This excerpt taken from the PBR 6-K filed Jun 11, 2008.
Downstream Investments in the Northeast
Rio de Janeiro, June 10 2008 PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, announces that decided to deploy its 12th refinery in the state of Rio Grande Norte. This refinery will have a new plant to produce gasoline and to improve the quality of the other oil products, such as Jet fuel, Diesel, and LPG. This new unit will go online in 2010.
Additionally, a meeting was held today with representatives of the State of Ceará Government, in which PETROBRAS manifested its intention to study, together with the State, the possibility of installing a Premium refinery with capacity for 300,000 bpd. The refinerys first operation phase is scheduled to start in 2014.
PETROBRAS and the Government of the State of Ceará will study the terms of a Memorandum of Understandings to be signed in no more than 120 days to establish the initial premises for the Parts performance in project implementation.
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: June 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.