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This excerpt taken from the PBR 6-K filed May 31, 2005. Memorandum of Understanding for Exports of Ethanol A memorandum of understanding was also signed with Companhia Vale do Rio Doce and the Japanese corporation, Mitsui, with the purpose to study the possibility of reducing, in Brazil, the logistical costs of exporting Brazilian ethanol to the Japanese market, making it an economic and sustainable solution for reducing the Japanese dependence on oil. The use of alcohol will allow Japan to comply with its commitments following the signature of the Kyoto Protocol. For Brazil, the implementation of this specific infrastructure for ethanol may act as a key incentive for increasing the output of this renewable fuel for the export market. It also implies considerable further possible gains for the Brazilian trade balance together with a reduction in the emissions of pollutants, which affect the ozone layer. With this new project, Brazil will be increasing its contribution to expanding beyond its frontiers, domestically produced ethanol, the biggest initiative ever in the world of an industry already installed for producing a renewable alternative to fossil-based automotive fuels. http: //www.petrobras.com.br/ri/english
Contacts:
Petróleo Brasileiro S.A – PETROBRAS
Investor
Relations Department
Raul Adalberto de Campos– Executive Manager E-mail: petroinvest@petrobras.com.br Av. República do Chile, 65 - 4th floor 20031-912 – Rio de Janeiro, RJ (55-21) 3224-1510 / 9947 
This document may contain forecasts that merely reflect the expectations of the Company’s 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.
SIGNATURE
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 27, 2005
FORWARD-LOOKING
STATEMENTS
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. | ||||||||