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PBR » Topics » Petrochemical Naphta

This excerpt taken from the PBR 6-K filed Aug 19, 2005.

Petrochemical Naphta

The São Paulo State Finance Authorities filed a tax collection proceeding to collect ICMS on operations with petrochemical naphta in that state, related to the period from September 1984 to February 1989.

The proceeding went through all court levels to result in a ruling against the theory supported by the Company, in the sense that in this specific case ICMS would be levied on such operations.

The Company executed an agreement to pay R$ 286.256 thousand, which together with applicable legal increases, totaled R$ 353.256 thousand, for payment in 60 equal monthly and consecutive installments as from April 2005.

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