Petrobras (PBR)

6. SHAREHOLDERS AGREEMENT

Simultaneously to the Incorporation of Shares, Petrobras, Petroquisa, Odebrecht and Norquisa shall sign, with Braskem’s intervention, Braskem’s new Shareholders’ Agreement, which shall be based on the shareholders commitment to the highest standards of corporate governance, with a greater participation of Petrobras in the decision-making process and also on the creation of value for all Braskem’s shareholders.

6. Shareholders’ Agreement

Simultaneously with the exercise of the Option, the parties have agreed to enter into a shareholders’ agreement in respect of their ownership interests in Braskem, which agreement will include in greater detail the terms and conditions of the Memorandum and the Second Amendment.

The Second Amendment went into effect on April 29, 2005 and will remain in effect through December 31, 2005.

São Paulo, April 29, 2005

Paul Altit
Director of Investor Relations
Braskem S.A.

José Sergio Gabrielli de Azevedo
Director of Finance and Investor Relations
Paulo Roberto Costa
Downstream Director
Petróleo Brasileiro S.A. - Petrobras

Kuniyuki Terabe
Chief Executive Officer and Director of Investor Relations
Petrobras Química S.A.

Pedro Augusto Ribeiro Novis
Chief Executive Officer
Odebrecht S.A.

Ruy Lemos Sampaio
Chief Executive Officer
Nordeste Química S.A. - Norquisa

Pedro Augusto Ribeiro Novis
Chief Executive Officer
ODBPAR Investimentos S.A.

This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.