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02-07-2012

Petrobras signs agreement on Pasadena Refinery

Petrobras executed an agreement today to end all existing lawsuits between the companies in the Petrobras System and the Belgian group Transcor/Astra, controller of Astra Oil Trading NV (Astra). The lawsuits stemmed from the partnership period between Astra and Petrobras America Inc. (PAI), a subsidiary of Petrobras, in the Pasadena Refining System, Inc. (PRSI), owner of the Pasadena Refinery in Texas and the Trading Company.

The agreement also ends the ongoing legal issue regarding the arbitration process that had recognized Astra’s put option for PAI’s ownership interest (50%) of PRSI and the Trading Company.

PAI will pay the put option value, set by a report dated April 10, 2009, issued during the arbitration process mentioned above, plus interest and other legal expenses, totaling US$ 820.5 million. This amount had already been provisioned for payment, almost in full, in Petrobras’ financial statements, with the remaining amount of approximately US$ 70 million to be included in the company’s results for the second quarter of 2012.

With this agreement, the parties give each other full and general release regarding all the lawsuits, one of which confirms the amount of the shares set by the arbitration report mentioned above, therefore confirming PAI’s 100% control of PRSI and the Trading Company.

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