January 29, 2018 / 9:45 PM / 3 months ago

Petrobras settles taxes owed for vessel leasing contracts

SAO PAULO, Jan 29 (Reuters) - 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.

$1 = 3.1574 reais Reporting by Tatiana Bautzer; Editing by Peter Cooney

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