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This excerpt taken from the PBR 20-F filed May 22, 2009. History
and Development
Petróleo Brasileiro S.A.—PETROBRAS—was
incorporated in 1953 to conduct the Brazilian government’s
hydrocarbon activities. We began operations in 1954 and for
approximately forty years carried out crude oil and natural gas
production and refining activities in Brazil on behalf of the
government.
In the 1990s, in a series of legislative actions, the Brazilian
state relinquished its monopoly on oil and gas activities. On
November 9, 1995, the Brazilian constitution was amended to
authorize the Brazilian government to contract with any state or
privately owned company to carry out upstream and downstream oil
and gas activities in Brazil. On August 6, 1997, Brazil
enacted the Oil Law (Law No. 9,478), which established
competition in Brazilian markets for crude oil, oil products and
natural gas. Effective January 2, 2002, Brazil deregulated
prices for crude oil, oil products and natural gas. See
“Regulation of the Oil and Gas Industry in
Brazil—Price Regulation.”
Our common and preferred shares have been traded on the São
Paulo Stock Exchange since 1968. Petrobras was incorporated as a
state-controlled company under Law No. 2,004 (effective
October 3, 1953), and a majority of our voting capital must
be owned by the Brazilian federal government, a state or a
municipality. As of December 31, 2008, the Brazilian
government owned 32.2% of our outstanding capital stock and
55.7% of our voting shares. We operate through subsidiaries,
joint ventures, and associated companies established in Brazil
and many other countries. Our principal executive office is
located at Avenida República do Chile 65,
20031-912
Rio de Janeiro, RJ, Brazil and our telephone number is
(55-21)
3224-4477.
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