This excerpt taken from the PBR 20-F filed Jun 30, 2005.
IMPORTS OF OIL PRODUCTS
In 2004, our total costs of oil product imports, measured on a cost-insurance-and-freight basis, was U.S.$1,721 million, as compared to U.S.$1,542 million in 2003 and U.S.$2,086 million in 2002. For a discussion of import purchase volumes and prices, see Item 5. Operating and Financial Review and ProspectsSales Volumes and PricesImport Purchase Volumes and Prices.
We also export that portion of oil products processed by our refineries that exceed Brazilian demand. In addition, we export domestic crude oil that we are unable to process in our refineries because of limited conversion capacity. Our total exports decreased to 186,221 Mbbl in 2004 from 192,545 Mbbl in 2003 as a result of the increase in Brazilian demand for oil products. The following table sets forth the volumes of oil products we exported during each of 2004, 2003 and 2002: