This excerpt taken from the PBR 6-K filed Dec 10, 2008.
Clarifications on the Business Plan
(Rio de Janeiro, December 10, 2008). PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, in response to written notice received from Securities and Exchange Commission of Brazil CVM (CVM/SEP/GEA-2/No. 298/08), regarding the news posted by Agência Estado l yesterday, which states that Petrobras is working on a plan B to announce its investment program, foreseen for the 19th, clarifies that:
As informed on October 17 2008, the Company postponed the announcement of its Business Plan to the end of the year, due to the need to complete project analysis due to the new conjunctural conditions.
The Board of Directors has its monthly meeting scheduled for December 19, when it is expected to evaluate the new business plan which is currently under elaboration and to decide on its approval. Before being submitted to the Board of Directors, the new plan, that considers several scenarios, has to be submitted to the Executive Board for analysis.
The goals and investments currently in effect at the Company remain those announced in August 2007 for the 2008-2012 period until the new plan is approved.
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 10, 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.