This excerpt taken from the PBR 6-K filed Jul 5, 2005.
Southeast Northeast Gas Pipeline
(Rio de Janeiro, July 4, 2005). PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA], a Brazilian international energy company, wishes to inform that the Southeast Northeast (GASENE) gas pipeline made up of the Cabiúnas (RJ)-Vitória (ES), Cacimbas(ES)-Vitória and Cacimbas-Catu (BA) sections, continues to be part of the Companys strategic plan as announced in May 2004.
Certain aspects of this investment are currently under review as part of the process for approving Petrobras investments due largely to changes in the supply and demand for natural gas.
Work on the Cacimbas-Vitória section is currently proceeding according to plan with operations to start in December with the off-take of natural gas from the Peroá-Cangoá fields, initially for delivery to Vitória.
The Cabiúnas-Vitória section is currently at the due diligence stage with the international tender bidding process expected to begin soon in conjunction with Sinopec.
Supplies to the Northeast region for the period affected by the change in investment plans (2007-2008) will be met mainly through an increase in local feedstock.
Petróleo Brasileiro S.A PETROBRAS
Investor Relations Department
Raul Adalberto de Campos Executive Manager
Av. República do Chile, 65 - 4th floor
20031-912 Rio de Janeiro, RJ
(55-21) 3224-1510 / 9947
This document may contain forecasts that merely reflect the expectations of the Companys management. Such terms as anticipate, believe, expect, forecast, intend, plan, project, seek, should, along with similar or analogous expressions, are used to identify such forecasts. These predictions evidently involve risks and uncertainties, whether foreseen or not by the Company. Therefore, the future results of operations may differ from current expectations, and readers must not base their expectations exclusively on the information presented herein.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: July 5, 2005
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.