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Petrobras loses tax cases worth $1.8 million

BRASILIA (Reuters) - Brazil's state-run oil company Petroleo Brasileiro S.A. (PETR4.SA) said on Tuesday that it lost two cases before the CARF tax appeals board that would cost it about 7 billion reais ($1.8 billion).

Both cases involved taxes on remittances abroad to pay for the rental of drill ships used for exploration, the company said in a securities filing.

Petrobras said it intends to appeal the decisions.


($1 = 3.8750 reais)


(Reporting by Anthony Boadle)