RNEST to merge with Petrobras

The Board of Directors for Petrobras has approved a proposal to merge with Refinaria Abreu e Lima S.A. (RNEST). RNEST oversees construction work that is already in progress along with the distribution of oil products produced by Petrobras. RNEST is a wholly-owned subsidiary of Petrobras and was created to help foster possible partnerships with investors interested in refining activities in Brazil.
A special meeting will be held later on so that shareholders can discuss and analyze the merger. There will be no capital increase at Petrobras because the merger includes a wholly-owned subsidiary. RNEST shares will be eliminated.
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