This excerpt taken from the PBR 6-K filed Dec 8, 2008.
Clarifications on Investments at Petrobras
(Rio de Janeiro, December 8, 2008). PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, concerning news published by the press, clarifies that seeking the most varied sources of funding, whether internal or external, is inherent to the Companys management and part of its operating process
Throughout its history, Petrobras has faced adverse conditions, a fact which did not prevent it from developing its long-term growth strategies. In spite of the international financial crisis, the Company was able to raise $7.5 billion in funds in 2008 to finance its investments.
In the 1990s and early 2000s, when oil prices were much lower than they are now, and when the Company was not rated as investment grade, a fact that limited traditional external funding offers, the company was able to develop new forms of fund raising to finance its business plan.
Petrobras funding decisions have always been and will always be based on the best conditions presented. As has been widely announced, the Company is revising its business Plan. Thus far, there has been no deliberation by the Companys Executive Board or by its Board of Directors regarding the issue. As soon as it is approved, Petrobras will announce its new Business Plan to the market.
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 08, 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.