This excerpt taken from the PBR 6-K filed Feb 5, 2009.
Petrobras incorporates the companies of the
(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 COMPERJs 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 COMPERJs 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.
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.
With the incorporation of these companies, Petrobras lays the foundations to prepare the project for the participation of potential partners.