | 100.00 | 61 | 14 | Brazil
Braspetro Oil Services Company - Brasoil | Corporate, others | 100.00 | 100.00 | 118 | 7 | Cayman Islands
Termobahia S.A. | Gas & Power | 98.85 | 98.85 | 67 | 11 | Brazil
Baixada Santista Energia S.A. | Gas & Power | 100.00 | 100.00 | 58 | 4 | Brazil
Fundo de Investimento Imobiliário RB Logística - FII | E&P | 99.15 | 99.15 | 16 | 8 | Brazil
Procurement Negócios Eletrônicos S.A. | Corporate, others | 72.00 | 49.00 | 7 | 2 | Brazil
Petrobras Comercializadora de Gás e Energia e Participações S.A. | Corporate, others | 100.00 | 100.00 | 11 | − | Brazil
Transportadora Brasileira Gasoduto Bolívia - Brasil S.A. | Gas & Power | 51.00 | 51.00 | 119 | 181 | Brazil
Refinaria de Canoas S.A. (i) | RT&M | 100.00 | 100.00 | − | − | Brazil
Refinaria de Mucuripe S.A | RT&M | 100.00 | 100.00 | − | − | Brazil
Ibiritermo S.A. | Gas & Power | 100.00 | 100.00 | 2 | 5 | Brazil
Associação Petrobras de Saúde (ii) | Corporate, others | 93.47 | 93.47 | 116 | 21 | Brazil
Joint operations |  |  |  |  |  |
Fábrica Carioca de Catalizadores S.A. - FCC | RT&M | 50.00 | 50.00 | 50 | 17 | Brazil
Joint ventures |  |  |  |  |  |
Logum Logística S.A. | RT&M | 30.00 | 30.00 | 192 | (33) | Brazil
Petrocoque S.A. Indústria e Comércio | RT&M | 50.00 | 50.00 | 16 | 80 | Brazil
Refinaria de Petróleo Riograndense S.A. | RT&M | 33.20 | 33.33 | 19 | 15 | Brazil
Brasympe Energia S.A. | Gas & Power | 20.00 | 20.00 | 14 | 1 | Brazil
Brentech Energia S.A. | Gas & Power | 30.00 | 30.00 | 16 | 28 | Brazil
Metanor S.A. - Metanol do Nordeste | RT&M | 34.54 | 50.00 | 19 | 5 | Brazil
Companhia de Coque Calcinado de Petróleo S.A. - Coquepar | RT&M | 45.00 | 45.00 | − | − | Brazil
Associates |  |  |  |  |  |
Braskem S.A. (iii) | RT&M | 36.15 | 47.03 | 1,309 | 206 | Brazil
UEG Araucária Ltda. | Gas & Power | 18.80 | 18.80 | 82 | (26) | Brazil
Energética SUAPE II S.A. | Gas & Power | 20.00 | 20.00 | 88 | 31 | Brazil
Nitrocolor Produtos Químicos LTDA. | RT&M | 38.80 | 38.80 | − | − | Brazil
Bioenergética Britarumã S.A. | Gas & Power | 30.00 | 30.00 | − | − | Brazil
Transportadora Sulbrasileira de Gás - TSB | Gas & Power | 25.00 | 25.00 | 3 | 2 | Brazil
(i) Company legally established, with capital contribution of US$ 58 thousand.
(ii) APS is a non-profit civil association, which carries out social or assistance activities (health care), and is consolidated in the Company’s financial statements.
(iii) Equity and net income at September 30, 2022, most current public information.
In 2022, the Company sold some equity interests, including the following significant divestments:
| · | Deten Química S.A.– selling of its interest of 27.88%;
| · | Gaspetro - selling of its interest of 51%;
| · | Refinaria de Manaus S.A. (REMAN) - sale of 100% of the shares;
| · | Paraná Xisto (SIX) - sale of 100% of the shares.
For more information on the operations mentioned above and other corporate transactions, see note 30; The main investees of PIB BV are:
• |  | Petrobras Global Trading B.V. – PGT (100%, based in the Netherlands), dedicated to the trade of oil, oil products, biofuels and LNG (liquefied natural gas), as well as to the funding of its activities in light of Petrobras;
• |  | Petrobras Global Finance B.V. – PGF (100%, based in the Netherlands); the finance subsidiary of Petrobras, raising funds through bonds issued in the international capital market;
• |  | Petrobras America Inc. – PAI (100%, based in the United States), dedicated to trading and E&P activities (MP Gulf of Mexico, LLC); and
• |  | PNBV (100%, based in the Netherlands), operates through joint operations in Tupi BV (67.59%), Guará BV (45%), Agri Development BV (90%), Libra (40%), Papa Terra BV (62.5%), Roncador BV (75%), Iara BV (90.11%), Petrobras Frade Inversiones SA (100%) and BJOOS BV (20%), dedicated to the construction and lease of equipment and platforms for Brazilian E&P consortia.
29.2. | Investments in associates and joint ventures
Summary of investments in associates and joint ventures |  |  |  |  |  |  |  |  |
| Balance at 12.31.2021 | Investments | Transfer to assets held for sale | Restructuring, capital decrease and others | Results in equity-accounted investments | CTA | OCI | Dividends | Balance at 12.31.2022
Joint Ventures | 509 | 16 | 1 | (2) | 256 | 1 | − | (235) | 546
MP Gulf of Mexico, LLC/PIB BV | 387 | − | − | − | 170 | 1 | − | (184) | 374
Compañia Mega S.A. - MEGA | 98 | − | − | − | 55 | 1 | − | (5) | 149
Other joint ventures | 24 | 16 | 1 | (2) | 31 | (1) | − | (46) | 23
Associates | 998 | 11 | (58) | (13) | (5) | (27) | 219 | (109) | 1,016
Other investments | 3 | − | − | − | − | 1 | − | − | 4
Total | 1,510 | 27 | (57) | (15) | 251 | (25) | 219 | (344) | 1,566
| Balance at 12.31.2020 | Investments | Transfer to assets held for sale | Restructuring, capital decrease and others | Results in equity-accounted investments | CTA | OCI | Dividends | Balance at 12.31.2021
Joint Ventures | 813 | 9 | (325) | − | 202 | 1 | (1) | (190) | 509
MP Gulf of Mexico, LLC/PIB BV | 366 | − | − | − | 122 | 1 | − | (102) | 387
State natural gas distributors (Gaspetro) | 298 | − | (308) | − | 38 | (2) | − | (26) | −
Compañia Mega S.A. - MEGA | 82 | − | − | − | 31 | 2 | − | (17) | 98
Other joint ventures | 67 | 9 | (17) | − | 11 | − | (1) | (45) | 24
Associates | 2,455 | 15 | (2,139) | (172) | 1,405 | (32) | 23 | (557) | 998
Other investments | 5 | − | − | − | − | (2) | − | − | 3
Total | 3,273 | 24 | (2,464) | (172) | 1,607 | (33) | 22 | (747) | 1,510
29.3. | Investments in non- consolidated listed companies
Summary of  investments in non- consolidated listed companies |  |  |  |
| Thousand-share lot |  | Quoted stock exchange prices (US$ per share) | Fair value
| 12.31.2022 | 12.31.2021 | Type | 12.31.2022 | 12.31.2021 | 12.31.2022 | 12.31.2021
Associate |  |  |  |  |  |  |
Braskem S.A. | 212,427 | 212,427 | Common | 4.83 | 10.17 | 1,025 | 2,160
Braskem S.A. | 75,762 | 75,762 | Preferred A | 4.55 | 10.33 | 345 | 782
|  |  |  |  |  | 1,370 | 2,942
The fair value of these shares does not necessarily reflect the realizable value upon sale of a large block of shares. Information on the main estimates used in the cash flow projections to determine the value in use of Braskem is set out in Note 25.
29.4. | Non-controlling interest
The total amount of non-controlling interest at December 31, 2022 is US$ 344(US$ 405 in 2021) primarily comprising US$ 277 of FIDC (US$ 165 in 2021); US$ 58 of Transportadora Brasileira Gasoduto Brasil-Bolívia – TBG (US$ 29 in 2021); and Gaspetro (US$ 199 in 2021). Condensed financial information is set out as follows:
Summary of condensed financial information |  |  |  |
| FIDC | TBG | Gaspetro | Consolidated Structured entities
| 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2021
Current assets | 9,194 | 3,951 | 200 | 134 | − | 462 | −
Property, plant and equipment | − | − | 298 | 279 | − | − | −
Other non-current assets | − | − | 3 | 2 | − | − | −
| 9,194 | 3,951 | 501 | 415 | − | 462 | −
Current liabilities | 7 | 1 | 145 | 109 | − | 58 | −
Non-current liabilities | − | − | 237 | 246 | − | − | −
Shareholders' equity | 9,187 | 3,950 | 119 | 60 | − | 404 | −
| 9,194 | 3,951 | 501 | 415 | − | 462 | −
Sales revenues | − | − | 350 | 327 | 100 | 132 | −
Net income (loss) | 1,454 | 416 | 181 | 150 | 21 | 47 | (133)
Increase (decrease) in cash and cash equivalents | 616 | 2 | 72 | 42 | (14) | 7 | (333)
Gaspetro, a Petrobras’ subsidiary, holds interests in several state distributors of natural gas in Brazil. In July 2022, the Company closed the sale of its entire interest in Gaspetro (51%). For more information see note 30. The Credit Rights Investment Fund (FIDC) is a fund mainly intended to securitize “performed” and “non-performed” credits for operations carried out by the Company’s subsidiaries, aiming to optimize cash management. TBG is an indirect subsidiary which operates in natural gas transmission activities mainly through Bolivia-Brazil Gas Pipeline. The Company holds 51% of interests in this indirect subsidiary.
29.5. | Summarized information on joint ventures and associates
The Company invests in joint ventures and associates in Brazil and abroad, whose activities are related to petrochemical, refining, production, trade and logistics of oil products, gas distribution, biofuels, thermoelectric power plants, and other activities. Condensed financial information is set out below:
Summary of summarized information on joint ventures and associates |  |
| 2022 | 2021
| Joint ventures | Associates | Joint ventures | Associates
| In Brazil | MP Gulf of Mexico, LLC | Other companies abroad | In Brazil | In Brazil | MP Gulf of Mexico, LLC | Other companies abroad | In Brazil
Current assets | 295 | 481 | 410 | 6,642 | 832 | 425 | 253 | 7,308
Non-current assets | 231 | 139 | 17 | 2,491 | 371 | 203 | 11 | 2,334
Property, plant and equipment | 508 | 2,690 | 191 | 7,380 | 461 | 2,683 | 195 | 6,845
Other non-current assets | 37 | 1 | − | 605 | 460 | 1 | 1 | 539
| 1,071 | 3,311 | 618 | 17,118 | 2,124 | 3,312 | 460 | 17,026
Current liabilities | 294 | 344 | 145 | 4,473 | 728 | 324 | 126 | 4,632
Non-current liabilities | 494 | 548 | 32 | 11,263 | 517 | 623 | 36 | 10,967
Shareholders' equity | 277 | 2,045 | 291 | 1,587 | 874 | 1,979 | 196 | 1,688
Non-controlling interest | 6 | 374 | 150 | (205) | 5 | 386 | 102 | (261)
| 1,071 | 3,311 | 618 | 17,118 | 2,124 | 3,312 | 460 | 17,026
Sales revenues | 1,159 | 1,408 | 32 | 18,709 | 2,947 | 1,138 | − | 20,625
Net Income (loss) for the year | 72 | 887 | 162 | (146) | 156 | 635 | 91 | 2,821
Ownership interest - % | 20 to 50% | 20% | 34 to 45% | 18.8 to 38.8% | 20 to 83% | 20% | 34 to 45% | 18.8 to 38.8%
Accounting policy for investments Basis of consolidation The consolidated financial statements include the financial information of Petrobras and the entities it controls (subsidiaries), joint operations (at the level of interest the Company has in them) and consolidated structured entities. Intragroup balances and transactions, including unrealized profits arising from intragroup transactions, are eliminated in the consolidation of the financial statements. Investments in other companies Profit or loss, assets and liabilities related to joint ventures and associates are accounted for by the equity method. Business combination A business combination is a transaction in which the acquirer obtains control of another business, regardless it legal form. Acquisitions of businesses are accounted for using the acquisition method when control is obtained. Combinations of entities under common control are accounted for at cost. The acquisition method requires that the identifiable assets acquired and the liabilities assumed be measured at the acquisition-date fair value, with limited exceptions.

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