2.0.0.10 false Note 12 - Financings 00911 - Disclosure - Note 12 - Financings true false false false 1 usd $ false false Dollars Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 2 Notes to Financial Statements [Abstract] 0 pbra_NotesToFinancialStatementsAbstract pbra false na duration string No definition available. false false false false false true false false false false false false 1 false false false false 0 0 false false false No definition available. false 3 Note 12 - Financings 1 pbra_FinancingsTextBlock pbra false na duration string No definition available. false false false false false false false false false false false false 1 false false false false 0 0 <div style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"> 12.  Financing The Company has utilized project financing to provide capital for the continued development of the Companys exploration and production and related projects. The VIEs associated with the project finance projects are consolidated based on ASC Topic 810-10-25 (Variable Interest Entities). a)   Short-term debt The Companys short-term borrowings are principally sourced from commercial banks and include import and export financing denominated in United States dollars, as follows: <div align="left"> <table style="WIDTH: 100%; FONT-FAMILY: '''''''''''''''''Times New Roman'''''''''''''''''; FONT-SIZE: 9pt" border="0" cellspacing="0"> <tr> <td></td> <td width="2%"></td> <td width="13%"></td> <td width="2%"></td> <td width="13%"></td> </tr> <tr valign="bottom"> <td align="left"> </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" colspan="3" align="center">As of December 31, </td> </tr> <tr valign="bottom"> <td align="left"> </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="center">2009 </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="center">2008 </td> </tr> <tr valign="bottom"> <td style="BACKGROUND-COLOR: #cceeff" align="left">Import - oil and equipment </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" align="right">189 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" align="right">479 </td> </tr> <tr valign="bottom"> <td align="left">Working capital </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="right">4,070 </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="right">2,126 </td> </tr> <tr> <td style="BACKGROUND-COLOR: #cceeff" colspan="5"> </td> </tr> <tr valign="bottom"> <td align="left"> </td> <td> </td> <td style="BORDER-BOTTOM: #000000 3px double" align="right">4,259 </td> <td> </td> <td style="BORDER-BOTTOM: #000000 3px double" align="right">2,605 </td> </tr> </table> </div>   The weighted average annual interest rates on outstanding short-term borrowings were 2.53% and 4.72% at December 31, 2009 and 2008, respectively. </div> <div style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"> b)   Long-term debt Composition <div align="left"> <table style="WIDTH: 100%; FONT-FAMILY: '''''''''''''''''Times New Roman'''''''''''''''''; FONT-SIZE: 9pt" border="0" cellspacing="0"> <tr> <td></td> <td width="2%"></td> <td width="13%"></td> <td width="2%"></td> <td width="13%"></td> </tr> <tr valign="bottom"> <td align="left"> </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" colspan="3" align="center">As of December 31, </td> </tr> <tr valign="bottom"> <td align="left"> </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" align="center">2009 </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="center">2008 </td> </tr> <tr valign="bottom"> <td style="BACKGROUND-COLOR: #cceeff" align="left">Foreign currency: </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" align="left"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" align="left"> </td> </tr> <tr valign="bottom"> <td style="TEXT-INDENT: 2px" align="left">    Notes </td> <td> </td> <td align="right">11,593</td> <td> </td> <td align="right">5,574</td> </tr> <tr valign="bottom"> <td style="BACKGROUND-COLOR: #cceeff; TEXT-INDENT: 2px" align="left">    Financial institutions </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" align="right">12,119</td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" align="right">9,320</td> </tr> <tr valign="bottom"> <td style="TEXT-INDENT: 2px" align="left">    Sale of future receivables </td> <td> </td> <td align="right">334</td> <td> </td> <td align="right">401</td> </tr> <tr valign="bottom"> <td style="BACKGROUND-COLOR: #cceeff; TEXT-INDENT: 2px" align="left">    Suppliers credits </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" align="right">6</td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" align="right">81</td> </tr> <tr valign="bottom"> <td style="TEXT-INDENT: 4px" align="left">    Assets related to export program to be offset against sales of future receivables </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="right">(150)</td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="right">(150)</td> </tr> <tr> <td style="BACKGROUND-COLOR: #cceeff" colspan="5"> </td> </tr> <tr valign="bottom"> <td align="left"> </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="right">23,902</td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="right">15,226</td> </tr> <tr valign="bottom"> <td style="BACKGROUND-COLOR: #cceeff" align="left">Local currency: </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" align="left"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" align="left"> </td> </tr> <tr valign="bottom"> <td style="TEXT-INDENT: 2px" align="left">    National Economic and Social Development Bank - BNDES (state-owned company, see Note 23) </td> <td> </td> <td align="right">16,332</td> <td> </td> <td align="right">3,676</td> </tr> <tr> <td style="BACKGROUND-COLOR: #cceeff" colspan="5"> </td> </tr> <tr valign="bottom"> <td align="left">Debentures: </td> <td> </td> <td align="left"> </td> <td> </td> <td align="left"> </td> </tr> <tr valign="bottom"> <td style="BACKGROUND-COLOR: #cceeff; TEXT-INDENT: 2px" align="left">    BNDES (state-owned company, see Note 23) </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" align="right">3,762</td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" align="right">542</td> </tr> <tr valign="bottom"> <td style="TEXT-INDENT: 2px" align="left">    Other banks </td> <td> </td> <td align="right">1,610</td> <td> </td> <td align="right">1,198</td> </tr> <tr valign="bottom"> <td style="BACKGROUND-COLOR: #cceeff; TEXT-INDENT: 2px" align="left">    Export Credit Notes </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" align="right">3,663</td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" align="right">1,689</td> </tr> <tr valign="bottom"> <td style="TEXT-INDENT: 2px" align="left">    Bank Credit Certificate </td> <td> </td> <td align="right">2,075</td> <td> </td> <td align="right">1,543</td> </tr> <tr valign="bottom"> <td style="BACKGROUND-COLOR: #cceeff; TEXT-INDENT: 2px" align="left">    Other </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align="right">1,099</td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align="right">49</td> </tr> <tr> <td colspan="5"> </td> </tr> <tr valign="bottom"> <td style="BACKGROUND-COLOR: #cceeff" align="left"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align="right">28,541</td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align="right">8,697</td> </tr> <tr> <td colspan="5"> </td> </tr> <tr valign="bottom"> <td style="BACKGROUND-COLOR: #cceeff" align="left">    Total </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" align="right">52,443</td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" align="right">23,923</td> </tr> <tr valign="bottom"> <td align="left">    Current portion of long-term debt </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="right">(4,294)</td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="right">(3,283)</td> </tr> <tr> <td style="BACKGROUND-COLOR: #cceeff" colspan="5"> </td> </tr> <tr valign="bottom"> <td align="left"> </td> <td> </td> <td style="BORDER-BOTTOM: #000000 3px double" align="right">48,149</td> <td> </td> <td style="BORDER-BOTTOM: #000000 3px double" align="right">20,640</td> </tr> </table> </div>   As of December 31 2009 and December 31, 2008, the Company had amounts invested abroad in an exclusive investment fund that held debt securities of some of the SPEs that the Company consolidates according to Codification Topic 810-25 (Recognition), in the total amount of US$749. These securities are considered to be extinguished, and thus the related amounts, together with applicable interest have been removed from the presentation of financings. </div> <div style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">   Composition of foreign currency denominated debt by currency <div align="left"> <table style="WIDTH: 100%; FONT-FAMILY: '''''''''''''''''''Times New Roman'''''''''''''''''''; FONT-SIZE: 9pt" border="0" cellspacing="0"> <tr> <td></td> <td width="2%"></td> <td width="13%"></td> <td width="2%"></td> <td width="13%"></td> </tr> <tr valign="bottom"> <td align="left"> </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" colspan="3" align="center">As of December 31, </td> </tr> <tr valign="bottom"> <td align="left"> </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="center">2009 </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="center">2008 </td> </tr> <tr valign="bottom"> <td style="BACKGROUND-COLOR: #cceeff" align="left">Currencies: </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" align="left"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" align="left"> </td> </tr> <tr valign="bottom"> <td style="TEXT-INDENT: 2px" align="left">   United States dollars </td> <td> </td> <td align="right">23,007 </td> <td> </td> <td align="right">14,206 </td> </tr> <tr valign="bottom"> <td style="BACKGROUND-COLOR: #cceeff; TEXT-INDENT: 2px" align="left">   Japanese Yen </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" align="right">654 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" align="right">244 </td> </tr> <tr valign="bottom"> <td style="TEXT-INDENT: 2px" align="left">   Euro </td> <td> </td> <td align="right">53 </td> <td> </td> <td align="right">69 </td> </tr> <tr valign="bottom"> <td style="BACKGROUND-COLOR: #cceeff; TEXT-INDENT: 2px" align="left">   Other </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align="right">188 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align="right">707 </td> </tr> <tr> <td colspan="5"> </td> </tr> <tr valign="bottom"> <td style="BACKGROUND-COLOR: #cceeff" align="left"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align="right">23,902 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align="right">15,226 </td> </tr> </table> </div>     Maturities of the principal of long-term debt    The long-term portion at December 31, 2009 becomes due in the following years: <div align="left"> <table style="WIDTH: 100%; FONT-FAMILY: '''''''''''''''''''Times New Roman'''''''''''''''''''; FONT-SIZE: 9pt" border="0" cellspacing="0"> <tr> <td></td> <td width="2%"></td> <td width="15%"></td> </tr> <tr valign="bottom"> <td style="BACKGROUND-COLOR: #cceeff" align="left">2011 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" align="right">7,040 </td> </tr> <tr valign="bottom"> <td align="left">2012 </td> <td> </td> <td align="right">2,566 </td> </tr> <tr valign="bottom"> <td style="BACKGROUND-COLOR: #cceeff" align="left">2013 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" align="right">2,992 </td> </tr> <tr valign="bottom"> <td align="left">2014 </td> <td> </td> <td align="right">2,404 </td> </tr> <tr valign="bottom"> <td style="BACKGROUND-COLOR: #cceeff" align="left">2015 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" align="right">2,215 </td> </tr> <tr valign="bottom"> <td align="left">2016 and thereafter </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="right">30,932 </td> </tr> <tr> <td style="BACKGROUND-COLOR: #cceeff" colspan="3"> </td> </tr> <tr valign="bottom"> <td align="left"> </td> <td> </td> <td style="BORDER-BOTTOM: #000000 3px double" align="right">48,149 </td> </tr> </table> </div>     Interest rates on long-term debt were as follows: <div align="left"> <table style="WIDTH: 100%; FONT-FAMILY: '''''''''''''''''''Times New Roman'''''''''''''''''''; FONT-SIZE: 9pt" border="0" cellspacing="0"> <tr> <td></td> <td width="2%"></td> <td width="13%"></td> <td width="2%"></td> <td width="13%"></td> </tr> <tr valign="bottom"> <td align="left"> </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" colspan="3" align="center">As of December 31, </td> </tr> <tr valign="bottom"> <td align="left"> </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="center">2009 </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="center">2008 </td> </tr> <tr valign="bottom"> <td style="BACKGROUND-COLOR: #cceeff" align="left">Foreign currency </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" align="left"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" align="left"> </td> </tr> <tr valign="bottom"> <td style="TEXT-INDENT: 3px" align="left">   6% or less </td> <td> </td> <td align="right">15,105 </td> <td> </td> <td align="right">11,354 </td> </tr> <tr valign="bottom"> <td style="BACKGROUND-COLOR: #cceeff; TEXT-INDENT: 3px" align="left">   Over 6% to 8% </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" align="right">6,913 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" align="right">2,447 </td> </tr> <tr valign="bottom"> <td style="TEXT-INDENT: 3px" align="left">   Over 8% to 10% </td> <td> </td> <td align="right">1,743 </td> <td> </td> <td align="right">1,040 </td> </tr> <tr valign="bottom"> <td style="BACKGROUND-COLOR: #cceeff; TEXT-INDENT: 3px" align="left">   Over 10% to 12% </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" align="right">33 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" align="right">140 </td> </tr> <tr valign="bottom"> <td style="TEXT-INDENT: 3px" align="left">   Over 12% to 15% </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="right">108 </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="right">245 </td> </tr> <tr> <td style="BACKGROUND-COLOR: #cceeff" colspan="5"> </td> </tr> <tr valign="bottom"> <td align="left"> </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="right">23,902 </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="right">15,226 </td> </tr> <tr valign="bottom"> <td style="BACKGROUND-COLOR: #cceeff" align="left">Local currency </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" align="left"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" align="left"> </td> </tr> <tr valign="bottom"> <td style="TEXT-INDENT: 3px" align="left">   6% or less </td> <td> </td> <td align="right">1,614 </td> <td> </td> <td align="right">1,827 </td> </tr> <tr valign="bottom"> <td style="BACKGROUND-COLOR: #cceeff; TEXT-INDENT: 3px" align="left">   Over 6% to 8% </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" align="right">15,151 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" align="right">642 </td> </tr> <tr valign="bottom"> <td style="TEXT-INDENT: 3px" align="left">   Over 8% to 10% </td> <td> </td> <td align="right">6,001 </td> <td> </td> <td align="right">1,756 </td> </tr> <tr valign="bottom"> <td style="BACKGROUND-COLOR: #cceeff; TEXT-INDENT: 3px" align="left">   Over 10% to 12% </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" align="right">5,775 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" align="right">1,437 </td> </tr> <tr valign="bottom"> <td style="TEXT-INDENT: 3px" align="left">   Over 12% to 15% </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="right">- </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="right">3,035 </td> </tr> <tr> <td style="BACKGROUND-COLOR: #cceeff" colspan="5"> </td> </tr> <tr valign="bottom"> <td align="left"> </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="right">28,541 </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="right">8,697 </td> </tr> <tr> <td style="BACKGROUND-COLOR: #cceeff" colspan="5"> </td> </tr> <tr valign="bottom"> <td align="left"> </td> <td> </td> <td style="BORDER-BOTTOM: #000000 3px double" align="right">52,443 </td> <td> </td> <td style="BORDER-BOTTOM: #000000 3px double" align="right">23,923 </td> </tr> </table> </div>   </div> <div style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">      Structured finance of exports Petrobras and Petrobras Finance Ltd. - PFL have certain contracts (Master Export Contract and Prepayment Agreement) between themselves and a special purpose entity not related to Petrobras, PF Export Receivables Master Trust (PF Export), relating to the prepayment of export receivables to be generated by PFL by means of sales on the international market of fuel oil and other products acquired from Petrobras. As at December 31, 2009, the balance of export prepayments amounted to US$263 in non-current liabilities (US$348 as of December 31, 2008) and US$70 in current liabilities (US$75 as of December 31, 2008). c)   Debentures issue On August 02, 2006 the Extraordinary General Meeting held by Alberto Pasqualini -REFAP S.A., a subsidiary of the Company, approved the value of the private issue of simple, nominative and book-entered debentures in the amount of US$391. The debentures were issued in order to expand and modernize REFAPs industrial facilities and to raise its oil processing capacity from 20,000 m³/day to 30,000 m³/day, in addition to increasing the portion of national oils being processed. The issue was made under the following terms: up to December 30, 2006, amortization over 96 months plus a 6-month grace period; 90% of the debentures shall be subscribed by the BNDES yielding interest at the Long-term Interest Rate +3.8% p.a.; and 10% of the debentures shall be subscribed by BNDES Participações S.A. (BNDESPAR) at the interest rate of the BNDES basket of currencies + 2.3% p.a. </div> <div style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"> On September 08, 2006, the Financing Contract was executed and the first installment was made available in the amount of US$278. On December 19, 2006 was made available the remaining amount of US$113. In May 2008, REFAP made a second issue with similar characteristics in the total amount of US$217. The balance at December 31, 2009, was US$415, where US$83 is in current liabilities. d)   Issuance of long-term debt The main long-term funding carried out in the period from January to December 2009 is shown in the following table: d.1) Abroad <div align="left"> <table style="WIDTH: 100%; FONT-FAMILY: '''''''''''''''''Times New Roman'''''''''''''''''; FONT-SIZE: 9pt" border="0" cellspacing="0"> <tr> <td width="10%"></td> <td width="2%"></td> <td width="15%"></td> <td width="3%"></td> <td width="15%"></td> <td width="2%"></td> <td width="15%"></td> <td width="2%"></td> <td></td> </tr> <tr valign="bottom"> <td style="BORDER-BOTTOM: #000000 1px solid" align="center">Company </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="center">Date </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="center">Amount US$ million </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="center">Maturity </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" align="center">Description </td> </tr> <tr> <td colspan="9"> </td> </tr> <tr valign="bottom"> <td style="BACKGROUND-COLOR: #cceeff" valign="top" align="center">PifCo </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="top" align="center">Feb/2009 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="top" align="center">1,500 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="top" align="center">2019 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="top" align="left">Global notes with coupon of 7.875%. </td> </tr> <tr> <td valign="top" colspan="9"> </td> </tr> <tr valign="bottom"> <td style="BACKGROUND-COLOR: #cceeff" valign="top" align="center">PifCo </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="top" align="center">March to Sep/2009 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="top" align="center">1,100 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="top" align="center">Until 2012 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="top" align="left">Lines of credit with cost of Libor plus market spread. </td> </tr> <tr> <td valign="top" colspan="9"> </td> </tr> <tr valign="bottom"> <td style="BACKGROUND-COLOR: #cceeff" valign="top" align="center">PifCo </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="top" align="center">Jul/2009 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="top" align="center">1,250 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="top" align="center">2019 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="top" align="left">Global notes with coupon of  7.875%. </td> </tr> </table> </div>   </div> <div style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"> <div align="left"> <table style="WIDTH: 100%; FONT-FAMILY: ''''''''''''''Times New Roman''''''''''''''; FONT-SIZE: 9pt" border="0" cellspacing="0"> <tr> <td width="10%"></td> <td width="2%"></td> <td width="15%"></td> <td width="2%"></td> <td width="15%"></td> <td width="2%"></td> <td width="15%"></td> <td width="2%"></td> <td></td> </tr> <tr valign="bottom"> <td style="BORDER-BOTTOM: #000000 1px solid" align="center">Company </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="center">Date </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="center">Amount US$ million </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="center">Maturity </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="center">Description </td> </tr> <tr> <td colspan="9"> </td> </tr> <tr valign="bottom"> <td style="BACKGROUND-COLOR: #cceeff" valign="top" align="center">PifCo </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="top" align="center">Oct/2009 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="top" align="center">4,000 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="top" align="right">2020 and 2040 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="top" align="left">Global notes in the amount of  US$2,500 and US$1,500, with coupon of 5.75% and 6.875%. </td> </tr> <tr> <td valign="top" colspan="9"> </td> </tr> <tr valign="bottom"> <td style="BACKGROUND-COLOR: #cceeff" valign="top" align="center"> Petrobras </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="top" align="center"> Dec/2009 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" valign="top" align="center"> 3,000 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="top" align="right"> 2019</td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="top" align="left">Financing obtained from the China Development Bank (CDB), with a cost of Libor plus spread of 2.8% p.a </td> </tr> <tr> <td valign="top" colspan="9"> </td> </tr> <tr valign="bottom"> <td style="BACKGROUND-COLOR: #cceeff" valign="top" align="left"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="top" align="left"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" valign="top" align="center">10,850 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="top" align="left"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="top" align="left"> </td> </tr> </table> </div>   d.2) In Brazil <div align="left"> <table style="WIDTH: 100%; FONT-FAMILY: ''''''''''''''Times New Roman''''''''''''''; FONT-SIZE: 9pt" border="0" cellspacing="0"> <tr> <td width="10%"></td> <td width="2%"></td> <td width="15%"></td> <td width="2%"></td> <td width="15%"></td> <td width="2%"></td> <td width="15%"></td> <td width="2%"></td> <td></td> </tr> <tr valign="bottom"> <td style="BORDER-BOTTOM: #000000 1px solid" align="center">Company </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="center">Date </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="center">Amount (US$ million) </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="center">Maturity </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="center">Description </td> </tr> <tr> <td colspan="9"> </td> </tr> <tr valign="bottom"> <td style="BACKGROUND-COLOR: #cceeff" valign="top" align="center">Petrobras </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="top" align="center">March to Nov/2009 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="top" align="center">1,792 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="top" align="center">Until 2017 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="top" align="left">Export credit notes with an interest rate of 110.0% to 114% of average rate of CDI. </td> </tr> <tr> <td valign="top" colspan="9"> </td> </tr> <tr valign="bottom"> <td style="BACKGROUND-COLOR: #cceeff" valign="top" align="center">Petrobras, Rnest and TAG </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="top" align="center">Jul/2009 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" valign="top" align="center">12,518 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="top" align="center">2029 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="top" align="left">Financing obtained from the National Bank for Economic and Social Development (BNDES) indexed to the variation of the US dollar plus market interest rate. </td> </tr> <tr> <td valign="top" colspan="9"> </td> </tr> <tr valign="bottom"> <td style="BACKGROUND-COLOR: #cceeff" valign="top" align="left"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="top" align="left"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" valign="top" align="center">14,310 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="top" align="left"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="top" align="left"> </td> </tr> </table> </div>   </div> <div style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%"> e)   Financing with official credit agencies e.1) Abroad <div align="left"> <table style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''''''''''''''''''Times New Roman''''''''''''''''''''''''" cellspacing="0" border="0"> <tr> <td width="18%"></td> <td width="2%"></td> <td width="18%"></td> <td width="2%"></td> <td width="10%"></td> <td width="2%"></td> <td width="10%"></td> <td width="2%"></td> <td width="10%"></td> <td width="2%"></td> <td></td> </tr> <tr valign="bottom"> <td align="center"> </td> <td> </td> <td align="center"> </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="center" colspan="5">Amount in US$</td> <td> </td> <td align="center"> </td> </tr> <tr valign="bottom"> <td style="BORDER-BOTTOM: #000000 1px solid" align="center">Company </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="center">Agency </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="center">Contracted </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="center">Used </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="center">Balance </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="center">Description </td> </tr> <tr> <td valign="middle" align="center"></td> <td></td> <td valign="middle" align="center"></td> <td></td> <td valign="middle" align="center"></td> <td></td> <td valign="middle" align="center"></td> <td></td> <td valign="middle" align="center"></td> <td></td> <td valign="middle" align="center"></td> </tr> <tr valign="bottom"> <td style="BACKGROUND-COLOR: #cceeff" valign="middle" align="center">Petrobras </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="middle" align="center">China Development Bank </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="middle" align="center">10,000 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="middle" align="center">3,000 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="middle" align="center">7,000 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="middle" align="center">Libor +2.8% </td> </tr> </table> </div>   e.2) In Brazil <div align="left"> <table style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''''''''''''''''''Times New Roman''''''''''''''''''''''''" cellspacing="0" border="0"> <tr> <td width="18%"></td> <td width="2%"></td> <td width="18%"></td> <td width="2%"></td> <td width="10%"></td> <td width="2%"></td> <td width="10%"></td> <td width="2%"></td> <td width="10%"></td> <td width="2%"></td> <td></td> </tr> <tr valign="bottom"> <td align="center"> </td> <td> </td> <td align="center"> </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="center" colspan="5">Amount in US$</td> <td> </td> <td align="center"> </td> </tr> <tr valign="bottom"> <td style="BORDER-BOTTOM: #000000 1px solid" align="center">Company </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="center">Agency </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="center">Contracted </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="center">Used </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="center">Balance </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="center">Description </td> </tr> <tr> <td colspan="11"> </td> </tr> <tr valign="bottom"> <td style="BACKGROUND-COLOR: #cceeff" valign="middle" align="center">Transpetro (*) </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="middle" align="center">BNDES </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="middle" align="center">4,479 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="middle" align="center">162 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="middle" align="center">4,317 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="middle" align="center"> Program for Modernization and Expansion of the FLEET (PROMEF) - TJLP+2.5% </td> </tr> <tr> <td valign="middle" align="center" colspan="11"> </td> </tr> <tr valign="bottom"> <td style="BACKGROUND-COLOR: #cceeff" valign="middle" align="center">Transportadora Urucu Manaus TUM </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="middle" align="center">BNDES </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="middle" align="center">1,430 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="middle" align="center">1,398 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="middle" align="center">32 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="middle" align="center">Coari-Manaus gas pipeline - TJLP+1.96% </td> </tr> <tr> <td valign="middle" align="center" colspan="11"> </td> </tr> <tr valign="bottom"> <td style="BACKGROUND-COLOR: #cceeff" valign="middle" align="center">Transportadora GASENE </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="middle" align="center">BNDES </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="middle" align="center">1,272 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="middle" align="center">1,217 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="middle" align="center">55 </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff" valign="middle" align="center">Cacimbas-Catu gas pipeline (GASCAC)  TJLP+1.96% </td> </tr> </table> </div>   <table style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''''''''''''Times New Roman''''''''''''''''''" cellspacing="0" border="0"> <tr> <td width="3%"></td> <td width="1%"></td> <td></td> </tr> <tr> <td valign="top" align="left">(*) </td> <td valign="top" align="left"> </td> <td valign="top" align="left"> Agreements for conditioned purchase and sale of 33 ships were entered into with 4 Brazilian shipyards in the amount of US$4,976, where 90% is financed by BNDES. </td> </tr> </table> </div> <div style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%"> f)   Guarantees and covenants Financial institutions abroad do not require guarantees from the Company. The financing granted by BNDES - National Bank for Social and Economic Development is guaranteed by a lien on the assets being financed (carbon steel pipes for the Bolivia-Brazil gas pipeline and vessels). On account of a guarantee agreement issued by the Federal Goverment in favor of Multilateral Loan Agencies, motivated by financings funded by TBG, counter guarantee agreements were signed, which had as signatories the Federal Government, TBG, Petrobras, Petroquisa and Banco do Brasil S.A., where TBG undertakes to entail its revenues to the order of the Brazilian Treasuary until the settlement of the obligations guaranteed by the Federal Government. This debt had an outstanding balance of US$253 and US$292 at December 31, 2009 and 2008, respectively. In guarantee of the debentures issued, REFAP has a short-term investment account (bank deposits indexed to credit operations), tied to variations of the Interbank Deposit Certificate - CDI. REFAP has to maintain three times the value of the sum of the last installment due of the amortization of the principal and related charges. At December 31, 2009 and 2008, Gaspetro had secured certain debentures issued to finance the purchase of the transportation rights in the Bolivia/Brazil pipeline with 3,000 shares of its interest in TBG, a subsidiary of Gaspetro responsible for the operation of the pipeline. In June 2008, PifCo issued a corporate guarantee to the International Finance Corporation IFC in the amount of US$40 to back a loan contracted by affiliate company Quattor Petroquímica, which corresponds to its proportional equity interest, in connection with Petrobras strategy to consolidate petrochemical assets in southeastern Brazil. Accordingly, Quattor Petroquímica assumed the obligation to pay interest annually, in U.S. dollars, at a rate of 1% per annum over the amount guaranteed by PifCo up to the maturity date of the loan in 2017, or until certain contractual conditions are reached, whichever comes first. In the event PifCo is required to make payments under the guarantee, PifCo will have the right to recover these payments from Quattor Petroquímica. </div> <div style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%"> The Companys debt agreements contain affirmative covenants regarding, among other things provision of information; financial reporting; conduct of business; maintenance of corporate existence; maintenance of government approvals; compliance with applicable laws; maintenance of books and records; maintenance of insurance; payment of taxes and claims; and notice of certain events. The Companys debt agreements also contain negative covenants, including, without limitation limitations on the incurrence of indebtedness; limitations on the incurrence of liens; limitations on transactions with affiliates; limitations on the disposition of assets; limitation on consolidations, mergers, sales and/or conveyances; negative pledge restrictions; change in ownership limitations; ranking; use of proceeds limitations; and required receivables coverages. Petrobras management affirms that the Company is in compliance with the covenants within debt agreements. </div> 12.  Financing The Company has utilized project financing to provide capital for the continued development of the Companys exploration and false false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true