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Investor Relations

Incorporation of company in Japan for the import and distribution of ethanol

(Rio de Janeiro, December 19, 2005). – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA], a Brazilian international energy company, announces that its subsidiary, Petrobras Internacional Braspetro BV – PIB BV, with registered offices in the Netherlands, is incorporating Brazil-Japan Ethanol Co., Ltd. in Japan (in Japanese, to be known as Nippaku Ethanol K. K.). The company’s purpose will be to import and distribute Brazilian-produced ethanol and the developing of technical and commercial solutions for the reliable and long term supply of alcohol to the Japanese market. 
 
The ownership of Brazil-Japan Ethanol Co., LtD will be shared equally between Petrobras and Nippon Alcohol Hanbai K.K., with a 70% share in  the distribution of ethanol to the Japanese market. Company management will be shared by the two companies, thus combining their distinctive and complementary know-how,  technology and experiences for realizing the safe bulk export of quality fuel ethanol from Brazil to Japan.
 
The new company will seek to identify technical and commercial solutions for inserting ethanol into the Japanese energy matrix in substitution for fossil fuels and in line with the objective of reducing green houses gases, such  as carbon dioxide (CO2), and thus contributing to the success of the Kyoto Protocol. In effect since February 16 2005, the protocol – considered to be the most promising of the approximately 200 agreements on the environment under the auspices of the United Nations - provides for the reduction by industrialized countries of emissions of six gases causing global warming.

Strategically, the incorporation of Brazil-Japan Ethanol Co., Ltd. is in line with the objective fixed in the Strategic Plan 2005-2015 for the internationalization of the Company’s business. It will permit Petrobras to break into one of the most complex and important energy markets in the world, both in terms of ethanol logistics distribution as well as providing additional opportunities for the Company in the fuel distribution sector in Japan.

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