Operating in these EITI implementing countries:
Petróleo Brasileiro S.A. or Petrobras is a semi-public Brazilian multinational energy corporation headquartered in Rio de Janeiro, Brazil.
Engagement with the EITI
Of the countries that currently participate in the EITI, Petrobras conducts operations in Colombia, Nigeria, Tanzania and the US. Petrobras Nigeria (PBN) and Petrobras Tanzania (Petan) have already been contacted by EITI representatives in previous years, and have supplied the requested information. Petrobras America Inc. (PAI) has not been contacted by EITI representatives yet. Petrobras Colombia Limited (PCL) has been recently contacted by the Colombian Government, which invited all extractive companies to join the initiative.
Petrobras was a member of the EITI Board from 2006 to 2008. Since then, representatives have been attending the Global Conferences.
Financial contribution to international management of the EITI
Petrobras contributed USD 60,000 in 2014.
Other relevant information
Commitment to transparency and anti-corruption is a value inherent to Petrobras’ corporate governance and culture. Even before the EITI was created, and going beyond its requirements, Petrobras had been publishing the payments made to the government in Brazil and abroad for several years. Please see Petrobras payments to governments in the following website: http://investidorpetrobras.com.br/en/operational-highlights/costs-and-taxes/taxes/taxes.htm
Aligned to the concept of transparency, Petrobras has been selected to be part of the Dow Jones Sustainability Index (DJSI) for the eighth consecutive year. The DJSI is the most important sustainability index in the world and evaluates the best economic, social and environmental practices worldwide.
Petrobras is also a signatory of the UN Global Compact, which is an international initiative related to anti-corruption.
At the end of 2003 Petrobras adhered to the United Nations Global Compact, a voluntary agreement by which companies worldwide agree to guarantee compliance with the principles relating to human rights, working conditions, environment and anti-corruption. The Executive Board at Petrobras approved the proposal by company President José Eduardo Dutra and the decision was communicated to the UN Secretary General, Kofi Annan.
When signing the UN's document, Petrobras committed to issue a declaration in support of the Global Compact, distributing it to employees, shareholders, clients and suppliers; to integrate the ten principles into its corporate development program; to incorporate these principles into the company's mission statement; to include the commitment in its annual report and to inform the UN of a concrete example of the application of these principles once a year.
From Petrobras' statement of support to the EITI:
We have been part of the Extractive Industries Transparency Initiative (EITI) since 2005. Created in 2002, during the World Sustainability Summit, the Initiative is the outcome of an alliance among governments, international organizations, investors, businesses and civil society groups aimed to improve transparency and render accounts in the extractivist industry, affording improvements in the management of the resources obtained through this activity.
One of the principles of EITI is that the prudent use of wealth derived from natural resources should be an important vector for sustainable economic growth that contributes to sustainable development and to the reduction of poverty. By supporting EITI, we commit to encourage initiatives for the transparency of the governments of the countries where we have a presence.