Petrobras – Investor Relations


Investor Relations

Decisions of the Board of Directors

Rio de Janeiro, March 19, 2010 – Petróleo Brasileiro S.A. – Petrobras hereby announces the resolutions taken by its Board of Directors at today’s meeting. The Board:

(a) Authorized the submission of the 2010 Capital Budget totaling R$ 88.5 billion and allocated as in the table below, to the Annual Shareholders’ Meeting to be held on April 22.

Busines Area Orçamento %
Exploration & Production 36.737 42%
Refining, Transportation & Marketing 33.962 38%
Gás E Energy 8.108 9%
International 6,223 7%
Biofuel 823 1%
Distribition 896 1%
Corporation 1.797 2%
TOTAL 88.547 100%



(b) As a consequence, authorized the Board of Executive Officers to review the Company’s Overall Expenditure Program (PDG) and Annual Investment Budget (OAI) for 2010, totaling R$ 79.5 billion, approved in August 2009;

(c) Authorized the Board of Executive Officers to continue reviewing the 2010-2014 Business Plan, using as a reference a range between US$ 200 and US$ 220 billion for the investment in the period, but limiting the net debt/EBITDA ratio to 2.5 and leverage ratio to 35% (net debt/net debt + shareholder´s equity);

(d) Approved projects totaling R$ 264.8 billion, which will be part of the 2011-14 investment portfolio: R$ 163.6 billion for Exploration & Production; R$ 80.5 billion for Refining, Transportation & Marketing, R$ 20.2 billion for Gas & Energy and R$ 430 million for Biofuel.

Finally, Dilma Vana Rousseff resigned from the Company’s Board of Directors on this date, being replaced by the Executive Secretary of the Ministry of Mines and Energy, Márcio Zimmermann. Member Guido Mantega was elected Chairman of the Board. Pursuant to the Company’s Bylaws, these changes will remain valid until the next Annual Shareholders’ Meeting.


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