Petrobras – Investor Relations

Petrobras

Investor Relations

Araucaria thermoelectric plant lease agreement

(Rio de Janeiro, January 3, 2007). – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, announces that it has signed a Lease Agreement and an Operation and Maintenance Service-Rendering Agreement with UEG Araucaria – UEG and COPEL.

The Lease Agreement for the Araucaria Gas Thermoelectric Plant, signed between Petrobras and UEG, will be in effect through December 31st 2007, with the possibility to be extended for an additional period of up to 12 (twelve) months pursuant to an agreement between the parts; meanwhile, the second agreement, for UEG Araucaria Operation and Maintenance Service-Rendering, signed between Petrobras and COPEL Geração, will be in effect through December 31st 2008, or until the Lease Agreement expires, whichever occurs first.

According to the two agreements, a fixed monthly installment of R$19.00 per MWh multiplied for the reference power (428.35 MW) plus a variable monthly installment of R$33.23 per MWh, will be paid based on the actual energy generated. These resources will be destined to cover all of the costs and taxes owed by UEG.

By signing these agreements, it will be possible to better allocate the gas that is produced to attend to the ballast commitments regarding the energy the company sells.

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