This excerpt taken from the PBR 6-K filed Oct 30, 2009.
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.
This document may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act) 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 forward-looking statements. 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.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: October 30, 2009
This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.