This excerpt taken from the PBR 6-K filed Feb 19, 2009.
Memorandums of Understanding between Petrobras and Chinese Institutions
Rio de Janeiro, February 19 2009 PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, informs that signed this afternoon two Memorandums of Understanding with Chinese institutions and an export oil contract with UNIPEC Asia Co. Ltda, subsidiary of China Petrochemical Corporation SINOPEC, to export 60 to 100 thousand barrels of oil per day.
The Memorandums aims to drive economic development and trade between China and Brazil, which, coordinated by the respective governments, will single out business opportunities based on mutual benefits.
The Memorandum between China Development Bank Corporation (CDB), China Petrochemical Corporation (SINOPEC) and Petrobras presents the following scopes:
The Memorandum between Petro China - CNPC and Petrobras aims to increase the oil export of Petrobras to China, in the range of 40 trough 60 thousands barrels of oil per day.
The parties will start the negotiation to execute the contracts to be implemented as a result of the agreements.
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: February 19, 2009
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.