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This excerpt taken from the PBR 20-F filed May 22, 2009. General
The following discussion summarizes the material Brazilian tax
consequences of the acquisition, ownership and disposition of
preferred or common shares or ADSs, as the case may be, by a
holder that is not domiciled in Brazil, also called a
non-Brazilian holder, for purposes of Brazilian taxation and, in
the case of a holder of preferred or common shares, which has
registered its investment in preferred or common shares at the
Central Bank of Brazil as a U.S. dollar investment.
Under Brazilian law, investors may invest in the preferred or
common shares under Resolution No. 2,689 or under Law
No. 4,131 of September 3, 1962. Investments under
Resolution No. 2,689 afford favorable tax treatment to
foreign investors who are not resident in a tax haven
jurisdiction. The rules of Resolution No. 2,689 allow
foreign investors to invest in almost all instruments and to
engage in almost all transactions available in the Brazilian
financial and capital markets, provided that certain
requirements are met. In accordance with Resolution
No. 2,689, the definition of foreign investor includes
individuals, legal entities, mutual funds and other collective
investment entities, domiciled or headquartered abroad.
Pursuant to this rule, foreign investors
must: (i) appoint at least one representative in
Brazil with powers to perform actions relating to the foreign
investment; (ii) complete the appropriate foreign investor
registration form; (iii) register as a foreign investor
with the CVM; and (iv) register the foreign investment with
the Central Bank of Brazil.
Securities and other financial assets held by foreign investors
pursuant to Resolution No. 2,689 must be registered or
maintained in deposit accounts or under the custody of an entity
duly licensed by the Central Bank of Brazil or the CVM. In
addition, securities trading is restricted to transactions
carried out in the stock exchanges or organized over-the-counter
markets licensed by the CVM.
Table of Contents
This excerpt taken from the PBR 20-F filed May 19, 2008. General. In accordance with Section 3.01 of the
Original Indenture, the following terms relating to the Notes are hereby
established:
(a) This excerpt taken from the PBR 6-K filed Nov 14, 2007. General. In accordance with Section 3.01 of the Original Indenture, the following terms relating to the Notes are hereby established:
(a) This excerpt taken from the PBR 6-K filed Oct 10, 2006. General. In accordance with Section 3.01 of the Original Indenture, the following terms relating to the Notes are hereby established:
(a) This excerpt taken from the PBR 20-F filed Jun 30, 2005. General
We are exposed to a number of market risks arising from our normal business activities. Such market risks principally involve the possibility that changes in commodity prices, currency exchange rates or interest rates will adversely affect the value of our financial assets and liabilities or future cash flows and earnings.
Although we currently produce approximately 80% of our crude oil requirements in Brazil, we import a substantial amount of crude oil, as well as smaller quantities of diesel, liquefied petroleum gas, naphtha and other oil products. We also export crude oil, bunker fuel, fuel oil and gasoline. Virtually all of the prices for these imports and exports are payable in U.S. dollars even though substantially all our revenues are collected in Reais (despite the fact these prices are partly based on international prices). In addition, a substantial portion of our indebtedness and some of our operating expenses are, and we expect them to continue to be, denominated in or indexed to U.S. dollars or other foreign currencies. See Item 4. “Information on the Company—Regulation of the Oil and Gas Industry in Brazil” for the manner in which the Brazilian government has controlled the prices we charge.
The principal market for our products is Brazil and substantially all of our revenues are denominated in Reais. We have described above under Item 4. “Information on the Company—Regulation of the Oil and Gas Industry in Brazil—Price Regulation” the manner in which the Brazilian government has regulated the prices we charge.
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