This excerpt taken from the PBR 6-K filed Dec 21, 2009.
Agreement between Petrobras and YPFB
Rio de Janeiro, December 18, 2009 Petróleo Brasileiro S/A Petrobras announces that it signed today an amendment to the gas purchase & sale agreement with Yacimientos Petrolíferos Fiscales Bolivianos (YPFB).
The amendment is a result of the agreement between the two companies, announced on February 2007, which consider the payment for the liquid hydrocarbon fractions of the natural gas imported from Bolivia after May 2nd, 2007, that increase the calorific content above 8900 kilocalories (kcal) per cubic meter (m3). The amendment termination date is the same of the original contract and the monthly payments will be calculated based on the international market price, considering an annual minimum amount of USD 100 million and maximum of USD 180 million.
Regarding the payments related to the period before the execution of this agreement, it was already calculated the 2007 payment amount of USD 100 million and the other payments will be calculated after an agreement about the gas volume imported and its calorific content.
Petrobras reiterates the information that the gas sale agreements, already executed with distribution companies in Brazil, will not be amended.
This document may contain forecasts that merely reflect the expectations of the Companys management. Such terms as anticipate, believe, expect, forecast, intend, plan, project, seek, should, along with similar or analogous expressions, are used to identify such forecasts. These predictions evidently involve risks and uncertainties, whether foreseen or not by the Company. Therefore, the future results of operations may differ from current expectations, and readers must not base their expectations exclusively on the information presented herein.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: December 18, 2009
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act) that are not based on historical facts and are not assurances of future results. These forward-looking statements are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results o
f operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.