Obbligazione PetroGlobal Finance BV 5.093% ( US71647NBE85 ) in USD

PetroGlobal Finance BV

100.125 USD ▲

Brasile

US71647NBE85 ( in USD )

5.093% per anno ( pagato 2 volte l'anno)

14/01/2030

Prospetto opuscolo dell'obbligazione Petrobras Global Finance BV US71647NBE85 en USD 5.093%, scadenza 14/01/2030

2 000 USD

4 037 681 000 USD

71647NBE8

BB ( Non-investment grade speculative )

Ba1 ( Non-investment grade speculative )

15/07/2026 ( In 105 giorni )

Petrobras Global Finance BV è una sussidiaria di Petrobras, la compagnia petrolifera brasiliana di Stato, che opera nel settore finanziario internazionale.

The Obbligazione issued by PetroGlobal Finance BV ( Brazil ) , in USD, with the ISIN code US71647NBE85, pays a coupon of 5.093% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 14/01/2030

The Obbligazione issued by PetroGlobal Finance BV ( Brazil ) , in USD, with the ISIN code US71647NBE85, was rated Ba1 ( Non-investment grade speculative ) by Moody's credit rating agency.

The Obbligazione issued by PetroGlobal Finance BV ( Brazil ) , in USD, with the ISIN code US71647NBE85, was rated BB ( Non-investment grade speculative ) by Standard & Poor's ( S&P ) credit rating agency.

LUXEMBOURG LISTING MEMORANDUM
PETROBRAS GLOBAL FINANCE B.V.
Unconditionally guaranteed by
PETRÓLEO BRASILEIRO S.A. -- PETROBRAS
(Brazilian Petroleum Corporation -- Petrobras)
U.S.$4,037,681,000 5.093% Global Notes due 2030
On September 17, 2020, Petrobras Global Finance B.V., or "PGF," a wholly-owned subsidiary of Petróleo Brasileiro S.A.
Petrobras, or "Petrobras," issued U.S.$4,037,681,000 aggregate principal amount of its 5.093% Global Notes due 2030, or the
"Notes," registered under the Securities Act of 1933, as amended, or the "Securities Act." The Notes were issued by PGF in
exchange for an equal principal amount of PGF's issued and outstanding 5.093% Global Notes due 2030 (CUSIP/ISIN:
Regulation S N6945A AL1 / USN6945AAL19, Restricted 71647N BF5 / US71647NBF50), or the "Old Notes," issued in
private transactions in reliance upon exemptions from the registration requirements of the Securities Act. The terms of the
Notes are identical to the Old Notes, except that the Notes do not contain the restrictions on transfer that are applicable to the
Old Notes, any registration rights or any provisions for additional interest. This Listing Memorandum relates to the Notes so
issued.
The Notes are general, unsecured, unsubordinated obligations of PGF, and are unconditionally and irrevocably guaranteed by
Petrobras. The Notes will mature on January 15, 2030 and bear interest at the rate of 5.093% per annum. Interest on the Notes
is payable on January 15 and July 15 of each year, beginning on January 15, 2021.
PGF has paid and will pay additional amounts related to the deduction of certain withholding taxes in respect of certain
payments on the Notes. PGF may redeem, in whole or in part, the Notes at any time by paying the greater of the principal
amount of the Notes and the applicable "make-whole" amount, plus, in each case, accrued interest. The Notes will also be
redeemable without premium prior to maturity at PGF's option solely upon the imposition of certain withholding taxes. See
"Description of the Notes--Optional Redemption--Redemption for Taxation Reasons."
The Notes were offered pursuant to an exemption from the requirement to publish a prospectus under Regulation (EU)
2017/1129 (as amended and supplemented from time to time, the "Prospectus Regulation"), of the European Union, and this
Listing Memorandum has not been approved by a competent authority within the meaning of the Prospectus Regulation. The
Notes were not intended to be offered, sold, or otherwise made available to and should not be offered, sold, or otherwise made
available to any retail investor in the European Economic Area or the United Kingdom.
------------------------
This Listing Memorandum constitutes a prospectus for purposes of Part IV of the Luxembourg law on prospectuses for
securities dated July 16, 2019. PGF has applied to have the Notes listed on the Official List of the Luxembourg Stock Exchange
and to trading on the Euro Multilateral Trading Facility ("EuroMTF") Market of the Luxembourg Stock Exchange.
------------------------
See "Risk Factors" beginning on page 13 to read about factors you should consider before investing in the Notes.
Neither the U.S. Securities and Exchange Commission, or the "SEC," nor any state securities commission has approved
or disapproved of these securities or determined if this Listing Memorandum is truthful or complete. Any
representation to the contrary is a criminal offense.
The date of this Listing Memorandum is October 19, 2020

TABLE OF CONTENTS
Page
ABOUT THIS LISTING MEMORANDUM .................................................................................................................1
FORWARD-LOOKING STATEMENTS ......................................................................................................................2
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE .......................................................................4
WHERE YOU CAN FIND MORE INFORMATION ...................................................................................................5
SUMMARY ....................................................................................................................................................................6
THE NOTES ...................................................................................................................................................................8
RISK FACTORS...........................................................................................................................................................13
USE OF PROCEEDS....................................................................................................................................................16
SELECTED FINANCIAL AND OPERATING INFORMATION..............................................................................17
CAPITALIZATION......................................................................................................................................................19
DESCRIPTION OF THE NOTES ................................................................................................................................20
DESCRIPTION OF THE GUARANTY ......................................................................................................................33
CLEARANCE AND SETTLEMENT ..........................................................................................................................40
NOTICE TO CERTAIN NON-U.S. HOLDERS..........................................................................................................43
TAXATION ..................................................................................................................................................................45
DIFFICULTIES OF ENFORCING CIVIL LIABILITIES AGAINST NON-U.S. PERSONS ...................................53
LEGAL MATTERS ......................................................................................................................................................55
EXPERTS ...................................................................................................................................................................56
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ............................................................................57
LISTING AND GENERAL INFORMATION.............................................................................................................58
RESPONSIBLE PERSONS..........................................................................................................................................60
We are responsible for the information contained and incorporated by reference in this Listing
Memorandum. PGF and Petrobras have not authorized anyone to provide any information other than that
contained in or incorporated by reference in this Listing Memorandum. We take no responsibility for, and
can provide no assurance as to the reliability of, any other information that others may give you. You should
not assume that the information contained in this Listing Memorandum or in any document incorporated by
reference in this Listing Memorandum is accurate as of any date other than the date of the relevant document.
Our business, financial condition, results of operations and prospects may have changed since those dates.
ii

ABOUT THIS LISTING MEMORANDUM
In this Listing Memorandum, unless the context otherwise requires or as otherwise indicated, references to
"Petrobras" mean Petróleo Brasileiro S.A. Petrobras and its consolidated subsidiaries taken as a whole, and
references to "PGF" mean Petrobras Global Finance B.V., a wholly-owned subsidiary of Petrobras. Terms such as
"we," "us" and "our" generally refer to both Petrobras and PGF, unless the context requires otherwise or as otherwise
indicated.
References herein to "reais" or "R$" are to the lawful currency of Brazil. References herein to "U.S. dollars"
or "U.S.$" are to the lawful currency of the United States.
This Listing Memorandum has been prepared by us solely for use in connection with the listing of the
securities described in this Listing Memorandum. You are authorized to use this Listing Memorandum solely for the
purpose of considering an investment in the Notes.
In making an investment decision, prospective investors must rely on their own examination of PGF and
Petrobras and the terms of the Notes, including the merits and risks involved. Prospective investors should not
construe anything in this Listing Memorandum as legal, business or tax advice. Each prospective investor should
consult its own advisors as needed to make its investment decision and to determine whether it is legally permitted to
purchase the securities under applicable legal investment or similar laws or regulations.
We have furnished the information in this Listing Memorandum. This Listing Memorandum contains
summaries believed to be accurate with respect to certain documents, but reference is made to the actual documents
for complete information. All such summaries are qualified in their entirety by such reference. Copies of documents
referred to herein will be made available to prospective investors upon request to us.
The distribution of this Listing Memorandum and the offering and sale of the Notes in certain jurisdictions
may be restricted by law. We require persons into whose possession this Listing Memorandum comes to inform
themselves about and to observe any such restrictions. This Listing Memorandum does not constitute an offer of, or
an invitation to purchase, any of the Notes in any jurisdiction in which such offer or sale would be unlawful.
As a prospective purchaser, you should be aware that you may be required to bear the financial risks of this
investment for an indefinite period of time.
The Notes may not be offered or sold to any person in the United Kingdom, other than to persons whose
ordinary activities involve them acquiring, holding, managing or disposing of investments (as principal or agent) for
the purposes of their businesses or who it is reasonable to expect will acquire, hold, manage or dispose of investments
(as principal or agent) for the purposes of their businesses or otherwise in circumstances which have not resulted and
will not result in an offer to the public in the United Kingdom.
NOTICE TO RESIDENTS OF EUROPEAN ECONOMIC AREA AND THE UNITED KINGDOM
THE NOTES ARE NOT INTENDED TO BE OFFERED, SOLD OR OTHERWISE MADE
AVAILABLE TO AND SHOULD NOT BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE IN
THE EUROPEAN ECONOMIC AREA OR THE UNITED KINGDOM TO ANY RETAIL INVESTOR (AS
DEFINED IN REGULATION (EU) NO. 1286/2014 (THE "PRIIPS REGULATION"). CONSEQUENTLY
NO KEY INFORMATION DOCUMENT REQUIRED BY THE PRIIPS REGULATION FOR OFFERING
OR SELLING THE NOTES OR OTHERWISE MAKING THEM AVAILABLE TO RETAIL INVESTORS
IN THE EUROPEAN ECONOMIC AREA OR THE UNITED KINGDOM HAS BEEN PREPARED AND
THEREFORE OFFERING OR SELLING THE NOTES OR OTHERWISE MAKING THEM AVAILABLE
TO ANY RETAIL INVESTOR IN THE EUROPEAN ECONOMIC AREA OR THE UNITED KINGDOM
MAY BE UNLAWFUL UNDER THE PRIIPS REGULATION.
________________________
1

FORWARD-LOOKING STATEMENTS
Some of the information contained or incorporated by reference in this Listing Memorandum constitutes
forward-looking statements that are not based on historical facts and are not assurances of future results. Many of the
forward-looking statements contained, or incorporated by reference in this Listing Memorandum may be identified by
the use of forward-looking words, such as "believe," "expect," "estimate," "anticipate," "intend," "plan," "aim," "will,"
"may," "should," "could," "would," "likely," "potential" and similar expressions.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak
only as of the date on which they are made. There is no assurance that the expected events, trends or results
will actually occur.
We have made forward-looking statements that address, among other things:

the outbreak of the COVID-19 pandemic and its impacts on the sanitary, health, political and economic
conditions worldwide and specifically in Brazil; our marketing and expansion strategy;

our exploration and production activities, including drilling;

our activities related to refining, import, export, transportation of oil, natural gas and oil products,
petrochemicals, power generation, biofuels and other sources of renewable energy;

our projected and targeted capital expenditures, commitments and revenues;

our liquidity and sources of funding;

our pricing strategy and development of additional revenue sources; and

the impact, including cost, of acquisitions and divestments.
Our forward-looking statements are not guarantees of future performance and are subject to assumptions that
may prove incorrect and uncertainties that are difficult to predict. Our actual results could differ materially from those
expressed or forecast in any forward-looking statements as a result of a variety of assumptions and factors. These
factors include, but are not limited to, the following:

our ability to obtain financing;

general economic and business conditions, including crude oil and other commodity prices, refining
margins and prevailing exchange rates;

global economic conditions;

our ability to find, acquire or gain access to additional reserves and to develop our current reserves
successfully;

uncertainties inherent in making estimates of our oil and gas reserves, including recently discovered oil
and gas reserves;

competition;

technical difficulties in the operation of our equipment and the provision of our services;

changes in, or failure to comply with, laws or regulations, including with respect to fraudulent activity,
corruption and bribery;
2

receipt of governmental approvals and licenses;

international and Brazilian political, economic and social developments;

natural disasters, accidents, military operations, terrorist acts, acts of sabotage, wars or embargoes;

regulatory developments, including regulations related to climate change;

the cost and availability of adequate insurance coverage;

our ability to successfully implement assets sales under our portfolio management program;

the outcome of ongoing corruption investigations and any new facts or information that may arise in
relation to the "Lava Jato investigation;"

the effectiveness of our risk management policies and procedures, including operational risks; and

litigation, such as class actions or enforcement or other proceedings brought by governmental and
regulatory agencies.
For additional information on factors that could cause our actual results to differ from expectations reflected
in forward-looking statements, please see "Risk Factors" in this Listing Memorandum and in documents incorporated
by reference in this Listing Memorandum.
All forward-looking statements attributed to us or a person acting on our behalf are expressly qualified in
their entirety by this cautionary statement, and you should not place undue reliance on any forward-looking statement
included in this Listing Memorandum. We undertake no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information or future events or for any other reason.
3

INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
The following documents, which include information with respect to recent developments for Petrobras and
PGF have been filed or furnished by Petrobras with or to the SEC under the Exchange Act and are incorporated herein
by reference:
1.
The Petrobras Annual Report on Form 20-F for the year ended December 31, 2019 filed with the SEC on
March 23, 2020, as amended by Amendment No. 1 on Form 20-F/A filed with the SEC on April 21, 2020 (as
so amended, the "2019 Form 20-F").
2.
The Petrobras Report on Form 6-K furnished to the SEC on May 15, 2020, containing Petrobras's financial
statements in U.S. dollars as of March 31, 2020, and for the three-month periods ended March 31, 2020 and
2019, prepared and presented in accordance with IAS 34 "Interim Financial Reporting" as issued by the
International Accounting Standards Board (IASB).
3.
The Petrobras Report on Form 6-K furnished to the SEC on May 26, 2020, containing a discussion of
Petrobras's financial information and results in U.S. dollars as of March 31, 2020, and for the three-month
periods ended March 31, 2020 and 2019.
4.
The Petrobras Report on Form 6-K furnished to the SEC on June 8, 2020, relating to exports of fuel oil in
May.
5.
The Petrobras Report on Form 6-K furnished to the SEC on June 25, 2020, relating to the appointment of a
new member of the board of directors.
6.
The Petrobras Report on Form 6-K furnished to the SEC on June 29, 2020, relating to the leniency agreement
with Technip Brasil and Flexibras.
7.
The Petrobras Report on Form 6-K furnished to the SEC on July 6, 2020, relating to severance programs.
8.
The Petrobras Report on Form 6-K furnished to the SEC on July 31, 2020, containing Petrobras's financial
statements in U.S. dollars as of June 30, 2020, and for the six-month periods ended June 30, 2020 and 2019,
prepared and presented in accordance with IAS 34 "Interim Financial Reporting" as issued by the
International Accounting Standards Board (IASB).
9.
The Petrobras Report on Form 6-K furnished to the SEC on August 14, 2020, containing a discussion of
Petrobras's financial information and results in U.S. dollars as of June 30, 2020, and for the six-month periods
ended June 30, 2020 and 2019.
10. The Petrobras Report on Form 6-K furnished to the SEC on September 11, 2020, relating to Petrobas's
collaboration with the new phase of the Lava Jato investigation.
11. Any future reports of Petrobras on Form 6-K furnished to the SEC that are identified in those forms as
being incorporated by reference into this Listing Memorandum.
Any statement contained in a document incorporated by reference into this Listing Memorandum, or
contained in this Listing Memorandum, shall be considered to be modified or superseded to the extent that a statement
contained in this Listing Memorandum or in a subsequently filed document that is also incorporated by reference into
this Listing Memorandum modifies or supersedes such statement. Any statement so modified or superseded in this
manner does not, except as so modified or superseded, constitute a part of this Listing Memorandum.
We will provide without charge to any person to whom a copy of this Listing Memorandum is delivered,
upon the request of any such person, a copy of any or all of the documents referred to above which have been or may
be incorporated herein by reference, other than exhibits to such documents (unless such exhibits are specifically
incorporated by reference in such documents Requests should be directed to Petrobras's Investor Relations
Department located at Avenida República do Chile, 65 -- 18th Floor, 20031-912--Rio de Janeiro, RJ, Brazil, Attn:
Leandro da Rocha Santos, Institutional Investors Manager at Investor Relations Department (telephone: +55 (21)
3224-0792; fax: +55 (21) 3224-1401; e-mail: [email protected]).
4

WHERE YOU CAN FIND MORE INFORMATION
Documents incorporated by reference in this Listing Memorandum, including PGF's 2019 and 2018 financial
statements and its 2017 and 2016 financial statements, are available without charge. Each person to whom this Listing
Memorandum is delivered may obtain documents incorporated by reference herein by requesting them either in writing
or orally, by telephone or by e-mail from us at the following address:
Investor Relations Department
Petróleo Brasileiro S.A.-Petrobras
Avenida República do Chile, 65 -- 18th Floor
20031-912 -- Rio de Janeiro -- RJ, Brazil
Attn: Leandro da Rocha Santos,
Institutional Investors Manager at Investor Relations Department
Telephone: +55 (21) 3224-0792
Fax: +55 (21) 3224-1401
E-mail: [email protected]
Petrobras is subject to the informational requirements of the Exchange Act and accordingly files reports and
other information with the SEC. Reports and other information filed by Petrobras with the SEC are available to the
public on the SEC's website at www.sec.gov. You may also inspect Petrobras's reports and other information at the
offices of the New York Stock Exchange, 11 Wall Street, New York, New York 10005. For further information on
obtaining copies of Petrobras's public filings at the New York Stock Exchange, you should call +1 (212) 656-5060.
Information will also be available at the office of the Luxembourg paying agent.
5

SUMMARY
This summary highlights selected information appearing elsewhere, or incorporated by reference, in this
Listing Memorandum and is, therefore, qualified in its entirety by the more detailed information appearing elsewhere,
or incorporated by reference, in this Listing Memorandum. It may not contain all the information that is important
to you. We urge you to read carefully this entire Listing Memorandum and the other documents to which it refers to
understand fully the terms of the Notes. You should pay special attention to "Risk Factors" and "Forward-Looking
Statements."
PGF
PGF is a wholly-owned finance subsidiary of Petrobras, incorporated under the laws of the Netherlands as a private
company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) on August 2, 2012. PGF is an
indirect subsidiary of Petrobras, and all of PGF's shares are held by Petrobras's Dutch subsidiary Petrobras International
Braspetro B.V. PGF's business is to raise financing to fund the operations of companies within the Petrobras group, including
by issuing debt securities in the international capital markets. PGF does not currently have any operations, revenues or assets
other than those related to the issuance, administration and repayment of its debt securities. All debt securities issued by
PGF are fully and unconditionally guaranteed by Petrobras. PGF was incorporated for an indefinite period of time.
Petrobras uses PGF as its main vehicle to issue securities in the international capital markets. PGF's first offering
of notes fully and unconditionally guaranteed by Petrobras occurred in September 2012. In December 2014, PGF assumed
the obligations of Petrobras's former finance subsidiary Petrobras International Finance Company S.A. ("PifCo") under all
then outstanding notes originally issued by PifCo, which continue to benefit from Petrobras's full and unconditional
guaranty.
PGF's registered office is located at Weena 762, 9th floor, room A, 3014 DA Rotterdam, the Netherlands, and our
telephone number is +31 (0) 10 206-7000.
Petrobras
Petrobras is one of the world's largest integrated oil and gas companies, engaging in a broad range of oil and gas
activities. Petrobras is a sociedade de economia mista, organized and existing under the laws of Brazil. For the years ended
December 31, 2019 and 2018, Petrobras had sales revenues of U.S.$76,589 million and U.S.$84,638 million, respectively,
gross profit of U.S.$30,857 million and U.S.$32,454 million, respectively, and net income attributable to shareholders of
Petrobras of U.S.$10,151 million and U.S.$7,173 million, respectively. For the three-month periods ended March 31, 2020
and 2019, Petrobras had sales revenues of U.S.$17,143 million and U.S.$18,803 million, respectively, gross profit of
U.S.$7,264 million and U.S.$6,590 million, respectively, and loss attributable to shareholders of Petrobras of U.S.$9,715
million and net income of attributable to shareholders U.S.$1,070 million, respectively. In 2019, Petrobras's average
domestic daily oil production was 2.17 million bbl/d, which represented 81% of Brazil's total oil production (based on
production data issued by the National Petroleum, Natural Gas and Biofuels Agency). In the three-month period ended
March 31, 2020, Petrobras's average domestic daily oil production was 2.32 million bbl/d. As a result of divestments
concluded by Petrobras in 2019, it reassessed its business segments and currently divides its activities into the following
segments of operations:

Exploration and Production: this segment covers the activities of exploration, development and
production of crude oil, Natural Gas Liquids ("NGL") and natural gas in Brazil and abroad, for the
primary purpose of supplying our domestic refineries. Our exploration and production segment also
operates through partnerships with other companies, including holding interests in non-Brazilian
companies in this segment;

Refining, Transportation and Marketing: this segment covers the activities of refining, logistics,
transport, marketing and trading of crude oil and oil products in Brazil and abroad, exports of ethanol,
petrochemical operations, such as extraction and processing of shale, as well as holding interests in
petrochemical companies in Brazil; and

Gas and Power: this segment covers the activities of logistics and trading of natural gas and electricity,
transportation and trading of liquefied natural gas ("LNG"), generation of electricity by means of
6

thermoelectric power plants, as well as holding interests in transportation and distribution companies of
natural gas in Brazil and abroad. It also includes natural gas processing and fertilizer operations.
Additionally, we have a Corporate and Other Business classification that includes activities that are not attributed
to the business segments, notably those related to corporate financial management, corporate overhead and other expenses,
provision for the class action settlement, and actuarial expenses related to the pension and medical benefits for retired
employees and their dependents. It also comprises biofuels and distribution businesses. The biofuels business covers the
activities of production of biodiesel and its co-products and ethanol. The distribution business covers the equity interest in
the associate Petrobras Distribuidora S.A. ("BR Distribuidora") and the business for the distribution of oil products abroad
(in Argentina, Bolivia, Colombia and Uruguay). For further information regarding our business segments, see Notes 12 and
31 to our audited consolidated financial statements included in the 2019 Form 20-F incorporated by reference herein.
Petrobras's principal executive office is located at Avenida República do Chile, 65, 20031-912 Rio de Janeiro,
RJ, Brazil, its telephone number is +55 (21) 3224-4477, and our website is www.petrobras.com.br. The information on our
website, which might be accessible through a hyperlink resulting from this URL, is not and shall not be deemed to be
incorporated into this Listing Memorandum.
7

THE NOTES
Issuer ........................................................ Petrobras Global Finance B.V., or "PGF."
Issuer LEI................................................. 549300FNENFFSMO3GT38
The Notes ................................................. U.S.$4,037,681,000 aggregate principal amount of 5.093% Global Notes
due 2030, or the "Notes."
Issue Date................................................. September 17, 2020.
Maturity Date ........................................... January 15, 2030.
Interest...................................................... The Notes will bear interest from July 15, 2020, the most recent interest
payment date on the Old Notes, at the rate of 5.093% per annum, payable
semi-annually in arrears on each interest payment date.
Interest Payment Dates............................. January 15 and July 15 of each year, commencing on January 15, 2021.
Denominations ......................................... The Notes were issued only in denominations of U.S.$2,000 and integral
multiples of U.S.$1,000 in excess thereof.
Trustee, Registrar and Paying Agent ....... The Bank of New York Mellon.
Luxembourg Paying Agent and
Listing Agent..................................... The Bank of New York Mellon SA/NV, Luxembourg Branch
Codes
(a) CUSIP......................................... 71647N BE8
(b) ISIN ............................................ US71647NBE85
(c) Common Code............................ 222333474
Use of Proceeds........................................ PGF received no cash proceeds from the issuance of the Notes.
Indenture .................................................. The Notes were issued pursuant to an indenture among PGF, Petrobras,
The Bank of New York Mellon, a New York banking corporation, as
trustee (the "Trustee"), and The Bank of New York Mellon SA/NV,
Luxembourg Branch, as Luxembourg paying agent, dated as of September
18, 2019.
See "Description of the Notes."
Guaranty................................................... The Notes are unconditionally guaranteed by Petrobras under the
guaranty. See "Description of the Guaranty."
Ranking .................................................... The Notes constitute general senior unsecured and unsubordinated
obligations of PGF that will at all times rank pari passu among themselves
and with all other unsecured unsubordinated indebtedness issued from
time to time by PGF.
The obligations of Petrobras under the guaranty constitutes general senior
unsecured obligations of Petrobras that will at all times rank pari passu
among themselves and with all other senior unsecured obligations of
8