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Investments | 12 Months Ended
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Dec. 31, 2023
Disclosure Investments Abstract |
Investments |
30. | Investments
30.1. | Information on direct subsidiaries, joint arrangements and associates
Schedule of information on direct subsidiaries, joint arrangements and associates |  |  |  |  |  |  |
| Main business segment | % Petrobras' ownership | % Petrobras' voting rights | Sales revenues (1) | Share-holders’ equity (deficit) | Net income (loss)for the year | Country
Subsidiaries |  |  |  |  |  |  |
Petrobras International Braspetro - PIB BV | − | 100.00 | 100.00 | 42,379 | 56,131 | 3,410 | Netherlands
Petrobras Transporte S.A. - Transpetro | RT&M | 100.00 | 100.00 | 2,223 | 967 | 93 | Brazil
Petrobras Logística de Exploração e Produção S.A. - PB-LOG | E&P | 100.00 | 100.00 | 669 | 116 | 202 | Brazil
Petrobras Biocombustível S.A. | G&LCE | 100.00 | 100.00 | 96 | 157 | (18) | Brazil
Araucária Nitrogenados S.A. | RT&M | 100.00 | 100.00 | − | 32 | (1) | Brazil
Termomacaé S.A. | G&LCE | 100.00 | 100.00 | 17 | 62 | 12 | Brazil
Braspetro Oil Services Company - Brasoil (2) | Corporate, others | 100.00 | 100.00 | − | 9 | 8 | Cayman Islands
Termobahia S.A. | G&LCE | 98.85 | 98.85 | − | 100 | 89 | Brazil
Baixada Santista Energia S.A. | G&LCE | 100.00 | 100.00 | − | 64 | 2 | Brazil
Fundo de Investimento Imobiliário RB Logística - FII | E&P | 99.15 | 99.15 | − | 19 | 5 | Brazil
Procurement Negócios Eletrônicos S.A. | Corporate, others | 72.00 | 49.00 | 20 | 8 | 2 | Brazil
Petrobras Comercializadora de Gás e Energia e Participações S.A. | Corporate, others | 100.00 | 100.00 | 26 | 14 | 4 | Brazil
Transportadora Brasileira Gasoduto Bolívia - Brasil S.A. | G&LCE | 51.00 | 51.00 | 349 | 104 | 153 | Brazil
Refinaria de Mucuripe S.A (3) | RT&M | 100.00 | 100.00 | − | − | − | Brazil
Associação Petrobras de Saúde (4) | Corporate, others | 93.41 | 93.41 | 823 | 144 | 18 | Brazil
Joint operations |  |  |  |  |  |  |
Fábrica Carioca de Catalizadores S.A. - FCC | RT&M | 50.00 | 50.00 | 64 | 57 | 21 | Brazil
Joint ventures |  |  |  |  |  |  |
Logum Logística S.A. | RT&M | 30.00 | 30.00 | − | 216 | (31) | Brazil
Petrocoque S.A. Indústria e Comércio | RT&M | 50.00 | 50.00 | − | 20 | 23 | Brazil
Refinaria de Petróleo Riograndense S.A. | RT&M | 33.20 | 33.33 | − | 25 | 4 | Brazil
Brasympe Energia S.A. | G&LCE | 20.00 | 20.00 | − | 15 | 2 | Brazil
Brentech Energia S.A. | G&LCE | 30.00 | 30.00 | − | 13 | 1 | Brazil
Metanor S.A. - Metanol do Nordeste | RT&M | 34.54 | 50.00 | − | 24 | 4 | Brazil
Companhia de Coque Calcinado de Petróleo S.A. - Coquepar | RT&M | 45.00 | 45.00 | − | − | − | Brazil
Associates |  |  |  |  |  |  |
Braskem S.A. (5) | RT&M | 36.15 | 47.03 | − | 1,038 | (601) | Brazil
UEG Araucária Ltda. | G&LCE | 18.80 | 18.80 | − | 66 | (22) | Brazil
Energética SUAPE II S.A. | G&LCE | 20.00 | 20.00 | − | 104 | 29 | Brazil
Nitrocolor Produtos Químicos LTDA. | RT&M | 38.80 | 38.80 | − | − | − | Brazil
Bioenergética Britarumã S.A. | G&LCE | 30.00 | 30.00 | − | − | − | Brazil
Transportadora Sulbrasileira de Gás - TSB | G&LCE | 25.00 | 25.00 | − | 3 | 2 | Brazil
(1) Sales revenues refers to the home country of companies. Regarding PIBBV, the composition of sales revenue is: 56% in the Netherlands, 25% in the United States, and 19% in Singapore.
(2 )In December 2023, Braspetro Oil Services Company - Brasoil repurchased 105,000,000 common shares for the amount of US$1 per share.
(3) The contract for the sale of Refinaria de Mucuripe S.A was rescinded due to the non-fulfillment of established precedent conditions.
(4) APS is a non-profit civil association, which carries out health assistance activities, and is consolidated in the Company’s financial statements.
(5) Equity and net income at September 30, 2022, most current public information.
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);
| • | Petrobras Singapore Private Limited. - PSPL (100%, based in Singapore), which operates primarily in the trading of crude oil, oil products, biofuels and liquefied natural gas (LNG); 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 - PFISA (100%) and BJOOS BV (20%), dedicated to the construction and lease of equipment; and
| • | platforms for Brazilian E&P consortia. Currently, the Company is assessing the liquidation of Guara BV, Libra BV, Agri Development BV, Papa-Terra BV, Roncador BV and PFISA, where conditions precedent are pending. Subsequently, the Company will assess the liquidation of Tupi BV and Iara BV.
On December 28, 2023, the company approved the liquidation and dissolution of Ibiritermo S.A.
30.2. | Investments in associates and joint ventures
Schedule of investments in associates and joint ventures |  |  |  |  |  |  |  |
| Balance at 12.31.2022 | Investments | Restructuring, capital decrease and others | Results in equity-accounted investments | CTA | OCI | Dividends | Balance at 12.31.2023
Joint Ventures | 546 | 12 | − | (2) | 2 | 1 | (78) | 481
MP Gulf of Mexico, LLC/PIB BV | 374 | − | − | (3) | (1) | − | (30) | 340
Compañia Mega S.A. - MEGA | 149 | − | − | 4 | 1 | − | (35) | 119
Other joint ventures | 23 | 12 | − | (3) | 2 | 1 | (13) | 22
Associates | 1,016 | 12 | (1) | (302) | (114) | 266 | (4) | 873
Other investments | 4 | − | − | − | − | − | − | 4
Total | 1,566 | 24 | (1) | (304) | (112) | 267 | (82) | 1,358
| 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
30.3. | Investments in non- consolidated listed companies
Schedule of  investments in non- consolidated listed companies |  |  |  |  |  |  |
| Thousand-share lot |  | Quoted stock exchange prices (US$ per share) | Fair value
| 12.31.2023 | 12.31.2022 | Type | 12.31.2023 | 12.31.2022 | 12.31.2023 | 12.31.2022
Associate |  |  |  |  |  |  |
Braskem S.A. | 212,427 | 212,427 | Common | 4.48 | 4.83 | 952 | 1,025
Braskem S.A. | 75,762 | 75,762 | Preferred A | 4.52 | 4.55 | 342 | 345
|  |  |  |  |  | 1,294 | 1,370
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 26.
30.4. | Non-controlling interest
The total amount of non-controlling interest at December 31, 2023 is US$ 392 (US$ 344 in 2022) primarily comprising US$ 331 of FIDC (US$ 277 in 2022); and US$ 51 of Transportadora Brasileira Gasoduto Brasil-Bolívia – TBG (US$ 58 in 2022). Condensed financial information is set out as follows:
Schedule of condensed financial information and non controlling interest |  |  |  |  |
| FIDC | TBG | Gaspetro(1)
| 2023 | 2022 | 2023 | 2022 | 2022
Current assets | 7,803 | 3,951 | 260 | 200 | −
Property, plant and equipment | 1 | − | 314 | 298 | −
Other non-current assets | − | − | 4 | 3 | −
| 7,804 | 3,951 | 578 | 501 | −
Current liabilities | 8 | 1 | 250 | 145 | −
Non-current liabilities | − | − | 224 | 237 | −
Shareholders' equity | 7,796 | 3,950 | 104 | 119 | −
| 7,804 | 3,951 | 578 | 501 | −
Sales revenues | − | − | 349 | 350 | 100
Net income (loss) | 1,203 | 416 | 153 | 181 | 21
Increase (decrease) in cash and cash equivalents | (1,133) | 2 | 39 | 72 | (14)
(1) In July 2022, the Company completed the sale of its entire stake in Gaspetro (51%).
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.
30.5. | 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:
Schedule of condensed financial information |  |  |  |  |  |  |  |
| 2023 | 2022
| Joint ventures | Associates(1) | Joint ventures | Associates(1)
| In Brazil | MP Gulf of Mexico, LLC | Other companies abroad |  | In Brazil | MP Gulf of Mexico, LLC | Other companies abroad |
Current assets | 330 | 537 | 275 | 7,910 | 295 | 481 | 410 | 6,642
Non-current assets | 272 | 66 | 9 | 2,591 | 231 | 139 | 17 | 2,491
Property, plant and equipment | 525 | 1,863 | 189 | 8,082 | 508 | 2,690 | 191 | 7,380
Other non-current assets | 41 | 1 | − | 1,263 | 37 | 1 | − | 605
| 1,168 | 2,467 | 473 | 19,846 | 1,071 | 3,311 | 618 | 17,118
Current liabilities | 313 | 365 | 70 | 5,096 | 294 | 344 | 145 | 4,473
Non-current liabilities | 533 | 424 | 52 | 13,182 | 494 | 548 | 32 | 11,263
Shareholders' equity | 315 | 1,336 | 351 | 1,690 | 277 | 2,045 | 291 | 1,587
Non-controlling interest | 7 | 342 | − | (122) | 6 | 374 | 150 | (205)
| 1,168 | 2,467 | 473 | 19,846 | 1,071 | 3,311 | 618 | 17,118
Sales revenues | 1,036 | 907 | − | 14,199 | 1,159 | 1,408 | 32 | 18,709
Net Income (loss) for the year | 5 | 408 | 21 | (849) | 72 | 887 | 162 | (146)
Ownership interest - % | 20 to 50% | 20% | 34 to 45% | 18.8 to 38.8% | 20 to 50% | 20% | 34 to 45% | 18.8 to 38.8%
(1) It is mainly composed of Braskem.
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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