Clarification on
the Price of the Barrels of Oil subject to the Transfer of Rights
Rio
de Janeiro, August 19th, 2010 � Petr�leo Brasileiro S.A. � Petrobras
explains that, in response to an Official Letter from the Comiss�o
de Valores Mobili�rios,
the Brazilian securities regulator or CVM (CVM/SEP/GEA-1/No. 353/2010),
concerning the article in the Folha de S�o Paulo
newspaper printed on August 18, 2010,, entitled �Minister sees barrel closer
to US$10�, concerning statements made by M�rcio
Zimmermann, the Minister of Mines and Energy and a member of Petrobras� Board of Directors:
In accordance with the
requirements of Paragraph 1, article 3, of CVM Instruction no. 358/02, the
Company asked the Minister about the statements made in the newspaper
article. The Minister affirmed that the statement referred to areas with
characteristics similar to the pre-salt areas already under concession, and
in no event did he provide a declarative statement concerning the valuation
of the barrels of oil to be transferred to Petrobras pursuant to the Transfer
of Rights. The statement �it indicates that the value of the reserves should
remain within this price range� is solely an inference made by the newspaper.
With regard to the statement that
the objective of the government is to �maximize the value of the reserves,
since they are an asset of the Brazilian Federal Government�, it should be
noted that the Transfer of Rights will be a commercial transaction between
two parties, Petrobras and the Brazilian Federal Government, in accordance
with market rules and observing the Company�s policies regarding to
transactions between related parties and transparency. As such, it is natural
for both parties to seek, through negotiations, to maximize their results. Therefore,
it is not a sign that the �price will be closer to US$10 than to US$5�, which
is an inference made by the newspaper article.
In the same article, the Minister
affirmed that the �government will seek a fair price�, proving that values
have not yet been determined. The same article also affirms that the ANP has
not yet delivered to the Ministry of Mines and Energy the result of the
studies ordered to the certification company concerning the value and volume
of the reserves that will be transferred to Petrobras pursuant to the
Transfer of Rights. Thus, it is not appropriate to talk about a material fact
according to the rules of the CVM, since there is no concrete and defined
information concerning the price of the barrels of oil.
It is important to note that the
determination of the price of the barrels of oil subject to the Transfer of
Rights depends, among other factors and in addition to the determination of
the areas that will be subject to the Transfer of Rights, upon the completion
of the appraisals of the certification company hired by Petrobras and of the
certification company hired by the ANP concerning the �fair price�, and, only
after the completion of these appraisal reports will Petrobras and the
Brazilian Federal Government discuss and determine the fair price of the
barrels of oil subject to the Transfer of Rights.
Concerning newspaper reports
published today, Petrobras clarifies that the Transfer of Rights is still l
under negotiation and the Company has been working to to carry out a
potential public offering of shares in September. At the moment, any
discussion concerning the value of the barrels of oil subject to the Transfer
of Rights is merely speculative, given that the reports from the
certification companies are still not ready.
This announcement is not an offer
of Petrobras shares. Petrobras shares may not be offered or sold in the
United States absent registration or an exemption from registration, and
Petrobras currently intends to register the proposed offering in the United
States. Any public offering of Petrobras shares will be made by means of a
prospectus containing detailed information about Petrobras and the offering.
Sincerely,
Investors Relations
www.petrobras.com.br/ri/english
Contacts: PETR�LEO BRASILEIRO S. A. - PETROBRAS
Investor Relations Department I E-mail: petroinvest@petrobras.com.br /
acionistas@petrobras.com.br
Av. Rep�blica do Chile, 65
� 22nd floor - 20031-912 - Rio de
Janeiro, RJ I Tel.: 55 (21) 3224-1510 / 9947
This document may
contain forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended (Securities Act), and Section 21E of the
Securities Exchange Act of 1934, as amended (Exchange Act) that merely
reflect the expectations of the Company�s management. Such terms as
�anticipate�, �believe�, �expect�, �forecast�, �intend�, �plan�, �project�,
�seek�, �should�, along with similar or analogous expressions, are used to
identify such forward-looking statements. 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.
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