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This excerpt taken from the PBR 20-F filed Jun 30, 2005. PETROBRAS FINANCE LIMITED
PETROBRAS FINANCE LIMITED (PFL), based in the Cayman Islands, in connection with the Companys structured finance export prepayment program, whereby PFL purchases bunker and fuel oil from PETROBRAS and sells these products in the international market, including sells to designated customers, in order to generate receivables to cover the sale of future receivables.
In May 2003, PIFCo, upon receiving approval from the Board of Directors, contributed an additional US$ 15,000 of capital, bringing PFLs total capital to US$ 30,000 divided into 30,000,000 quotas of US$ 1.00 each.
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