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Material Fact - Option for Petroquisa to increase its ownership interest in the Share Capital of Braskem

PETRÓLEO BRASILEIRO S.A. – PETROBRAS
PETROBRAS QUÍMICA S.A.- PETROQUISA
Public Company
 
PRESS RELEASE
 
Option for Petroquisa to increase its ownership interest in the Share Capital of Braskem



(Rio de Janeiro, September 30, 2005). – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA], a Brazilian international energy company, announces as was previously disclosed to the market, on April 29, 2005, Odebrecht, Norquisa, ODBPAR and Petroquisa entered into a Second Amendment to the Memorandum of Understanding regarding Shareholders Agreement, with Braskem and Petrobras as intervening parties (the “Second Amendment”), pursuant to which Petroquisa was granted an option (the “Option”) to increase its ownership interest in the voting share capital of Braskem to up to 30% through a subscription for newly issued common shares of Braskem (the “Option Shares”).
 
On the date hereof, prior to the expiration of the deadline set forth in the Second Amendment, Petroquisa designated the following assets to be subject to an appraisal process as consideration for the issuance of the Option Shares, if Petrobras elects to exercises the Option:
 
(i)  15.63% of the total share capital of Copesul – Companhia Petroquímica do Sul; (ii) 85.04% of the total share capital of Petroquímica Triunfo S.A.; and (iii) 40.0% of the total share capital of Petroquímica Paulínia S.A., a company that was formed for the purpose of building and operating a 300,000 ton polypropylene plant in Paulínia, São Paulo, as described in a Relevant Fact issued by Braskem and Petroquisa on June 22, 2005.
 
Odebrecht has accepted the designation of these assets by Petroquisa, as contemplated in the Second Amendment.
 
The parties have also agreed to extend the final deadline for the exercise of the Option from December 31, 2005 to March 31, 2006.  The other provisions of the Second Amendment will remain unchanged, as described in the Relevant Fact dated April 29, 2005.

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