This excerpt taken from the PBR 20-F filed Jun 30, 2005.
PETROBRAS EUROPE LIMITED
PETROBRAS EUROPE LIMITED (PEL), based in the United Kingdom, consolidates PETROBRAS European trade and finance activities. These activities consist of advising on and negotiating the terms and conditions for crude oil and oil products supplied to PIFCo and PETROBRAS, as well as marketing Brazilian crude oil and other derivative products exported to the geographic areas in which the Company operates. PEL plays an advisory role in connection with these activities and undertakes no commercial or financial risk.