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This excerpt taken from the PBR 20-F filed May 22, 2009. Brazilian
Government and Petros
We engage in numerous transactions in the ordinary course of
business with our controlling shareholder, the Brazilian
government, and with other companies controlled by it, including
financings from BNDES and banking, asset management and other
transactions with Banco do Brasil S.A. The above-mentioned
transactions with Banco do Brasil had a negative net balance of
U.S.$1,543 million as of December 31, 2008. See
Note 23 to our audited consolidated financial statements as
of December 31, 2008.
As of December 31, 2008, we had a receivable (the Petroleum
and Alcohol Account) from the Brazilian government, our
controlling shareholder, of U.S.$346 million secured by a
U.S.$53 million blocked deposit account. See Note 23
to our audited consolidated financial statements as of
December 31, 2008.
We also have restricted deposits made by us, which serve as
collateral for legal proceedings involving the Brazilian
government. As of December 31, 2008, these deposits
amounted to U.S.$677 million. See Note 23 to our
audited
consolidated financial statements as of December 31, 2008.
In addition, according to Brazilian law, we are only permitted
to invest in securities issued by the Brazilian government in
Brazil. This restriction does not apply to investment outside of
Brazil. As of December 31, 2008, the value of these
government securities that has been directly acquired and held
by us amounted to U.S.$3,172 million. See Note 23 to
our audited consolidated financial statements as of
December 31, 2008.
For additional information regarding our principal transactions
with related parties, see Note 23 to our audited
consolidated financial statements as of December 31, 2008.
This excerpt taken from the PBR 20-F filed Jun 30, 2005. Brazilian Government and PETROS
We engage in numerous transactions in the ordinary course of business with our controlling shareholder, the Brazilian government, and with other companies controlled by it, including financings from BNDES and banking, asset management and other transactions with Banco do Brasil S.A.
The above mentioned transactions with Banco do Brasil had a net amount of US$3,891 million as of December 31, 2004.
As of December 31, 2004, we recorded transactions with the Brazilian government and other subsidiaries controlled by it relating to accounts receivable due to oil products supply through our consolidated subsidiary BR Distsribuidora in the amount of U.S.$264 million.
129
Table of ContentsAs of December 31, 2004, we had a receivable (the Petroleum and Alcohol Account) from the Brazilian government, our controlling shareholder, of U.S.$282 million secured by a U.S.$53 million blocked deposit account. See Item 4. “Regulation of the Oil and Gas Industry in Brazil—The Petroleum and Alcohol Account.”
We also have restricted deposits made by us which serve as collateral for legal proceedings involving the Brazilian government. As of December 31, 2004, these deposits amounted to U.S.$418 million.
Additionally, according to Brazilian law, we are only permitted to invest in securities issued by the Brazilian Government in Brazil. This restriction does not apply to investment outside of Brazil. As of December 31, 2004, the value of these government securities which have been directly acquired and held by us amounted to U.S.$87 million.
We also have accounted for related party transactions with PETROS, basically composed of government securities advanced by us to compose the plans assets. As of December 31, 2004, the value of these securities amounted to U.S.$326 million. In addition, PETROS also makes direct investments in government securities.
For additional information regarding our principal transactions with related parties, see Note 26 to our audited consolidated financial statements.
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