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Trade payables | 12 Months Ended
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Dec. 31, 2023
Trade Payables |
Trade payables |
16. | Trade payables
Schedule of trade payables |  |
| 12.31.2023 | 12.31.2022
Third parties in Brazil | 3,624 | 3,497
Third parties abroad | 1,176 | 1,935
Related parties (note 36.1) | 13 | 32
Total | 4,813 | 5,464
Forfaiting The Company has a program to encourage the development of the oil and gas production chain called “Mais Valor” (More Value), operated by a partner company on a 100% digital platform. By using this platform, the suppliers who want to anticipate their receivables may launch a reverse auction, in which the winner is the financial institution which offers the lowest discount rate. The financial institution becomes the creditor of invoices advanced by the supplier, and Petrobras pays the invoices on the same date and under the conditions originally agreed with the supplier. Invoices are advanced in the “Mais Valor” program exclusively at the discretion of the suppliers and do not change the terms, prices and commercial conditions contracted by Petrobras with such suppliers, as well as it does not add financial charges to the Company, therefore, the classification is maintained as Trade payables in Statements of Cash Flows (Cash flows from operating activities). As of December 31, 2023, the balance advanced by suppliers, within the scope of the program, is US$ 110 (US$ 130 as of December 31, 2022) and has a payment term from 7 to 92 days and a weighted average term of 57 days (24 days as of December 31, 2022), after the contracted commercial conditions have been met.

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