We operate most of Brazil's refining capacity, most of which is concentrated in the Southeast, a region where the country's most populous and industrial markets are located, and adjacent to the sources of most of our crude oil. We operate in the sale of oil products through a planned combination of oil refining in our refineries and the import of oil products, seeking to maximize margins. We are also involved in the production of petrochemicals through holdings in various companies. 

We are responsible for the largest natural gas-powered thermoelectric facility in Brazil. Our plants have an important role in the flow and monetization of our own gas, and the portfolio management of the power generation complex undergoes permanent evaluation. In relation to natural gas, we operate in the production, flow, processing, transport, and import of Liquefied Natural Gas (LNG), LNG regasification, supply of gas for own consumption and for the marketplace, where the transport is undergoing a divestment process. 

Brazil has an integrated transport pipeline network that extends over almost the entire Brazilian coast, from Ceará to Rio Grande do Sul, in addition to reaching more inland regions of the country in Minas Gerais, São Paulo and Mato Grosso do Sul. Brazil also has an isolated system in the Northern Region that moves natural gas production from Urucu to Manaus. The transport pipeline network is operated by different transport companies, and we hold shares in some, but are undergoing a divestment process.

We participate in the Brazilian energy market primarily through our investments in gas-fired thermoelectric plants, renewable energy and interests in fuel oil, diesel, and natural gas plants.

As of 12/31/2022, we had activities in six countries, in addition to Brazil. In Latin America, our operations are exploration and production in Argentina, Bolivia, and Colombia, where we also have oil product distribution activities. In North America we produce oil and gas through a joint venture. We have subsidiaries in The Netherlands (Rotterdam), USA (Houston) and Singapore that support our commercial and financial activities. These units are responsible for market intelligence and trading of oil, oil products, and natural gas, in addition to storage (tankage) and chartering operations.

The management of our portfolio includes continuous and integrated analysis of our assets, seeking at generating value and competitiveness, in line with the corporate strategies for the business segments. Active portfolio management seeks to ensure good market opportunities, in accordance with our strategic objectives, generating value for shareholders, employees, communities, customers, suppliers, society and partners.