Annual Report on Form 20-F 2008 - Petrobras

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PETRÓLEO BRASILEIRO S.A. - PETROBRAS AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) Expressed in Millions of United States Dollars (except when specifically indicated) 18. Domestic and International Acquisitions (Continued) (f) Acquisition option of the remaining 50% of Pasadena refinery In a preliminary decision handed down on October 24, 2008, in the arbitration process between Petrobras America Inc. and others (“PAI”) and Astra Oil Trading NV and others (“ASTRA”), which is in progress in accordance with the arbitration rules of the International Centre for Dispute Resolution, the exercise of the put option exercised by ASTRA with respect to PAI of the remaining 50% of the shares of ASTRA in Pasadena Refinery Systems Inc. ("PRSI"), a company which holds interests in Refinaria de Pasadena, and in its related trading company, both with operational offices in Texas, was considered valid. The decision also determined as valid the exercise of the sale option, by its affiliated companies, of PRSI Trading Company LP, a company set up for trading, selling and distributing crude oil and products refined by the refinery. The operating, management and financial responsibilities were transferred to PAI, based on this preliminary decision. However, the final price to be paid for these remaining ‘shares will be defined in the final decision to be handed down in the arbitration, since the parties disagree with respect to the value to be attributed to the shares. No business combination has been recorded as there was no transfer of shares, exchanges of consideration and transfer of effective control. (g) Acquisition of Juiz de Fora Thermoelectric Power Station On October 04, 2007, Petrobras purchased from Energisa S.A. 100% of the shares of the Juiz de Fora Thermoelectric Power Station, a natural gas powered power station, with an installed power-generation capacity of 87 MW, and which has supply contracts to sell energy until 2022. In addition, Petrobras Comercializadora de Energia Ltda. and Energisa S.A. entered into a contract for use of the rights to sell energy with the subsidiaries of Energisa in the Northeast of Brazil. The purchase price was US$119 (R$210 million). Due to immateriality, proforma information has not been presented. F-94
PETRÓLEO BRASILEIRO S.A. - PETROBRAS AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) Expressed in Millions of United States Dollars (except when specifically indicated) 18. Domestic and International Acquisitions (Continued) (h) Refinaria Abreu e Lima Refinaria Abreu e Lima S.A. was established on March 7, 2008, as a closely held joint stock company. The company has its head office at Complexo Industrial Portuário do SUAPE, in the municipality of Ipojuca in the State of Pernambuco and its corporate purpose is the construction and operation of an oil refinery, as well as refining, processing, trading, importing, exporting and transporting oil and oil products, correlated products and biofuels. The start-up of operations is forecast for the second half of 2010, reaching full capacity in 2011. The investment in Refinaria Abreu e Lima will be US$ 4,050 and it will have the capacity to process 200,000 barrels of petroleum per day. Around 65% of the processed volume will be diesel oil, the fuel that is most consumed in Brazil. Kitchen gas (LPG), petrochemical naphtha and coke (a solid fuel used in ironworks, the cement industry, thermal electric powerstations and the aluminum industry) will also be produced. The project for the refinery is particularly advanced with respect to technology. This oil refinery will be the Petrobras’ first unit to process 100% heavy crude oil. In addition, it will have the capacity to produce oil products with low sulfur levels. Refinaria Abreu e Lima will start up its operations producing diesel with 50 ppm of sulfur and will be capable of producing diesel with 10 ppm of sulfur, the current European standard. 19. Commitments and Contingencies Petrobras is subject to a number of commitments and contingencies arising in the normal course of its business. Additionally, the operations and earnings of the Company have been, and may be in the future, affected from time to time in varying degrees by political developments and laws and regulations, such as the Federal Government’s continuing role as the controlling shareholder of the Company, the status of the Brazilian economy, forced divestiture of assets, tax increases and retroactive tax claims, and environmental regulations. The likelihood of such occurrences and their overall effect upon the Company are not predictable. The Company currently has several contracts to purchase crude oil, diesel fuel and other oil products, which require the Company to purchase a minimum of approximately 134,031 barrels per day at respective current market prices. F-95
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Pre-salt reservoir Annual</
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TABLEOFCONTENTS Page ForwardLooking
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Item16A. Item16B. Item16C. Item16D.
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Thecrudeoilandnaturalgasreservedata
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Presaltreservoir...................
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ABBREVIATIONS bbl .................
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Since December 31, 2008, PifCo has
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INCOMESTATEMENTDATA—PETROBRAS Fo
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ExchangeRates Subject to certain p
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drilling operations to be curtailed
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Natural gas demand is also influenc
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Our own financialcondition and resu
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Developments and the perception of
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were incorporated in a jurisdiction
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companies established in Brazil and
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Thefollowingtablessetforthourestima
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See Item 5. “Operating and Financ
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Thefollowingmapshowsourconcessionar
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On December 31, 2008, we held explo
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The following table describes our p
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totalrefiningcapacityandwesupplieda
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Thefollowingtableshowsourmostsignif
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Thetablebelowshowsouroperatingfleet
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Our fertilizer plants in Bahia and
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GasandEnergyKeyStatistics 2008 200
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Equity Participation in Distributio
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and we guarantee delivery of the co
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As part of this national trend, we
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Renewable Energy and Reduction of G
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In 2008, our net production outside
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Tusan block. The discovery is not c
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inPasadena,Texas.InOctober2008,anar
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ports'locations, this process may b
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Property,PlantsandEquipment Petrobr
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Espadarte, Jubarte, Peroá and Golf
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We continue to evaluate and develop
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Our revenuesare principallyderived
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years: Thetablebelowshowstheamountb
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ImpairmentofOilandGasProperties For
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millionfor2008comparedtoU.S.$5,888m
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Corporate Our Corporate segment inc
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ResearchandDevelopmentExpenses Rese
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higher transfer prices to our other
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management, central administrative
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Management's Discussion and Analysi
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SalesofCrudeOilandOilProductsandSer
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fundsraisedbyPifCothroughtheissuanc
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PifCo'sShortTermBorrowings PifCo’
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Between March 24, 2009, and May 20,
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ContractualObligations Petrobras Th
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in cash flows does not exceed our p
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DerivativeTransactions SFAS 133 req
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FASBFSPSFAS1404andFIN46(R)8 In Dece
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Item6. Directors,SeniorManagementa
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ofPetrobrasDistribuidoraS.A.—BR.H
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since June 2008. Mr. Pereira gradua
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Compensation Petrobras For 2008, th
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240.10A3. The third member of our A
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On July 1, 2007, we implemented the
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23toourauditedconsolidatedfinancial
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Item8. FinancialInformation Petrob
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are pending appeal at the administr
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2002, and the August 11, 2004 TAC,
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SharePriceHistory The following tab
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MandatoryDistribution that exceeds
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electordismissmembersofourboard ofd
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preferredshares,holdersofpreferreds
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DisputeResolution Ourbylawsprovidef
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Directorsarenotrequiredtoownshares.
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MaterialContracts Petrobras For inf
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BrazilianTaxConsiderations General
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exchanges by an investor registered
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decisions, all in effect as of the
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to a U.S. holder will be allowed as
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Inaddition,thissummarydoesnotdiscus
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CommodityPriceRisk Oursalesofcrudeo
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Thetablebelowprovidesinformationabo
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Item12. DescriptionofSecuritiesothe
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Item16C. AuditandNonAuditFees Petro
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Item16G. CorporateGovernance Compar
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Section NewYorkStockExchangeCorpora
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No. Description 2.12 Indenture,da
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No. 33314168)). Description 2.40
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SIGNATURES Pursuanttotherequirement
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Petróleo Brasileiro S.A. - Petrobr
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PETRÓLEO BRASILEIRO S.A. - PETROBR
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A Company’s internal control over
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Petrobras International Finance Com
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A company's internal control over f
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Annual Report on Form 20-F 2008 - Petrobras

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