This excerpt taken from the PBR 6-K filed Dec 23, 2008.
Clarification about Investments for 2009
(Rio de Janeiro, December 23, 2008). PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, clarifies the news that were published today in the principal Brazilian newspapers about declarations of the CEO José Sérgio Gabrielli regarding the Companys Budget for 2009.
The Company would like to clarify that the final decision about the size of the investment program for 2009 will be included within the scope of the 2009-2013 Business Plan, which will only be finalized in early 2009, as communicated to the market on December 19, 2008.
In August 2008 the company presented to the Ministry of Mines and Energy And to the Ministry of Planning a program of expenditures (PDG) for 2009 in the amount of R$ 72.258 millions of which R$ 66.137 millions is considered as direct investments. This budget was then presented for the appreciation of the National Congress in accordance with the Annual Budget Law Act for 2009 as part of the State Owned companies budgeting report, as required by current legislation.
The Company clarifies that such budget expenses were prepared in the first half of 2008 and were based on different price and cost assumptions than those currently being considered under todays environment. It is also the case that for purposes of preparing the PDG, the Company considers the maximum that it would invest during the following year.
It should be noted that following the submission of the PDG, the investment budget is continually reviewed and adjusted during the course of the year, and periodically adjusted to align the approved limits with the goals of the Business Plan.
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 23, 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.