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Memorando de Entendimientos con China

Rio de Janeiro, February 19 2009 – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, informs that signed this afternoon two Memorandums of Understanding with Chinese institutions and an export oil contract with UNIPEC Asia Co. Ltda, subsidiary of China Petrochemical Corporation – SINOPEC, to export 60 to 100 thousand barrels of oil per day.

The Memorandums aims to drive economic development and trade between China and Brazil, which, coordinated by the respective governments, will single out business opportunities based on mutual benefits.
The Memorandum between China Development Bank Corporation (CDB), China Petrochemical Corporation (SINOPEC) and Petrobras presents the following scopes:
 
· Credit supply to Petrobras, including the option to off-set the debt with the export of oil, as per Chinese institution option and in a volume to be defined in the future;
· Increase the oil export of Petrobras to China;
 
· Partnerships between Petrobras and Chinese companies to develop projects in several oil industry segments;

· Supply of service, material and equipment by Chinese companies to Petrobras; and
 
· Promoting contacts between Chinese and Brazilian companies for the purpose of creating joint ventures.
The Memorandum between Petro China - CNPC and Petrobras aims to increase the oil export of Petrobras to China, in the range of 40 trough 60 thousands barrels of oil per day.

The parties will start the negotiation to execute the contracts to be implemented as a result of the agreements.

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