Petróleo Brasileiro S A Petrobras : Petrobras on sale of assets in Colombia

PETROBRASON SALE OF ASSETS IN COLOMBIA

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Rio de Janeiro, May 21, 2020 - Petróleo Brasileiro S.A. - Petrobras, following up on the press release disclosed on 03/06/20, informs that the non-binding phase related to the sale of 100% of the shares held by Petrobras International Braspetro B.V. (PIB BV) and other Petrobras subsidiaries, in Petrobras Colombia Combustibles (PECOCO) is underway, as described in the teaser, with expectation of the beginning of the binding phase in the next weeks.

Potential buyers qualified for this phase have received a descriptive memorandum with more detailed information about the aforementioned assets, as well as instructions on the divestment process, including guidelines for preparing and submitting non-binding proposals.

The main subsequent stages of the project will be reported to the market in due course.

This disclosure is in accordance with Petrobras' divestment guidelines.

This transaction is in line with the portfolio optimization and the improvement of the company's capital allocation, aiming at maximizing value for its shareholders.

About the assets in Colombia

In Colombia, Petrobras operates, through PECOCO, in the gasoline, diesel, and lubricant distribution and trading market, through a network of 124 service stations and 7 storage units, one of which is in Puente Aranda.

www.petrobras.com.br/ri

For more information:

PETRÓLEO BRASILEIRO S.A. - PETROBRAS | Investors Relations

email: [e-mail]/[e-mail] Av. República do Chile, 65 - 1803 - 20031-912 - Rio de Janeiro, RJ. Tel.: [phone]/9947 | 0800-282-1540

This document may contain forecasts within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Trading Act of 1934, as amended (Trading Act) that reflect the expectations of the Company's officers. The terms: "anticipates", "believes", "expects", "predicts", "intends", "plans", "projects", "aims", "should," and similar terms, aim to identify such forecasts, which evidently involve risks or uncertainties, predicted or not by the Company. Therefore, future results of the Company's operations may differ from current expectations, and the reader should not rely solely on the information included herein.