4.3.31Related Party Transactions
During 2025, the Company and its non-controlling interests made equity contributions towards investees related to FPSOs Sepetiba, Almirante Tamandaré, and Alexandre de Gusmão (combined US$250 million) and received share premium reserve reimbursement from investees related to FPSO Sepetiba and FPSO Alexandre de Gusmão (combined US$246 million). There were no other major related party transactions requiring additional disclosure in the consolidated financial statements.
For relations with Supervisory Board members, Management Board members and other key personnel, reference is made to note 4.3.6 Employee Benefit Expenses.
The Company has transactions with joint ventures and associates which are recognized as follows in the Company’s consolidated financial statements:
Related party transactions
Note | 2025 | 2024 | |
|---|---|---|---|
Revenue | - | 184 | |
Cost of sales | (20) | (29) | |
Loans to joint ventures and associates | 6 | 6 | |
Trade receivables | 2 | 12 | |
Trade payables | 4 | 0 |
The Company has granted loans to joint ventures and associates, such as shareholder loans and funding loans, at rates comparable to the applicable market rates.
During the period, the Company entered into trading transactions with joint ventures and associates on terms equivalent to those that prevail in arm’s-length transactions.
The decrease in ’Revenue with related parties’ and ’Trade receivables’ is mostly due to ownership changes for entities fully or mostly excluded in 2025, namely the mid-2024 acquisition of interests held by Sonangol related to FPSOs N’Goma, Saxi Batuque and Mondo, and the full divestment in early 2025 of the Company's interests in FPSO Kikeh.
Additional information regarding the joint ventures and associates is available in note 4.3.29 Investment in Associates and Joint Arrangements.