This excerpt taken from the PBR 6-K filed May 19, 2009.
Contracting of a Credit Line Worth $10 billion from the
(Rio de Janeiro, May 19, 2009). PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, informs that it has concluded negotiations with China Development Bank (CDB) for a bilateral loan of US$ 10 billion for 10 years.
As a result of the Cooperation Plan promoted by both Brazilian and Chinese governments, it was identified an opportunity for the above mentioned loan agreement. The loan will be used to finance PETROBRAS investment plan and includes the finance of goods and services bought from China.
Within the scope of the contract signed today with China Development Bank (CDB), it was agreed an increment on the actual crude oil export volumes from Brazil to China.
Amongst the documents signed today it was executed a long term export agreement between PETROBRAS and UNIPEC ASIA, a whole owned subsidiary of SINOPEC, which provides for export volumes of 150.000 barrels of oil per day for the first year and 200.000 barrels of oil per day on the 9 subsequent years.
It was also signed between PETROBRAS and SINOPEC a MOU - Memorandum of Understanding which covers for the cooperation in several areas of mutual interest comprising exploration, refining, petrochemical and the supply of goods and services.
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: May 19, 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.