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Regulatory Environment, Market Opening and Competition

In the context of market opening, Law 14,134/2021 was enacted, on August 4, 2021, called the New Gas Law. The text, by revoking Law 11.909/2009 (Gas Law), established a new regulatory framework for the natural gas market in Brazil.

Within this regulatory context, we are leaving the gas transportation and distribution sectors entirely and focus on production and marketing. We believe that the opening of the market is positive and is in line with our strategy to improve our capital allocation.

We signed a Termination Commitment Agreement (TCC) with CADE, an agency whose mission is to ensure market competition, committing ourselves to sell 50% of the refining complex (eight oil refineries, including assets related to transportation of fuel). With this, in this TCC, CADE committed to suspend Administrative Inquiry (no. 08700.006955/2018-22), initiated on May 12, 2018, with the objective of investigating possible abuse of a dominant position in the Brazilian refining market.

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