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