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This excerpt taken from the PBR 20-F filed May 22, 2009. Plaintiff:
IBAMA (Brazilian Institute for the Environment and Renewable
Resources)
Failure to
comply with the Settlement and Commitment Agreement (TAC) clause
relating to Campos Basin of
08/11/2004
by continuing drilling without prior consent. The lower
administrative court sentenced Petrobras to pay for the
non-compliance to the TAC. The Company filed an administrative
appeal which is awaiting judgment. The maximum exposure
including monetary restatement for Petrobras as at
December 31, 2008, is US$56. Based on its legal
counsels’ advice, the Company has assessed risk of loss to
be possible.
The Company
received various tax assessments related to social security
amounts payable as a result of irregularities in presentation of
documentation required by the INSS, to eliminate its joint
liability in contracting civil construction and other services,
stipulated in paragraphs 5 and 6 of article 219 and
paragraphs 2 and 3 of article 220 of Decree
No. 3,048/99.
In order to
guarantee the appeals’ filing
and/or the
obtainment from INSS of Debt Clearance Certificate, US$49 from
the amounts disbursed by the Company is recorded as restricted
deposits for legal proceedings and guarantees and may be
recovered under the respective proceedings in progress, which
are related to 331 assessments amounting to US$155.
Petrobras’ legal department expects a possible defeat
regarding these assessments, as it considers the risk of future
disbursement to be possible.
This excerpt taken from the PBR 6-K filed Mar 30, 2009. Plaintiff: IBAMA (Brazilian Institute for the Environment and Renewable Resources) Failure to comply with the Settlement and Commitment Agreement (TAC) clause relating to Campos Basin of 08/11/2004 by continuing drilling without prior consent. The lower administrative court sentenced Petrobras to pay for the non-compliance to the TAC. The Company filed an administrative appeal which is awaiting judgment. The maximum exposure including monetary restatement for Petrobras as at December 31, 2008, is US$56. Based on its legal counsels’ advice, the Company has assessed risk of loss to be possible. This excerpt taken from the PBR 6-K filed Mar 18, 2008. Plaintiff: IBAMA (Brazilian Institute for the Environment and Renewable Resources) Failure to comply with the TAC clause relating to Campos Basin of 08/11/2004 by continuing drilling without prior consent. The lower administrative court sentenced Petrobras to pay for the non-compliance to the TAC. The Company filed an administrative appeal which is awaiting judgment. The maximum exposure including monetary restatement for Petrobras as at December 31, 2007, is US$149. Based on its legal counsels’ advice, the Company has assessed risk of loss to be possible. | EXCERPTS ON THIS PAGE:
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