Petrobras (PBR)

Petrobras incorporates the companies of the
Rio de Janeiro Petrochemical Complex – COMPERJ

(Rio de Janeiro, February 5, 2008). – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, announces that pursuant to the implementation of the Rio de Janeiro Petrochemical Complex - COMPERJ, it has today incorporated following six (6) public companies in Rio de Janeiro State as wholly owned subsidiaries:

- Comperj Participações S.A.: a Specific Purpose Company which shall hold Petrobras’ stakes in COMPERJ’s operating companies;

- Comperj Petroquímicos Básicos S.A.: basic feedstock petrochemicals production;

- Comperj PET S.A.: PTA/PET;

- Comperj Estirênicos S.A.: styrene production;

- Comperj MEG S.A.: ethylene glycol and ethylene oxide production; and

- Comperj Poliolefinas S.A.: polyolefin (PP/PE) production.

Petrobras will hold a 100% (one hundred per cent) stake in the total and voting capital of these companies at the initial stage when the integration model and the relationship between COMPERJ’s component parts will be implemented. This model seeks to capture synergies arising from the location of various companies at a single production site. In due course, Petrobras will transfer the property plant and equipment, obligations and rights pertaining to COMPERJ to the aforementioned companies.

www.petrobras.com.br/ri/english
Contacts: PETRÓLEO BRASILEIRO S. A. – PETROBRAS
Investor Relations Department I E-mail: petroinvest@petrobras.com.br / acionistas@petrobras.com.br
Av. República do Chile, 65 – 22^nd floor - 20031-912 - Rio de Janeiro, RJ I Tel.: 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.

With the incorporation of these companies, Petrobras lays the foundations to prepare the project for the participation of potential partners.