This excerpt taken from the PBR 6-K filed Mar 5, 2008.
Biofuel company creation
(Rio de Janeiro, March 3, 2008). PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, announces its Board of Directors has approved the incorporation of a company, a wholly owned Petrobras subsidiary, to undertake Biofuels activities. These attributions are currently spread among several company areas and subsidiaries, rendering management more difficult to perform.
The new company will absorb both ethanol production (CBios) and biodiesel input acquisition and processing, currently done directly by Petrobras, in addition to future investments. The purpose of this incorporation is to coordinate all biofuel productive chain activities in Brazil and abroad.
Ethanol and biodiesel marketing and logistics, in Brazil and abroad, will remain under the Downstream areas responsibility.
Petrobras Strategic Plan calls for global performance in biofuel marketing and logistics, leading the Brazilian biodiesel production, and for boosting its share in the ethanol business, with investments forecasted at $1.5 billion through 2012.
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: March 05, 2008
This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture 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 of 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.