Petrobras Settles Taxes Owed for Vessel Leasing Contracts

Brazil's state-controlled oil company, Petroleo Brasileiro SA, said on Monday it adhered to a federal tax refinancing program to settle taxes owed on vessel leasing contracts.

 

Petrobras, as the company is known, said in a securities filing the company would pay 1.7 billion reais ($538.5 million) in 12 monthly installments beginning this month.

 

The payments would have a negative effect of 1.1 billion reais on fourth-quarter earnings, the company said.