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Investments | 12 Months Ended
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Dec. 31, 2024
Disclosure Investments Abstract |
Investments |
| 28. | Investments
| 28.1. | 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 | Several | 100.00 | 100.00 | 44,842 | 59,836 | 3,668 | Netherlands
Petrobras Transporte S.A. - Transpetro | RT&M | 100.00 | 100.00 | 2,227 | 932 | 161 | Brazil
Petrobras Logística de Exploração e Produção S.A. - PB-LOG | E&P | 100.00 | 100.00 | 281 | 60 | 99 | Brazil
Petrobras Biocombustível S.A. | G&LCE | 100.00 | 100.00 | 242 | 135 | 13 | Brazil
Araucária Nitrogenados S.A. | RT&M | 100.00 | 100.00 | − | 90 | 75 | Brazil
Termomacaé S.A. | G&LCE | 100.00 | 100.00 | 11 | 48 | 7 | Brazil
Braspetro Oil Services Company - Brasoil | Corporate, others | 100.00 | 100.00 | − | 2 | − | Cayman Islands
Termobahia S.A. | G&LCE | 98.85 | 98.85 | − | 56 | 10 | Brazil
Baixada Santista Energia S.A. | G&LCE | 100.00 | 100.00 | − | 53 | 8 | Brazil
Fundo de Investimento Imobiliário RB Logística - FII | Corporate, others | 99.15 | 99.15 | − | 18 | 5 | Brazil
Procurement Negócios Eletrônicos S.A. | Corporate, others | 72.00 | 49.00 | 14 | 6 | 1 | Brazil
Petrobras Comercializadora de Gás e Energia e Participações S.A. | G&LCE | 100.00 | 100.00 | 29 | 12 | 5 | Brazil
Transportadora Brasileira Gasoduto Bolívia - Brasil S.A. | G&LCE | 51.00 | 51.00 | 313 | 61 | 85 | Brazil
Associação Petrobras de Saúde (2) | Corporate, others | 93.47 | 93.47 | 892 | 117 | 5 | Brazil
Joint operations |  |  |  |  |  |  |
Fábrica Carioca de Catalizadores S.A. - FCC | RT&M | 50.00 | 50.00 | 60 | 47 | 22 | Brazil
Joint ventures |  |  |  |  |  |  |
Logum Logística S.A. | RT&M | 30.00 | 30.00 | − | 186 | (23) | Brazil
Petrocoque S.A. Indústria e Comércio | RT&M | 50.00 | 50.00 | − | 23 | 4 | Brazil
Refinaria de Petróleo Riograndense S.A. | RT&M | 33.20 | 33.33 | − | 5 | (16) | Brazil
Brasympe Energia S.A. | G&LCE | 20.00 | 20.00 | − | 13 | 3 | Brazil
Metanor S.A. - Metanol do Nordeste | RT&M | 34.54 | 50.00 | − | 20 | 6 | Brazil
Companhia de Coque Calcinado de Petróleo S.A. - Coquepar | RT&M | 45.00 | 45.00 | − | − | − | Brazil
Associates |  |  |  |  |  |  |
Braskem S.A. (3) | RT&M | 36.15 | 47.03 | − | (4) | (1,053) | Brazil
Energética SUAPE II S.A. | G&LCE | 20.00 | 20.00 | − | 84 | 32 | 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 | − | 2 | 1 | Brazil
(1) Sales revenues refers to the home country of companies. Regarding PIBBV, the composition of sales revenue is: 55% in the Netherlands, 26% in the United States, and 19% in Singapore.
(2) APS is a non-profit civil association, which carries out health assistance activities, and is consolidated in the Company’s financial statements.
(3) Equity and net income at September 30, 2024, 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
| • | Petrobras Netherlands B.V. - PNBV (100%, based in the Netherlands), operates through joint operations in Tupi BV (67.59%), Guará BV (45%), Libra (40%), Papa Terra BV (62.5%), Roncador BV (75%), Iara BV (90.11%), Petrobras Frade Inversiones SA - PFISA (100%) and BJSOO BV (20%), dedicated to the construction and lease of equipment and platforms for Brazilian E&P consortia. Considering the liquidation process of companies in the Netherlands, the company Agri BV was liquidated in the fiscal year 2024. Currently, the Company is assessing the liquidation of Guara BV, Libra 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.
In 2024, the Company carried out the disposal of the following direct investments:
| • | Transfer of its entire 30% equity interest in Brentech Energia S.A. on May 29, 2024.
| • | Exercise of the tag-along right for its 18.8% equity interest in the capital of UEG Araucária S.A. (UEGA) on July 1, 2024.
Additionally, the Company approved the dissolution of Refinaria de Mucuripe S.A. on December 30, 2024.
| 28.2. | Investments in associates and joint ventures
Schedule of investments in associates and joint ventures |  |  |  |  |  |  |  |
| Balance at 12.31.2023 | Investments | Restructuring, capital decrease and others | Results in equity-accounted investments | CTA | OCI | Dividends | Balance at 12.31.2024
Joint Ventures | 481 | 13 | – | 125 | (4) | – | (134) | 481
MP Gulf of Mexico, LLC/PIB BV | 340 | − | − | 75 | 1 | − | (118) | 298
Compañia Mega S.A. - MEGA | 119 | − | − | 60 | 1 | − | (17) | 163
Other joint ventures | 22 | 13 | − | (10) | (6) | − | 1 | 20
Associates | 873 | 9 | (12) | (752) | 323 | (261) | (5) | 175
Others Associates | 873 | 9 | (12) | (752) | 323 | (261) | (5) | 175
Other investments | 4 | − | − | − | (1) | − | − | 3
Total | 1,358 | 22 | (12) | (627) | 318 | (261) | (139) | 659
| 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
| 28.3. | 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
| 12.31.2024 | 12.31.2023 | Type | 12.31.2024 | 12.31.2023 | 12.31.2024 | 12.31.2023
Associate |  |  |  |  |  |  |
Braskem S.A. | 212,427 | 212,427 | Common | 1.95 | 4.48 | 415 | 952
Braskem S.A. | 75,762 | 75,762 | Preferred A | 1.87 | 4.52 | 142 | 342
|  |  |  |  |  | 557 | 1,294
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.
| 28.4. | Non-controlling interest
The total amount of non-controlling interest at December 31, 2024 is US$ 244 (US$ 392 in 2023) primarily comprising US$ 201 of FIDC (US$ 331 in 2023); and US$ 30 of Transportadora Brasileira Gasoduto Brasil-Bolívia – TBG (US$ 51 in 2023). Condensed financial information is set out as follows:
Schedule of condensed financial information |  |  |  |
| FIDC | TBG
| 2024 | 2023 | 2024 | 2023
Current assets | 14,839 | 7,803 | 156 | 260
Property, plant and equipment | − | 1 | 246 | 314
Other non-current assets | − | − | 4 | 4
| 14,839 | 7,804 | 406 | 578
Current liabilities | 13 | 8 | 159 | 250
Non-current liabilities | − | − | 186 | 224
Shareholders' equity | 14,826 | 7,796 | 61 | 104
| 14,839 | 7,804 | 406 | 578
Sales revenues | − | − | 313 | 349
Net income | 1,317 | 1,203 | 85 | 153
Increase (decrease) in cash and cash equivalents | 203 | (1,133) | (51) | 39
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.
| 28.5. | 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 |  |  |  |  |  |  |  |
| 2024 | 2023
| 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 | 345 | 400 | 271 | 6,102 | 330 | 537 | 275 | 7,910
Non-current assets | 242 | 6 | 22 | 3,365 | 272 | 66 | 9 | 2,591
Property, plant and equipment | 418 | 1,808 | 305 | 6,594 | 525 | 1,863 | 189 | 8,082
Other non-current assets | 29 | − | − | 1,267 | 41 | 1 | − | 1,263
| 1,034 | 2,214 | 598 | 17,328 | 1,168 | 2,467 | 473 | 19,846
Current liabilities | 284 | 315 | 99 | 4,554 | 313 | 365 | 70 | 5,096
Non-current liabilities | 498 | 425 | 19 | 12,641 | 533 | 424 | 52 | 13,182
Shareholders' equity | 246 | 1,176 | 480 | 43 | 315 | 1,336 | 351 | 1,690
Non-controlling interest | 6 | 298 | − | 90 | 7 | 342 | − | (122)
| 1,034 | 2,214 | 598 | 17,328 | 1,168 | 2,467 | 473 | 19,846
Sales revenues | 786 | 1,124 | 149 | 14,430 | 1,036 | 907 | − | 14,199
Net Income (loss) for the year | (25) | 481 | 208 | (2,119) | 5 | 408 | 21 | (849)
Ownership interest - % | 20 to 50% | 20% | 34 to 45% | 20 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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