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This excerpt taken from the PBR 20-F filed May 22, 2009. United
States refining market by acquiring 50% of the
Pasadena Refining System (PRSI), formerly the Crown Refinery in
Pasadena, Texas. In October 2008, an arbitration panel of the
International Centre for Dispute Resolution issued a preliminary
decision establishing the validity of the put option exercised
by our 50% partner Astra Oil Company for the sale of its stake
in PRSI against Petrobras America, our subsidiary in the United
States. In April 2009, the arbitration panel issued the final
decision, which set the put option exercise price at
U.S.$466 million.
In November 2007, we agreed to purchase 87.5% of Nansei Sekiyu
Kabushiki Kaisha (NSS), a refinery in Okinawa,
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