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Petrobras to appeal tax board decision

Brazilian state-controlled Petróleo Brasileiro SA - Petrobras said March 20 that it will appeal the decision of the Administrative Board of Tax Appeals, which ordered the collection of 2.2 billion Brazilian reais against the company for the payment of vessel charters.

The oil firm said it will file an appeal following the receipt of the decision notification.

As of March 20, US$1 was equivalent to 3.79 Brazilian reais.