|
|
 | | | |
- close
- close
- close
- close
This excerpt taken from the PBR 6-K filed Mar 18, 2005. (o) Acquisition of interest in TermoRio On December 15, 2003, PETROBRAS informed the market of its acquisition of the share control of TermoRio, as a result of the acquisition of a 7% share in PRS Energia, added to its previously owned 43% share. In order to conclude the financial recovery process of TermoRio, a 50% interest in NRG, which ceased to contribute capital to TermoRio in April 2002, had to be acquired. The corporate relationship between NRG and PETROBRAS was under an arbitration process, which was defined at the beginning of 2005, when PETROBRAS has held 100% of TermoRio’s share control as of the date of payment of some US$ 72 million to NRG, as stipulated by the arbitral award. Upon assuming full control over TermoRio, PETROBRAS has become exempt from the obligation to pay for the capacity provided, regardless of the electric power that might be generated by the plant. |
| |||||||
