Petrobras (PBR)

Sales Volume

Our domestic sales volume decreased 5.3% to 2,013 mbbl/d in the first half of 2009 compared to 2,125 mbbl/d in the first half of 2008, mainly due to lower sales of diesel and natural gas. The decrease in diesel sales was attributable to the absence of production from emergency diesel-fired thermoelectric plants in the first half of 2009, reduced demand as a result of the economic downturn, particularly in the agricultural sector, and an increase in the mandatory percentage of biodiesel from 2% to 3% beginning in July 2008. Natural gas sales decreased due to the economic downturn and the use of fuel oil for industrial use, in addition to reduced gas-fired thermoelectric demand due to high reservoir levels at the hydroelectric power plants in the Southeastern Brazil.

Export volumes increased 13.4% in the first half of 2009 compared to the first half of 2008, primarily as a result of crude oil export sales, attributable to increased production from FPSO – Cidade de Rio das Ostras (Badejo), P-53 (Marlim Leste), P-51 (Marlim Sul) and FPSO – Cidade de Niterói (Marlim Leste) platforms, in addition to lower domestic demand.

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Sales Volume

Our domestic sales volume decreased 7.7% to 1,921 mbbl/d in the first quarter of 2009 compared to 2,081 mbbl/d in the first quarter of 2008 due to lower sales of diesel, naphtha and natural gas. The decrease in diesel sales was attributable to the absence of production from emergency diesel-powered thermoelectric plants in the first quarter of 2009, an increase in the mandatory percentage of biodiesel to 3% beginning in July 2008, and substantial decline in industrial output. The decrease in naphtha sales was due to the economic crisis that affected all segments of the petrochemical market beginning in the fourth quarter of 2008, resulting in reduced demand at our cracking plants. Natural gas sales were also affected by reduced demand in the non-thermal market due to the economic crisis. Other factors that contributed to the downturn included the bursting of the Transpetro gas pipeline due to the heavy rainfall in the south of Brazil and the competitive price of fuel oil compared to natural gas.

Our sales volumes in the international market increased 22.4% to 682 mbbl/d in the first quarter of 2009 compared to 557 mbbl/d in the first quarter of 2008, primarily due to the inclusion of sales volume from the NSS Refinery acquired in April 2008 and increased trading operations.

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Sales Volume

Our domestic sales volume increased 5.5% to 2,146 mbbl/d for 2008 compared to 2,035 mbbl/d for 2007, due to increased sales of diesel, gasoline, aviation fuel and natural gas. The increase in diesel sales was due to overall economic growth in Brazil, increased use of diesel-driven thermoelectric plants, infrastructure investments, mining and civil construction, in addition to reduced production by and imports from competitors. The increase in gasoline sales was due to increased demand and reduced competition in the retail market. The increase in aviation fuel sales was due to overall economic growth, increased tourism and new aircraft and aviation routes, which pushed up the number of flights. Natural gas sales increased 25.8% due to greater supply of imported and domestic natural gas, primarily from the P-52, P-54 and Piranema platforms.

Our sales volumes in the international market decreased 5.8% to 552 mbbl/d for 2008 compared to 586 mbbl/d for 2007, primarily due to programmed stoppages in the Pasadena refinery, reduced production in the United States and Argentina, the sale of Bolivian refineries in June 2007 and reduced Bolivian gas and oil sales volumes. These factors were partially offset by sales from the Okinawa Refinery in Japan beginning in the second quarter of 2008 and by the start-up of production in Nigeria in the third quarter of 2008.

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Sales Volume

Our domestic sales volume increased 7.7% to 2,156 thousand barrels per day in the nine-month period ended September 30, 2008, compared to 2,002 thousand barrels per day in the nine-month period ended September 30, 2007, due to increased sales of diesel, aviation fuel and natural gas. The increase in diesel sales was due to overall economic growth in Brazil and increased use of diesel-driven thermoelectric plants. The increase in aviation fuel sales was due to tourism, which expanded during the nine-month period ended September 30, 2008. Gas sales increased by 31.8% due to higher sales to thermoelectric plants and greater supply of imported and domestic natural gas.

Our sales volumes in the international market decreased 5.3% to 589,000 barrels per day in the nine-month period ended September 30, 2008, compared to 622,000 barrels per day in the nine-month period ended September 30, 2007, primarily due to programmed stoppages in the Pasadena refinery, the sale of the Bolivian refineries in June, 2007 and the reduction in Bolivian gas and oil sales volume, partially offset by the production from the Okinawa Refinery in Japan. .

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Sales Volume

As a result of overall economic growth in Brazil, our domestic sales volume increased 8.4% to 2,125 thousand barrels per day in the first half of 2008, as compared to 1,961 thousand barrels per day in the first half of 2007, due to increases in sales of diesel, aviation fuel and natural gas. The increase in diesel sales was due to the improved performance of the economy, especially agribusiness, and the increased use of emergency diesel-driven thermal plants. The increase in aviation fuel sales was a result of the expansion of tourism, leveraged by Brazilian economic growth and the appreciation of the Real against the dollar. Gas sales increased by 34.3% due to higher sales to the thermal plants and the increased supply of imported and domestic gas (Manati field and Espírito Santo Basin).

Oil and oil products export volumes increased 2.5% to 625 thousand barrels per day in the first half of 2008, as compared to 610 thousand barrels per day in the first half of 2007.

Our sales volumes in the international market decreased 6.8% to 594 thousand barrels per day in the first half of 2008, as compared to 637 thousand barrels per day in the first half of 2007, due to the programmed stoppage in the Pasadena refinery and the sale of the Bolivian refineries in June, 2007, partially offset by the production of the Japanese refinery we acquired in the second quarter of 2008.

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Sales Volume

As a result of overall economic growth in Brazil, our domestic sales volume increased 8.1% to 2,081 thousand barrels per day for the first quarter of 2008, as compared to 1,925 thousand barrels per day for the first quarter of 2007, due to increases in sales of diesel, aviation fuel and natural gas. The increase in diesel sales reflects general Brazilian economic growth and the increased use of emergency diesel-driven thermal plants. The increase in aviation fuel is due to the expansion of tourism supported by the appreciation of the Real against the U.S. dollar as well as to general Brazilian economic growth. Natural gas sales increased 33.6% as a result of higher industrial consumption, as gas continued to replace fuel oil.

Oil and oil products export volumes decreased 8.2% to 574 thousand barrels per day for the first quarter of 2008, as compared to 625 thousand barrels per day for the first quarter of 2007, reflecting the shrinkage of the US market triggered by the economic crisis.

Our sales volumes in the international market decreased 15.0% to 557 thousand barrels per day for the first quarter of 2008, as compared to 655 thousand barrels per day for the first quarter of 2007, due to lower trading company sales in the US, the sale of our Bolivian refineries and resulting reduction in oil and gas sales volume in Bolivia and to third parties in Argentina, caused by the natural decline in output from the mature fields, and in Ecuador, due to the lack of production and sales in March 2008.

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Sales Volume

As a result of overall economic growth in Brazil, our domestic sales volume increased 3.6% to 2,035 thousand barrels per day for 2007, as compared to 1,964 thousand barrels per day for 2006. The increase in sales volume was led by a 4.9% increase in diesel, reflecting Brazil´s higher agriculture and industrial output. Automotive gasoline sales decreased by 2.6%, as ethanol assumed a larger role in the light vehicle transportation market.

Oil and oil products export volumes rose by 5.6% to 618 thousand barrels per day in 2007, as compared to 585 thousand barrels per day in 2006, as a consequence of the reduced share of domestic crude oil in total throughput, as well as the small increase in Brazillian oil production.

Our sales volumes in the international market increased by 16.5% to 586 thousand barrels per day for 2007, as compared to 503 thousand barrels per day for 2006, mainly due to the inclusion of refinery throughput volumes from the Pasadena refinery as of October 2006, the increase in oil production in the U.S. Gulf of Mexico, and greater offshore trading volumes. These increases were partially offset by the sale of our Bolivian refineries and no longer consolidating our sales in Venezuela.

Sales Volume

Our domestic sales volume, consisting primarily of sales of diesel oil, gasoline, jet fuel, naphtha, fuel oil and liquefied petroleum gas increased 2.6% to 2,002 thousand barrels per day for the nine-month period ended September 30, 2007, as compared to 1,952 thousand barrels per day for the nine-month period ended September 30, 2006. The increase in sales volume was led by diesel, LPG, aviation fuel and fuel oil. The increase in diesel sales reflected the population growth, higher earnings among the less favored income groups, increased demand from the manufacturing industry and the expansion of tourism, supported by the appreciation of the Real against the dollar.

Oil and oil products export volumes rose by 13.5% in the nine-month period ended September 30, 2007 as compared to nine-month period ended September 30, 2006 as a consequence of increased production and the reduced share of domestic crude oil in total processed throughput higher oil production.

Our sales volumes in the international market increased by 32.9% to 622 thousand barrels per day for the nine-month period ended September 30, 2007, as compared to 468 thousand barrels per day for the nine-month period ended September 30, 2006, mainly due to the inclusion of the PRSI Trading and the Pasadena refinery, the distributors acquired from Shell in Paraguay, Uruguay and Colombia, and offshore operations, all of which aimed at capturing opportunities abroad. This was partially offset by the elimination of our operations in Venezuela and the sale our Bolivian refineries.

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Sales Volume

Our domestic sales volume, consisting primarily of sales of diesel oil, gasoline, jet fuel, naphtha, fuel oil and liquefied petroleum gas increased 2.6 % to 1,961 thousand barrels per day for the first half of 2007, as compared to 1,911 thousand barrels per day for the first half of 2006. The increase in sales volume was led by diesel, LPG, aviation fuel and fuel oil. The increase in diesel sales reflected the improved agricultural performance resulting from the higher grain harvest. Population growth and higher earnings among lower income groups pushed LPG sales. GDP growth and the increase in tourism, supported by the appreciation of the Real against the dollar, increased sales of aviation fuel.

Oil and oil products export volumes rose by 12.1% in the first half of 2007 as compared to the first half of 2006, as a consequence of higher oil production.

Our sales volumes in the international market increased by 46.2% to 655 thousand barrels per day for the first half of 2007, as compared to 448 thousand barrels per day for the first half of 2006, mainly due to the increase in trading transactions and the Pasadena refinery’s operations, offset by the elimination of our operations in Venezuela and the sale our Bolivian refineries.

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Sales Volume

Our domestic sales volume, consisting primarily of sales of diesel oil, gasoline, jet fuel, naphtha, fuel oil and liquefied petroleum gas increased 1.5 % to 1,925 thousand barrels per day for the first quarter of 2007, as compared to 1,897 thousand barrels per day for the first quarter of 2006. The increase in sales volume was primarily led by fuel oil, LPG and aviation fuel, reflecting higher demand from the manufacturing industry and thermoelectric power plants, population growth, increased earnings among the less favored income groups, the expansion of tourism and GDP growth. Gasoline volume recorded an increase, triggered by the reduction in the anhydrous ethanol ratio in type “C” gasoline and the increase in consumer income. Diesel sales declined, due to the start-up of thermoelectric plants powered by fuel oil, as well as exceptionally heavy rainfall which reduced transport levels, in turn reducing the level of operations in agricultural, mining and construction machinery.

Export volumes rose by 17.0%, as a result of increased production and the reduced share of domestic oil production in total processed throughput.

Our sales volume in the international market increased by 53.0 % to 670 thousand barrels per day for the first quarter of 2007, as compared to 438 thousand barrels per day for the first quarter of 2006, mainly due to the inclusion of the Pasadena Refinery’s operations in October of 2006, the increase in U.S. output and commercial operations abroad, partially offset by the deconsolidation of operations in Venezuela.

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Sales Volume

Our domestic sales volume, consisting primarily of sales of diesel oil, gasoline, jet fuel, naphtha, fuel oil and liquefied petroleum gas increased 3.4% to 1,964 thousand barrels per day for 2006, as compared to 1,900 thousand barrels per day for 2005. The increase in sales volume was primarily due to: (1) the 7.0% increase in sales of gasoline resulting from: (a) a growth associated with the growth in the number of vehicles; (b) a reduction in the required percentage of alcohol mixed with gasoline; (c) the improvement in purchasing power among consumers; and (d) a reduction in the competitiveness of alcohol relative to the prices of gasoline, which increased consumption of gasoline by owners of flexible fuel vehicles; (2) the 5.0% increase in sales of naphtha mainly due to greater availability of domestic naphtha in our system, and to more attractive domestic prices in relation to the international market. It is worth noting that naphtha deliveries in 2005 fell because of operational problems; and (3) the 6.6% increase in natural gas sales in the domestic market, primarily as a result of substituting fuel oil for natural gas in the industrial sector, particularly by the pulp and paper, ceramics and chemical sectors, as well as the higher number of natural gas vehicles.

Our sales volume in the international market increased by 19.4% to 1,084 thousand barrels per day for 2006, as compared to 908 thousand barrels per day for 2005, mainly due to increases in offshore operations that took advantage of commercial opportunities, as well as the inclusion of sales made by companies we acquired in 2006. These increases were partially offset by the reduction in Venezuelan sales because of the aforementioned changes in operational agreements; by the declining production in mature fields located in Angola; and the closing of our main producing fields in the Gulf of Mexico after hurricanes Rita and Katrina.

Sales Volume

Our domestic sales volume, consisting primarily of sales of diesel oil, gasoline, jet fuel, naphtha, fuel oil and liquefied petroleum gas increased 2.9% to 1,963 thousand barrels per day for the nine-month period ended September 30, 2006, as compared to 1,908 thousand barrels per day for the nine-month period ended September 30, 2005. The increase in sales volume was primarily due to: (1) the increased sales of gasoline, due to a reduction in the competitiveness of alcohol relative to the prices of gasoline, which increased consumption of gasoline by owners of flexible fuel vehicles; (2) the increased sales of naphtha mainly due to more attractive domestic prices in relation to the international market; (3) the increase in natural gas sales in the domestic market, primarily as a result of substituting fuel oil for natural gas in the industrial sector, particularly by the paper and cellulose, glass and chemical sectors, as well as the higher number of natural gas vehicles; and (4) the higher oil export volumes.

Our sales volume in the international market increased by 13.8%, mainly due to increases in offshore operations that book advantage of commercial opportunities. This was partially offset by the reduction in Venezuelan sales because of the aforementioned changes in operational agreements.

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Sales Volume

Our domestic sales volume, consisting primarily of sales of diesel oil, gasoline, jet fuel, naphtha, fuel oil and liquefied petroleum gas, increased 2.8% to 1,923 thousand barrels per day for the first half of 2006, as compared to 1,871 thousand barrels per day for the first half of 2005. The increase in sales volume was primarily due to: (1) the increased sales of gasoline, due to a reduction in the competitiveness of alcohol due to increased prices of alcohol; reduced use of alcohol in the gasoline mix and the increase of the domestic vehicle fleet; and (2) increased sales of naphtha due to more attractive domestic prices relative to the international market, thereby leading to increased delivery to major clients in Brazil.

Sales Volume

Our domestic sales volume, consisting primarily of sales of diesel oil, gasoline, jet fuel, naphtha, fuel oil and liquefied petroleum gas, increased 4.3% to 1,910 thousand barrels per day for the first quarter of 2006, as compared to 1,832 thousand barrels per day for the first quarter of 2005. The increase in sales volume was primarily due to: (1) the increased sales of gasoline (4%), due to a 5% reduction in the mix of pure alcohol with gasoline, as well as the reduced use of alcohol in non-traditional practices and in flex-fuel vehicles, in light of elevated prices for this product; (2) increased sales of diesel oil (4%) resulting from a lower base of industrial and agricultural activity in the first quarter of 2005, as well as the recovery of public investment in road works; and (3) the higher sales of natural gas (9%), resulting from greater industrial consumption and an increase in the number of vehicle converted to consume natural gas.

Sales Volume

Our domestic sales volume, consisting primarily of sales of diesel oil, gasoline, jet fuel, naphtha, fuel oil and liquefied petroleum gas, increased 2.9% to 1,908 thousand barrels per day for the nine-month period ended September 30, 2005, as compared to 1,855 thousand barrels per day for the nine-month period ended September 30, 2004. This increase was primarily due to the rise in sales of gasoline, diesel oil and jet fuel. This increase was partially offset by a reduction in the sales of fuel oil due to lower demand for these oil by-products resulting from strong competition from substitute products such as coal, coke, biomass, wood and natural gas.

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Sales Volume

Our domestic sales volume, consisting primarily of sales of diesel oil, gasoline, jet fuel, naphtha, fuel oil and liquefied petroleum gas, increased 3.8% to 1,871 thousand barrels per day for the first half of 2005, as compared to 1,803 thousand barrels per day for the first half of 2004. This increase was primarily due to the rise in sales of diesel oil and gasoline. This increase was partially offset by a reduction in the sales of naphtha and fuel oil due to lower demand for these oil by-products resulting from strong competition from substitute products such as coal, coke, biomass and wood.

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Sales Volume

Our domestic sales volume, consisting primarily of sales of diesel oil, gasoline, jet fuel, naphtha, fuel oil and liquefied petroleum gas, increased 4.4% to 1,832 thousand barrels per day for the first quarter of 2005, as compared to 1,755 thousand barrels per day for the first quarter of 2004. The increase was primarily due to the rise in sales of diesel oil and gasoline. The increase was partially offset by a reduction in the sales of naphtha and fuel oil due to lower demand for these oil by-products.

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Table of Contents

Sales Volume

Our domestic sales volume, consisting primarily of sales of diesel oil, gasoline, jet fuel, naphtha, fuel oil and liquefied petroleum gas, increased 6.6% to 1,879 thousand barrels per day for 2004, as compared to 1,762 thousand barrels per day for 2003. The increase in sales volume was primarily due to the rise in the sales of diesel oil, gasoline, jet fuel and LPG as a result of the rebound of the Brazilian economy in 2004, after a contraction in 2003. This increase was partially offset by a reduction in the volume of sales of fuel oil, which reflected the increased use of products that serve as substitutes for fuel oil, such as imported coke, coal (domestic and imported), wood, biomass, and natural gas.

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Table of Contents