Brazil’s Petrobras could get $3.3 billion in favorable tax ruling

BRASILIA (Reuters) – Brazil’s state-owned oil firm Petrobras said on Wednesday it could receive 16.9 billion reais ($3.27 billion) after a favorable tax ruling found it had over-paid to so-called PIS and Cofins taxes.

Petroleo Brasiliero SA, as the company is formally known, said in a securities filing that the figure is based on its best estimate, not accounting for taxes on that sum, and would be factored into its second-quarter balance sheet.

(Reporting by Roberto Samora; Editing by Shri Navaratnam)