b) Projects financings for Petrobras (PBR)

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PBR » Topics » b) Projects financings

This excerpt taken from the PBR 6-K filed Mar 4, 2008.

b) Projects financings


Project/ Estimated		Main	Current
Amount of Investment	Purpose	guarantees	phase

Gasene	Transportadora Gasene S.A. is responsible for the	Pledge of credit	Long term loan negotiated in
	construction and future ownership of pipelines to transport	rights.	December 2007 with BNDES
	natural gas with a total length of 1,4 thousand km and		in the amount equivalent R$
US$ 2,96 billion	transportation capacity of 20 million cubic meters per day,	Pledge of shares	4,51 billion, including funds
	connecting the Cabiúnas Terminal in Rio de Janeiro to the	of the SPC.	transfered from the China
	city of Catu, in Bahia state.		Development Bank (CDB) in
			the amount of US$ 750
			million. Part of the funds will
			be used to pay the bridge-
			loans obtained from the
			BNDES and the remainder
			will be used to conclude the
			construction of the gas
			pipeline.
			Loan obtained from BB
			Fund SPC of R$800 million
			for the construction of the
			gas pipeline, with the issue
			of US$ 210 million in
			Promissory Notes, in
			October 2006.


Marlim Leste	To develop production in the Marlim Leste field,	All assets of the	Short-term financing in the
(P-53)	Petrobras will use a Stationary Production Unit (UEP), P-	projects were	amount of US$ 839 million
	53, to be chartered from Charter Development LLC. The	given in garantee	obtained through issuance of
	Bare Boat Charter agreement will be effective for a 15-		Promissory Notes, to pay the
US$ 1,59 billion	year period counted from the date of signing thereof.		cost of construction and
			amortization of the principal
			of the bridge loan from ABN.
			US$ 690 million have already
			been issued in promissory
			notes and the bridge loan
			repaid. The assets are in
			construction stage, scheduled
			to be completed in September
			2008.


Amazônia	Development of a project in the Gas and Energy area that	Pledge of credit	A long-term loan obtained in
	includes the construction of a 385 km gas pipeline	rights.	December 2007 from BNDES
	between Coari and Manaus, and a 285 km GLP pipeline		in the amount of R$ 2,49
US$ 1,37 billion	between Urucu and Coari, both under the responsibility of	Pledge of shares	billion, which paid the bridge-
	Transportadora Urucu - Manaus S.A. and the construction	of the SPC.	loan from the same bank and
	of a thermoelectric plant, in Manaus, with capacity of 488		provided funds to conclude
	MW through Companhia de Geração Termoelétrica		the construction works. Loan
	Manauara S.A.		obtained in the amount of R$
			1 billion from the BB Fund
			SPC. Of this total US$ 115
			million was issued in
			Promissory Notes in February
			2007 and US$ 150 million in
			July 2007.


Mexilhão	Construction of a platform (PMXL-1) to produce natural	To be defined.	Obtainment of short-term
	gas at Mexilhão and Cedros’ fields, in the Santos Basin, in		funds up to the amount of
	São Paulo State through Companhia Mexilhão do Brasil		US$ 241 million, through the
US$ 756 million	(CMB), responsible for obtaining the funds necessary to		issuance of Promissory Notes
	build the platform. Once built, the PMXL-1 will be leased		acquired by the BB Fund.

This excerpt taken from the PBR 6-K filed Nov 21, 2007.

8. PROJECTS FINANCINGS

Petrobras develops projects together with local and international finance agencies and companies in the oil and energy sector to establish operational partnerships for the purpose of making viable investments necessary in the business areas in which the Company operates.

Considering that the projects financings are implemented by Special Purpose Companies, whose activities are, essentially, controlled by Petrobras, the expenses incurred by the Company on projects being negotiated or which have been negotiated with third parties are classified in the consolidated financial statements as non-current assets - property, plant and equipment.

This excerpt taken from the PBR 6-K filed Aug 21, 2007.

b) Projects financings


		Main	Investment	Current
Project	Purpose	guarantees	amount	phase

Gasene	Transportadora Gasene S.A. is responsible for the construction and future ownership of pipelines to transport natural gas with a total length of 1,4 thousand km and transportation capacity of 20 million cubic meters per day, connecting the Cabiúnas Terminal in Rio de Janeiro to the city of Catu, in Bahia state.	To be defined.	US$ 2 billion.	Attainment of bridge loans together with: (i) BNDES to the value of R$ 1,36 billion, being R$ 1,05 billion for the construction of the Gascac gas pipeline and R$ 312 million for the construction of the Gascav pipeline and (ii) BB Fund SPC to the value of R$800 million for the construction of the Gascav gas pipeline, with the issue of US$ 210 million in Promissory Notes, in October of 2006.

This excerpt taken from the PBR 6-K filed Jun 8, 2007.

ii) Projects financings


		Main	Investment	Current
Project	Purpose	guarantees	amount	phase

Gasene	Transportadora Gasene S.A. is responsible for the construction and future ownership of pipelines to transport natural gas with a total length of 1,4 thousand km and transportation capacity of 20 million cubic meters per day, connecting the Cabiúnas Terminal in Rio de Janeiro to the city of Catu, in Bahia state.	To be defined.	US$ 2billion.	Attainment of bridge loanstogether with: (i) BNDES to the value ofR$ 1,36 billion, being R$ 1,05 billion for the construction of the Gascacgas pipeline and R$ 312millions for the construction of the Gascavpipeline and (ii) BB Fund SPC to the value of R$ 800 millions for the construction of the Gascav gas pipeline, with the issue of US$ 210 millions inPromissory Notes, in October of2006.

P-55 and P- 57	To develop production at Module 3 in the Roncador field (P-55) and Phase 2 of Jubart field (P-57). A Deepwater charter LLC and a Deepblue Charter LLC are responsible for jointly companies providing labor to construct the Production Units (UEP): one for the P-55 hull, another for the P- 57 hull, as well as two other for Generation and Compression Modules for both UEPs. At the end, PNBV shall charter the P- 55 from Deepwater and the P- 57from Deepblue and will sub- charter them to Petrobras .	Future chartering commitment of Petrobras with PNBV andPNBV with the owner’s of UEP (Deepwater and Deepblue).	US$ 1,96 billion.	Undergoing selection process for the companies to construct the UEPs.

EXCERPTS ON THIS PAGE:

6-K	Mar 4, 2008

6-K	Nov 21, 2007

6-K	Aug 21, 2007

6-K	Jun 8, 2007

Petrobras (PBR)

PBR » Topics » b) Projects financings

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