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PBR » Topics » e) Purchase of Sociedade Fluminense de Energia Ltda - SFE

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

e) Purchase of Sociedade Fluminense de Energia Ltda – SFE

On April 29, 2005, PETROBRAS acquired Sociedade Fluminense de Energia – SFE. This is a plant with net generation capacity of 388 MW/h, of the “merchant”, type, for which PETROBRAS executed between 2001 and 2002 a consortium agreement (Eletrobolt) with a clause for contingent payments related to taxes, charges and tariffs, operational costs, maintenance and investments (capacity), if the plant does not generate revenue enough to cover such costs.

PETROBRAS paid for the acquisition US$ 65,1 million for the units of interest of SFE and assumed the debt of the company of US$ 98,9 million. After conclusion of the acquisition, PETROBRAS signed a documentation to terminate the Consortium Agreement, thus extinguishing the obligation to make the monthly contingent payments provided for. As such, PETROBRAS started to be the sole beneficiary of the results of this acquisition (operation and physical structure for electric energy trading).

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