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PBR » Topics » (a.1) Association agreement with Teikoku Oil Co. Ltd. on Ecuador operations

This excerpt taken from the PBR 6-K filed Mar 4, 2008.

(a.1) Association agreement with Teikoku Oil Co. Ltd. on Ecuador operations

On January 11, 2007, the Ecuadorian Ministry of Mines approved the previous agreement executed in January 2005 for the sale by Petrobras Energia S.A. (Pesa) to Teikoku of 40% of the rights and obligations of the participation agreements in blocks 18 and 31, in Ecuador and the assignment of 40% of the oil transportation contract with Oleoducto de Crudos Pesados Ltd. (OCP). The parties are currently carrying out the necessary procedures to obtain the amendments to these participation agreements, which have to be approved by Petroecuador, to incorporate Teikoku as a partner in these blocks. Once these amendments have been made, the economic terms and conditions of this transaction will start to take effect.

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