Petrobras – Investor Relations

Petrobras

Investor Relations

Petrobras and Eletrobrás sign a strategic cooperation agreement

(Rio de Janeiro, September 21, 2005). – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA], a Brazilian international energy company, announces that Eletrobrás and Petrobras signed today, 21 September, an Agreement of Strategic Cooperation to develop studies and projects in the area of electrical energy generation, in Brazil and abroad. The agreement was signed this morning during a ceremony at the Ministry of Mines and Energy, in Brasilia, in the presence of the minister Silas Rondeau and the presidents of Petrobras, José Sergio Gabrielli de Azevedo, and of Eletrobrás, Aloisio Vasconcelos. One of the objectives of the agreement is to solve the energy needs of the country, combining the use of natural gas, other fossil fuels and other sources of energy, such as hydroelectric and nuclear.

The partnership will develop demand and supply planning studies for the requirements of electrical energy, natural gas, fossil fuels and other sources of energy; studies for the optimization of hydrothermal systems; studies and implementation of integrated projects of electrical energy production aimed at the Amazonian region; technical and technological exchange between both the companies and economicfinancial analysis of projects of electrical production, exploration and natural gas transportation. The agreement also foresees the integration of the Cepel and Cenpes projects, the research centers of Eletrobrás and Petrobras, respectively, and the energy conservation programs (Procel and Conpet), developed by the companies.

With this cooperation agreement, Petrobras and Eletrobrás are prepared to share information referring to the development, implementation and operation of their businesses. The signed agreement is valid for five years and also allows the possibility of the participation of third parties in the development of the studies and projects, subject to agreement between both companies. The document also foresees the constitution of an Advisory Board, with the participation of five representatives from Eletrobrás and five representatives from Petrobras.

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