Petrobras (PBR)

Short-Term Debt

Our outstanding short-term debt serves mainly to support our working capital and our imports of crude oil and oil products, and is provided almost entirely by international banks. On June 30, 2009, our short-term debt (excluding current portions of long-term debt) amounted to U.S.$2,182 million compared to U.S.$2,399 million on December 31, 2008.

Short-Term Debt

Our outstanding short-term debt serves mainly to support our imports of crude oil and oil products, and is provided almost entirely by international banks. On March 31, 2009, our short-term debt (excluding current portions of long-term debt) amounted to U.S.$2,664 million compared to U.S.$2,399 million on December 31, 2008.

a) Short-term debt

The Company's short-term borrowings are principally sourced from commercial banks and include import and export financing denominated in United States dollars, as follows:

The weighted average annual interest rates on outstanding short-term borrowings were 5.70% and 4.72% at March 31, 2009 and December 31, 2008, respectively.

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10. Financings (Continued)

b) Long-term debt

• Composition

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10. Financings (Continued)

b) Long-term debt (Continued)

• Composition of foreign currency denominated debt by currency

• Maturities of the principal of long-term debt

The long-term portion at March 31, 2009 becomes due in the following years:

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10. Financings (Continued)

b) Long-term debt (Continued)

The composition of annual interest rates on long-term debt are as follows:

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10. Financings (Continued)

b) Long-term debt (Continued)

Structured finance of exports

Petrobras and Petrobras Finance Ltd. - PFL have certain contracts (Master Export Contract and Prepayment Agreement) between themselves and a special purpose entity not related to Petrobras, PF Export Receivables Master Trust (“PF Export”), relating to the prepayment of export receivables to be generated by PFL by means of sales on the international market of fuel oil and other products acquired from Petrobras.

As at March 31, 2009, the balance of export prepayments amounted to US$315 in non-current liabilities (US$348 as of December 31, 2008) and US$75 in current liabilities (US$75 as of December 31, 2008).

Short-Term Debt

Our outstanding short-term debt serves mainly to support our imports of crude oil and oil products, and is provided almost entirely by international banks. On December 31, 2008, our short-term debt (excluding current portions of long-term debt) amounted to U.S.$2,399 million compared to U.S.$1,458 million on December 31, 2007.

a) Short-term debt

The Company's short-term borrowings are principally sourced from commercial banks and include import and export financing denominated in United States dollars, as follows:

The weighted average annual interest rates on outstanding short-term borrowings were 5.11% and 4.71% at September 30, 2008 and December 31, 2007, respectively.

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10. Financings (Continued)

b) Long-term debt

• Composition

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10. Financings (Continued)

b) Long-term debt (Continued)

• Composition of foreign currency denominated debt by currency

• Maturities of the principal of long-term debt

The long-term portion at September 30, 2008 becomes due in the following years:

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10. Financings (Continued)

b) Long-term debt (Continued)

The composition of annual interest rates on long-term debt are as follows:

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10. Financings (Continued)

b) Long-term debt (Continued)

Global Notes - PifCo 

On January 11, 2008, PifCo issued Senior Global Notes of US$750 that constitute a single issue fungible with the US$1,000 launched on November 1, 2007, amounting to US$1,750 in issued bonds due on March 1, 2018. The Notes bear interest at the rate of 5.875% per annum, payable semiannually, beginning on March 1, 2008. The purpose of this issue was to access long-term debt capital markets, refinance prepayments of maturing debt and to reduce the cost of capital. 

Short-Term Debt

Our outstanding short-term debt serves mainly to support our imports of crude oil and oil products, and is provided almost entirely by international banks. On September 30, 2008, our short-term debt (excluding current portions of long-term debt) amounted to U.S.$1,913 million compared to U.S.$1,458 million on December 31, 2007.

Short-Term Debt

Our outstanding short-term debt serves mainly to support our imports of crude oil and oil products, and is provided almost entirely by international banks. At June 30, 2008, our short-term debt (excluding current portions of long-term debt) amounted to U.S.$1,704 million compared to U.S.$1,458 million at December 31, 2007.

a) Short-term debt

The Company's short-term borrowings are principally sourced from commercial banks and include import and export financing denominated in United States dollars, as follows:

The weighted average annual interest rates on outstanding short-term borrowings were 4.75% and 4.71% at June 30, 2008 and December 31, 2007, respectively.

Short-Term Debt

Our outstanding short-term debt serves mainly to support our imports of crude oil and oil products, and is provided almost entirely by international banks. At March 31, 2008, our short-term debt (excluding current portions of long-term debt) amounted to U.S.$1,928 million compared to U.S.$1,458 million at December 31, 2007.

a) Short-term debt

The Company's short-term borrowings are principally sourced from commercial banks and include import and export financing denominated in United States dollars, as follows:

The weighted average annual interest rates on outstanding short-term borrowings were 4.77% and 4.71% at March 31, 2008 and December 31, 2007, respectively.

Short-Term Debt

Our outstanding short-term debt serves mainly to support our imports of crude oil and oil products, and is provided almost entirely by international banks. At December 31, 2007, our short-term debt (excluding current portions of long-term obligations) amounted to U.S.$1,458 million compared to U.S.$1,293 million at December 31, 2006.

a) Short-term debt

The Company's short-term borrowings are principally sourced from commercial banks and include import and export financing denominated in United States dollars, as follows:

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10. Financings (Continued)

a) Short-term debt (Continued)

The weighted average annual interest rates on outstanding short-term borrowings were 4.01% and 4.68% at September 30, 2007 and December 31, 2006, respectively.

Short-Term Debt

Our outstanding short-term debt serves mainly to support our imports of crude oil and oil products, and is provided almost entirely by international banks. At September 30, 2007, our short-term debt (excluding current portions of long-term obligations) amounted to U.S.$ 844 million as compared to U.S.$ 1,293 million at December 31, 2006.

Short-Term Debt

Our outstanding short-term debt serves mainly to support our imports of crude oil and oil products, and is provided almost entirely by international banks. At June 30, 2007, our short-term debt (excluding current portions of long-term obligations) amounted to U.S.$ 1,088 million as compared to U.S.$ 1,293 million at December 31, 2006.

Short-Term Debt

Our outstanding short-term debt serves mainly to support our imports of crude oil and oil products, and is provided almost entirely by international banks. At March 31, 2007, our short-term debt (excluding current portions of long-term obligations) amounted to U.S.$ 1,347 million as compared to U.S.$ 1,293 million at December 31, 2006.

(a) Short-term debt

The Company's short-term borrowings are principally sourced from commercial banks and include import and export financing denominated in United States dollars, as follows:

The weighted average annual interest rates on outstanding short-term borrowings were 4.68% and 4.09% at December 31, 2006 and 2005, respectively.

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12. Financings (Continued)

Short-Term Debt

Our outstanding short-term debt serves mainly to support our imports of crude oil and oil products, and is provided almost entirely by international banks. At December 31, 2006, our short-term debt (excluding current portions of long-term obligations) amounted to U.S.$ 1,293 million as compared to U.S.$ 950 million at December 31, 2005.

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Short-Term Debt

Our outstanding short-term debt serves mainly to support our imports of crude oil and oil products, and is provided almost completely by international banks. At September 30, 2006, our short-term debt (excluding current portions of long-term obligations) amounted to U.S.$ 926 million as compared to U.S.$ 950 million at December 31, 2005.

a) Short-term debt

The Company's short-term borrowings are principally sourced from commercial banks and include import and export financing denominated in United States dollars, as follows:

The weighted average annual interest rates on outstanding short-term borrowings were 4.64% and 4.09% at September 30, 2006 and December 31, 2005, respectively.

a) Short-term debt

The Company's short-term borrowings are principally sourced from commercial banks and include import and export financing denominated in United States dollars, as follows:

The weighted average annual interest rates on outstanding short-term borrowings were 5.65% and 4.09% at June 30, 2006 and December 31, 2005, respectively.

Short-Term Debt

Our outstanding short-term debt serves mainly to support our imports of crude oil and oil products, and is provided almost completely by international banks. At June 30, 2006, our short-term debt (excluding current portions of long-term obligations) amounted to U.S.$ 1,124 million as compared to U.S.$ 950 million at December 31, 2005.

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a) Short-term debt

The Company's short-term borrowings are principally sourced from commercial banks and include import and export financing denominated in United States dollars, as follows:

The weighted average annual interest rates on outstanding short-term borrowings were 4.55% and 4.09% at March 31, 2006 and December 31, 2005, respectively.

Short-Term Debt

Our outstanding short-term debt serves mainly to support our imports of crude oil and oil products, and is provided almost completely by international banks. At March 31, 2006, our short-term debt (excluding current portions of long-term obligations) amounted to U.S.$ 918 million as compared to U.S.$ 950 million at December 31, 2005, remaining relatively constant.

(a) Short-term debt

The Company's short-term borrowings are principally sourced from commercial banks and include import and export financing denominated in United States dollars, as follows:

The weighted average annual interest rates on outstanding short-term borrowings were 4.09% and 4.43% at December 31, 2005 and 2004, respectively.

Short-Term Debt

Our outstanding short-term debt serves mainly to support our imports of crude oil and oil products, and is provided almost completely by international banks. At September 30, 2005, our short-term debt (excluding current portions of long-term obligations) increased to U.S.$ 1,030 million as compared to U.S.$ 547 million at December 31, 2004. This increased use of short-term credit facilities was due to advantageous market conditions in Argentina.

Short-Term Debt

Our outstanding short-term debt serves mainly to support our imports of crude oil and oil products, and is provided almost completely by international banks. At June 30, 2005, our short-term debt (excluding current portions of long-term obligations) increased to U.S.$ 1,087 million as compared to U.S.$ 547 million at December 31, 2004. This increased use of short-term credit facilities was due to advantageous market conditions in Argentina.

Short-Term Debt

Our outstanding short-term debt serves mainly to support our imports of crude oil and oil products, and is provided almost completely by international banks. At March 31, 2005, our short-term debt (excluding current portions of long-term obligations)

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increased to U.S.$ 1,014 million as compared to U.S.$ 547 million at December 31, 2004. This increased use of short-term credit facilities was due to advantageous market conditions in Argentina, as explained immediately above.

Short-Term Debt

Our outstanding short-term debt serves mainly to support our imports of crude oil and oil products, and is provided almost completely by international banks and under our commercial paper program. At December 31, 2004, our short-term debt (excluding current portions of long-term obligations) decreased to U.S.$ 547 million as compared to U.S.$ 1,329 million at December 31, 2003. The decreased use of short-term credit facilities was related to our decision to take steps to lengthen our debt profile and pay down short-term debt. Our short-term debt is denominated principally in U.S. dollars.