Petrobras (PBR)

Petrobras and PDVSA agree with the conditions to build Refinery

Rio de Janeiro, October 30, 2009 – PETRÓLEO BRASILEIRO S/A – PETROBRAS announces that it has agreed with Petróleos de Venezuela S.A – PDVSA the conditions to incorporate a special purpose company to build and operate the Abreu e Lima Refinery, with 60% participation of Petrobras and 40% of PDVSA.

The refinery, to be located in the Northeastern state of Pernambuco, will be capable of processing 230,000 barrels of heavy oil per day, to be supplied in equal parts by Petrobras and PDVSA, and its main output will be low-sulfur content diesel fuel.

Petrobras and PDVSA will follow with the formal procedures required to incorporate the company in Brazil.

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

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