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Investments
 12 Months Ended
Dec. 31, 2022
Investments Abstract  
Investments

 

29.Investments
29.1.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
                 
  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
       
  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:

       
  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:

   
  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.