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PBR » Topics » MINUTES OF THE ORDINARY GENERAL MEETING

This excerpt taken from the PBR 6-K filed Apr 1, 2005.

MINUTES OF THE ORDINARY GENERAL MEETING

The Board of Directors of Petróleo Brasileiro S.A. – PETROBRAS summoned the Shareholders to the Ordinary General Meeting held on March 31, 2005, at 3:00 pm in the auditorium of the Company's head office building at Av. República do Chile, nº 65, 1st floor, in the City of Rio de Janeiro (RJ), which deliberated upon and approved the following agenda items:

I.

Management Report, Financial Statements and Fiscal Council’s Opinion for the fiscal year 2004;

II.

Capital Expenditure Budget for fiscal year 2005, as follows in R$:

Direct investments 18.049.662.748 
Project Finance 1.472.993.433 
Capital increases in subsidiaries and other companies 1.112.136.421 
 
2005 capital expenditures budget 20.634.792.602 
 
Direct investments 14.349.662.748 
Capital increases 1.112.136.421 
 
Own resources 15.461.799.169 
 
Direct investments 3.700.000.000 
Project finance 1.472.993.433 
 
Third party resources 5.172.993.433 

Out of total direct investments, 69% will be used in the Oil and Natural Gas Supply Program, 10% for Oil Refining, 5% for Oil and Oil Products’ Pipeline Transportation, 3% for “Brasil Gás” Program, 4% for Research and Technological Development and 9% for other budget-related programs..

III.

Distribution of results for the fiscal year 2004 in the form that if follows:

  (million R$) 2004
Destination Net profits of fiscal year 17.754.171
( - ) Legal reserve (887.708)
( + ) Reversions 12.096
Adjustments of previous fiscal years
Reserve re-evaluation 12.096
(-) Adjusted net profits 16.878.559
Suggested Dividend – 29,85% R$ 4,60/share
(29,65% in 2003, R$ 5,15/share) 5.044.074
    Interests on own capital 4.386.151
    Dividend 657.923
Profits retention reserve 11.670.003
Statutory reserve 164.481
 
Difference 12.097
IV.

Election of the following as Members of the Board of Directors, Fiscal Council and their respective substitutes:

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