Brazil's Petrobras confirms US$700 million payment due to arbitration

News June 22, 2019 No Comments

Brazil's Petrobras confirms US$700 million payment due to arbitration

SAO PAULO: Brazil’s state-controlled oil company Petróleo Brasileiro SA confirmed on Friday it had made a US$700 million payment related to an arbitration ruling and a lawsuit by U.S.-based Vantage Drilling Company.

Vantage had said earlier it received the payment from two Petrobras subsidiaries in a case that had an arbitration ruling in 2018. Petrobras said it paid the amount to be able to lift some asset freeze, but added that the payment does not end the litigation.

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(Reporting by Marcelo Teixeira)

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