Petrobras – Investor Relations


Investor Relations

Clarifications on Petrobras activities in Ecuador

(Rio de Janeiro, July 5, 2007). – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, considering the news that has been aired by the Ecuadorian and Brazilian media about supposed irregularities committed by its controlled company Petrobras Energia Equador, reaffirms it has complied with all legal provisions in all legal, contractual and administrative acts in that country.

The Company clarifies has never been notified regarding any investigation carried out by the Special Commission created by the Ecuadorian Ministry of Mines and Energy as to its contractual and legal obligations. Moreover, it also states it was not invited to provide information or possible clarifications regarding any act that could be considered as an irregularity under Ecuadorian law.

Petrobras expects the Ecuadorian Government will disregard the accusations involving reserve acquisitions which may have been the justification for the investigation, as it has or has requested all formal authorizations issued by the competent regulatory bodies.

Additionally, the Ecuadorian State’s control agencies have hitherto always made favorable statements regarding Petrobras’ hydrocarbon reserve acquisitions in Ecuador.

The company once again reiterates its respect for the Ecuadorian laws, which is in line with its mission of performing in the oil, gas and, energy sector in a safe, profitable and socially and environmentally responsible manner. Furthermore, pursuant to its Strategic Plan, it contributes to the development of the countries where it has operations, in agreement with its 53-year corporate history and its presence in upwards of 24 countries.

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