Published on 01 Sep 2010 • Brazil |
"The Union [the federal government] is authorised to onerously assign to Petróleo Brasileiro S.A. – PETROBRAS, without the need to bid, the right to research and extract oil, natural gas and other hydrocarbon fluids, as provided for in Article 177(I) of the Federal Constitution, in areas not subject to concession contracts, located in pre-salt reservoirs.
1. Petrobras shall be entitled to the oil, natural gas and other hydrocarbon fluids, produced according to the terms of the assignment contract, as set out in the chapeau.
(...)
3. Payment by Petrobras for the assignment price shall be made preferably through federal government bonds (...)"
"The Union is authorised to subscribe for and pay in Petrobras' shares with federal government bonds. (...)"
"The concession contract shall precisely reproduce the conditions of the bid announcement and of the winning bid and have the following essential provisions: (…)
X – rules on the settlement of disputes, related to the contract and its performance, including conciliation and international arbitration; (…)"
"The announcement shall contain a draft of the contract (...) which can provide for:
(...)
III – the use of private mechanisms for the settlement of disputes, including arbitration, provided that its seat is in Brazil and that it is conducted in Portuguese, according to Law 9,307 of 23 September 1996 (...)"
"The following authorities may present the request [for conciliation]:
I – State ministers;
II – heads of entities pertaining to the indirect federal administration;
III – the Union's Solicitor General, the Solicitor General for Tax Matters, the Federal Solicitor General and the General-Secretaries for Litigation and Consulting."