Petrobras - Run 5, Round 1

We support the filed EJ process and have put a disclosed commercial instrument in place: a R$2.35B feedstock-credit limit through year-end. It is secured, conditional and priced under the parties’ commercial agreements. It is designed to protect feedstock continuity, not to erase unsecured debt or transfer value to shareholders.

BATNA: maintain commercial dealings within the facility’s protections and negotiate in the EJ. RJ or a supply interruption is a worse operating outcome, but neither converts the facility into an unconditional equity cheque.

Non-negotiables: no public assumption that commercial credit equals capital; no unapproved parent guarantee; no automatic obligation to fund a missed metric. Any liquidity support or equity backstop must be specific, commercially defensible, agreed with creditors and approved through Petrobras governance.

Move available: attend the September meeting with principals, give creditors visibility on facility conditions, and evaluate a tightly defined contingent instrument only if it preserves commercial rationale, shares burdens with Shine I and creditors, and is properly approved.