This excerpt taken from the PBR 6-K filed Jul 17, 2009.
Clarification about recent news: BNDES Credit Line
Rio de Janeiro, July 17 2009 – PETRÓLEO BRASILEIRO S/A - PETROBRAS, in response to written notice CVM/SEP/GEA-2/n.213/09 regarding a story published yesterday by the Brazilian press, titled “BNDES will lend R$25 billion to Petrobras using Brazilian Treasury Bonds,” confirms it is negotiating a credit line worth R$25 billion with the Brazilian Development Bank (BNDES). The Company also confirms this is the operation that was announced via a Press Release and a presentation submitted to the Brazilian and US Securities and Exchange Commission (CVM and SEC) when it announced its 2009-2013 Business Plan on January 23 2009.
The resources will be used to finance the Company’s investment plan, which is estimated at $174.4 billion and will be executed during the period of 2009 to 2013. The Company will receive Brazilian government bonds, which will ultimately be converted to cash and used to fund the company’s investment program.Petrobras clarifies that it has not made any other announcement or issued a press release regarding negotiations in course, since the way the resources will be received does not alter the effect on the Company’s indebtedness and the destination of the resources and, thus, will not impact Petrobras stock trading. It also clarifies that this procedure follows the company’s standard operating practice in accordance with Vote CMN 63/2000, whereby Petrobras is required to invest available cash in Brazilian government bonds.
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: July 17, 2009
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.