2.0.0.10 false Note 14 - Project Financings 00913 - Disclosure - Note 14 - Project 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 14 - Project Financings - (Variable Interest Entities) 1 pbra_ProjectFinancingsVariableInterestEntitiesViesTextBlock 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-RIGHT: 0%; PADDING-LEFT: 0%"> 14. Project Financing - (Variable Interest Entities - VIEs) Petrobras carries out project financings jointly with Brazilian and international financial agents and with companies in the petroleum and energy sector for the purpose of making feasible the investments needed in the business areas in which the Company operates. The project financing is made feasible through Variable Interest Entities - VIEs). The Companys is the primary beneficiary of the VIEs due to the finance lease arrangements. The VIEs are the lessors and the Company is the lessee. At the conclusion of the leased term, the Company will have the option to purchase the leased assets or all the common stock from the VIEs. All risks associated with the use and development of the leased assets relie on the Company. The Companys payments funds the VIEs thirty party debt and return on equity payments. The Companys variable interest in these VIEs, the financial lease arrangement, will absorb the majority of expected losses and receive a majority of the expected residual returns. The Companys responsibility under these contracts is to complete the development of the oil and gas fields, operate the fields, pay for all operating expenses related to the projects and remit a portion of the net proceeds generated from the fields to fund the special purpose companies debt and return on equity payments. At the conclusion of the term of each financing project, the Company will have the option to purchase the leased or transferred assets from the consolidated special purpose company. The VIEs associated with the project financings projects are consolidated based on ASC TOPIC 810-10-25. As of December 31, 2009, the amounts of cash outlay commitments assumed related to consolidated structured project financings are presented as follows: <div align="left"> <table style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''''''Times New Roman''''''''''''" cellspacing="0" border="0"> <tr> <td></td> <td width="2%"></td> <td width="15%"></td> </tr> <tr valign="bottom"> <td align="left">Transportadora Gasene </td> <td> </td> <td align="right">55 </td> </tr> <tr valign="bottom"> <td align="left">REVAP </td> <td> </td> <td align="right">250 </td> </tr> <tr valign="bottom"> <td style="BACKGROUND-COLOR: #cceeff" align="left">Codajás </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align="right">387 </td> </tr> <tr> <td colspan="3"> </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">692 </td> </tr> </table> </div>   </div> <div style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%"> The following summarizes the projects, their purposes, the guarantees and estimates investments of each project: a)   Projects with assets in operation <div align="left"> <table style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''''''''Times New Roman'''''''''''''" cellspacing="0" border="0"> <tr> <td width="15%"></td> <td width="2%"></td> <td width="48%"></td> <td width="2%"></td> <td width="19%"></td> <td width="3%"></td> <td width="10%"></td> </tr> <tr valign="bottom"> <td align="center" bgcolor="#0c0c0c">VIE / </td> <td style="BACKGROUND-COLOR: #ffffff" bgcolor="#0c0c0c"> </td> <td align="center" bgcolor="#0c0c0c"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td align="center" bgcolor="#0c0c0c"> </td> <td> </td> <td align="center" bgcolor="#000000"> </td> </tr> <tr valign="bottom"> <td align="center" bgcolor="#0c0c0c">Estimated </td> <td style="BACKGROUND-COLOR: #ffffff" bgcolor="#0c0c0c"> </td> <td align="center" bgcolor="#0c0c0c"> </td> <td style="BACKGROUND-COLOR: #ffffff" bgcolor="#0c0c0c"> </td> <td align="center" bgcolor="#0c0c0c">Main </td> <td> </td> <td align="center" bgcolor="#000000"> </td> </tr> <tr valign="bottom"> <td align="center" bgcolor="#0c0c0c">investment </td> <td style="BACKGROUND-COLOR: #ffffff" bgcolor="#0c0c0c"> </td> <td align="center" bgcolor="#0c0c0c">Purpose </td> <td style="BACKGROUND-COLOR: #ffffff" bgcolor="#0c0c0c"> </td> <td align="center" bgcolor="#0c0c0c">Guarantees </td> <td> </td> <td style="TEXT-INDENT: 3px" align="center" bgcolor="#000000">PP&E </td> </tr> <tr> <td colspan="7"> </td> </tr> <tr valign="bottom"> <td valign="top" align="left">Barracuda and Caratinga </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left" rowspan="2">To allow development of production in the fields of Barracuda and Caratinga in the Campos Basin. The VIE Barracuda and Caratinga Leasing Company B.V. (BCLC), is in charge of building all of the assets (wells, submarine equipment and production units) required by the project, and is also the owner of them. </td> <td></td> <td valign="top" align="left">Guarantee provided by Brasoil to cover BCLCs financial requirements. </td> <td> </td> <td valign="top" align="left">US$1,700 </td> </tr> <tr valign="bottom"> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left">US$3,100 </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left"> </td> </tr> <tr> <td valign="top" colspan="7"> </td> </tr> <tr valign="bottom"> <td valign="top" align="left">PDET </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left" rowspan="2">The VIE PDET Offshore S.A. is the owner of the Projects assets and its purpose is to improve the infrastructure for the transfer of the oil produced in the Campos Basin to the oil refineries in the Southeast Region and for export. These assets have been leased to Petrobras until 2019. </td> <td></td> <td valign="top" align="left"> All of the projects assets will be pledged as collateral. </td> <td> </td> <td valign="top" align="left">US$1,195 </td> </tr> <tr valign="bottom"> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left">US$1,180 </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left"> </td> </tr> <tr> <td valign="top" colspan="7"> </td> </tr> <tr valign="bottom"> <td valign="top" align="left">Malhas - (NTN/NTS) </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left" rowspan="3">Consortium formed between Transpetro, Transportadora Associada de Gás (TAG) former Transportadora Nordeste Sudeste (TNS), Nova Transportadora do Sudeste (NTS) and Nova Transportadora do Nordeste (NTN). NTS and NTN contribute to the consortium through building assets related to the transport of natural gas. TAG (a subsidiary fully owned by Gaspetro) provides assets that have been previously built. Transpetro contributes as operator of the gas pipelines. </td> <td> </td> <td valign="top" align="left">Prepayments based on transportation capacity to cover any eventual consortium cash shortages. </td> <td> </td> <td valign="top" align="left">NTN:  US$1,005 </td> </tr> <tr valign="bottom"> <td valign="top" align="left"> </td> <td> </td> <td> </td> <td valign="top" align="left"> </td> <td> </td> <td valign="top" align="left"></td> </tr> <tr valign="bottom"> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left">US$1,110 </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left"> NTS: US$881</td> </tr> </table> </div>   </div> <div style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%"> <div align="left"> <table style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''''''''''Times New Roman''''''''''''''''" cellspacing="0" border="0"> <tr> <td width="14%"></td> <td width="2%"></td> <td width="17%"></td> <td width="2%"></td> <td width="25%"></td> <td width="2%"></td> <td width="23%"></td> <td width="2%"></td> <td width="11%"></td> </tr> <tr valign="bottom"> <td align="center" bgcolor="#0c0c0c">VIE / </td> <td style="BACKGROUND-COLOR: #ffffff" bgcolor="#0c0c0c"> </td> <td align="center" bgcolor="#0c0c0c" colspan="3" rowspan="2"></td> <td style="BACKGROUND-COLOR: #ffffff" bgcolor="#0c0c0c"> </td> <td align="center" bgcolor="#0c0c0c"> </td> <td> </td> <td align="center" bgcolor="#000000"> </td> </tr> <tr valign="bottom"> <td align="center" bgcolor="#0c0c0c">Estimated </td> <td style="BACKGROUND-COLOR: #ffffff" bgcolor="#0c0c0c"> </td> <td style="BACKGROUND-COLOR: #ffffff" bgcolor="#0c0c0c"> </td> <td align="center" bgcolor="#0c0c0c">Main </td> <td> </td> <td align="center" bgcolor="#000000"> </td> </tr> <tr valign="bottom"> <td align="center" bgcolor="#0c0c0c">investment </td> <td style="BACKGROUND-COLOR: #ffffff" bgcolor="#0c0c0c"> </td> <td align="center" bgcolor="#0c0c0c" colspan="3">Purpose </td> <td style="BACKGROUND-COLOR: #ffffff" bgcolor="#0c0c0c"> </td> <td align="center" bgcolor="#0c0c0c">Guarantees </td> <td> </td> <td style="TEXT-INDENT: 3px" align="center" bgcolor="#000000">PP&E </td> </tr> <tr> <td colspan="9"> </td> </tr> <tr> <td colspan="9"> </td> </tr> <tr valign="bottom"> <td valign="top" align="left">Cabiúnas </td> <td> </td> <td valign="top" align="left" colspan="3" rowspan="5">Project with the purpose of increasing the transport capacity for the Campos Basin gas production. Cayman Cabiunas Investment Co. Ltd. (CCIC), provides the assets to Petrobras under an international lease agreement. </td> <td> </td> <td valign="top" align="left" rowspan="5">Pledge of 10.4 billion m3 of gas.</td> <td> </td> <td valign="top" align="left">US$389 </td> </tr> <tr valign="bottom"> <td valign="top" align="left"> </td> <td> </td> <td> </td> <td> </td> <td valign="top" align="left"> </td> </tr> <tr valign="bottom"> <td valign="top" align="left"> </td> <td> </td> <td> </td> <td> </td> <td valign="top" align="left"> </td> </tr> <tr valign="bottom"> <td valign="top" align="left">US$850 </td> <td> </td> <td> </td> <td> </td> <td valign="top" align="left"> </td> </tr> <tr valign="bottom"> <td valign="top" align="left"> </td> <td> </td> <td> </td> <td> </td> <td valign="top" align="left"> </td> </tr> <tr valign="bottom"> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left" colspan="3"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left"> </td> </tr> <tr> <td valign="top" colspan="9"> </td> </tr> <tr> <td valign="top" colspan="9"> </td> </tr> <tr valign="bottom"> <td valign="top" align="left">Gasene </td> <td> </td> <td valign="top" align="left" colspan="3" rowspan="6">Transportadora Gasene S.A. is responsible for the construction and future ownership of pipelines to transport natural gas with a total length of 1.4 thousand kilometers and a transportation capacity of 20 million cubic meters per day, connecting the Cabiúnas Terminal in Rio de Janeiro to the city of Catu, in Bahia state. The first segment of the Gasene project, the Cabiúnas-Vitória gas pipeline, is operating since November 10, 2008, while the second segment, the Cacimbas-Catu pipeline, is in the construction stage. </td> <td> </td> <td valign="top" align="left">Pledge of Credit </td> <td> </td> <td valign="top" align="left">US$3,300 </td> </tr> <tr valign="bottom"> <td valign="top" align="left"> </td> <td> </td> <td> </td> <td valign="top" align="left">Rights. </td> <td> </td> <td valign="top" align="left"> </td> </tr> <tr valign="bottom"> <td valign="top" align="left"> </td> <td> </td> <td> </td> <td valign="top" align="left"> </td> <td> </td> <td valign="top" align="left"> </td> </tr> <tr valign="bottom"> <td valign="top" align="left"> </td> <td> </td> <td> </td> <td valign="top" align="left">Pledge of shares of </td> <td> </td> <td valign="top" align="left"> </td> </tr> <tr valign="bottom"> <td valign="top" align="left">US$3,000 </td> <td> </td> <td> </td> <td valign="top" align="left">the VIE. </td> <td> </td> <td valign="top" align="left"> </td> </tr> <tr valign="bottom"> <td valign="top" align="left"> </td> <td> </td> <td> </td> <td valign="top" align="left"> </td> <td> </td> <td valign="top" align="left"> </td> </tr> <tr valign="bottom"> <td style="BORDER-BOTTOM: #000000 1px solid" align="left"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="left"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="left"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="left"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="left"> </td> </tr> </table> </div>   </div> <div style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%"> <table style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''''''''''Times New Roman''''''''''''''''" cellspacing="0" border="0"> <tr> <td width="15%"></td> <td width="2%"></td> <td width="48%"></td> <td width="2%"></td> <td width="19%"></td> <td width="3%"></td> <td width="10%"></td> </tr> <tr valign="bottom"> <td align="center" bgcolor="#0c0c0c">VIE / </td> <td style="BACKGROUND-COLOR: #ffffff" bgcolor="#0c0c0c"> </td> <td align="center" bgcolor="#0c0c0c"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td align="center" bgcolor="#0c0c0c"> </td> <td> </td> <td align="center" bgcolor="#000000"> </td> </tr> <tr valign="bottom"> <td align="center" bgcolor="#0c0c0c">Estimated </td> <td style="BACKGROUND-COLOR: #ffffff" bgcolor="#0c0c0c"> </td> <td align="center" bgcolor="#0c0c0c"> </td> <td style="BACKGROUND-COLOR: #ffffff" bgcolor="#0c0c0c"> </td> <td align="center" bgcolor="#0c0c0c">Main </td> <td> </td> <td align="center" bgcolor="#000000"> </td> </tr> <tr valign="bottom"> <td align="center" bgcolor="#0c0c0c">investment </td> <td style="BACKGROUND-COLOR: #ffffff" bgcolor="#0c0c0c"> </td> <td align="center" bgcolor="#0c0c0c">Purpose </td> <td style="BACKGROUND-COLOR: #ffffff" bgcolor="#0c0c0c"> </td> <td align="center" bgcolor="#0c0c0c">Guarantees </td> <td> </td> <td style="TEXT-INDENT: 3px" align="center" bgcolor="#000000">PP&E </td> </tr> <tr> <td colspan="7"> </td> </tr> <tr valign="bottom"> <td valign="top" align="left">Marlim Leste (P-53 Project - CDC) </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left" rowspan="2"> To develop the production in the Marlim Leste field, Petrobras will use a Stationery Production Unit (UEP), P-53, which will  be chartered from Charter Development LLC, a company incorporated in the state of Delaware, U.S.A.. The bare boat charter agreement, executed in November 2009, will be valid for a period of 15 years as from March 2010.</td> <td></td> <td valign="top" align="left">All assets of the project will be given in guarantee.</td> <td> </td> <td valign="top" align="left">US$1,759 </td> </tr> <tr valign="bottom"> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left">US$1,800 </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left"> </td> </tr> <tr> <td valign="top" colspan="7"> </td> </tr> <tr valign="bottom"> <td valign="top" align="left">Albacora</td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left" rowspan="2">Consortium between Petrobras and Albacora Japão Petróleo Ltda. (AJPL), which furnishes to Petrobras oil production assets of the Albacora field in the Campos Basin.</td> <td></td> <td valign="top" align="left">Pledge of assets.</td> <td> </td> <td valign="top" align="left">US$52</td> </tr> <tr valign="bottom"> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left">US$170 </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left"> </td> </tr> <tr> <td valign="top" colspan="7"> </td> </tr> <tr valign="bottom"> <td valign="top" align="left">Albacora/Petros</td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left" rowspan="2">Consortium between Petrobras and Fundação Petros de Seguridade Social, which furnishes to Petrobras funds to finance oil production assets of the Albacora field in the Campos Basin.</td> <td> </td> <td valign="top" align="left">Pledge of assets.</td> <td> </td> <td valign="top" align="left"></td> </tr> <tr valign="bottom"> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left">US$240 </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left"> </td> </tr> <tr> <td valign="top" align="left"></td> <td></td> <td valign="top" align="left"></td> <td></td> <td valign="top" align="left"></td> <td></td> <td valign="top" align="left"></td> </tr> <tr> <td valign="top" align="left">PCGC</td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left" rowspan="2">Companhia de Recuperação Secundária (CRSec) supplies assets to be used by Petrobras in the fields Pargo, Carapeba, Garoupa, Cherne and others through a  lease agreement with monthly payments.</td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left" rowspan="2">Additional lease payment if revenue is not sufficient to cover payables to lenders.</td> <td> </td> <td valign="top" align="left">US$47  </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left">US$134 </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> </tr> </table> </div> <div style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%"> b)   Project financing in progress <div align="left"> <table style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''''''''Times New Roman''''''''''''''" cellspacing="0" border="0"> <tr> <td width="15%"></td> <td width="2%"></td> <td width="44%"></td> <td width="2%"></td> <td width="23%"></td> <td width="2%"></td> <td width="11%"></td> </tr> <tr valign="bottom"> <td align="center" bgcolor="#0c0c0c">VIE / </td> <td style="BACKGROUND-COLOR: #ffffff" bgcolor="#0c0c0c"> </td> <td align="center" bgcolor="#0c0c0c"> </td> <td style="BACKGROUND-COLOR: #ffffff" bgcolor="#0c0c0c"> </td> <td align="center" bgcolor="#0c0c0c"> </td> <td> </td> <td align="left" bgcolor="#000000"> </td> </tr> <tr valign="bottom"> <td align="center" bgcolor="#0c0c0c">Estimated </td> <td style="BACKGROUND-COLOR: #ffffff" bgcolor="#0c0c0c"> </td> <td align="center" bgcolor="#0c0c0c"> </td> <td style="BACKGROUND-COLOR: #ffffff" bgcolor="#0c0c0c"> </td> <td align="center" bgcolor="#0c0c0c">Main </td> <td> </td> <td align="center" bgcolor="#000000">PP&E </td> </tr> <tr valign="bottom"> <td align="center" bgcolor="#0c0c0c">investment </td> <td style="BACKGROUND-COLOR: #ffffff" bgcolor="#0c0c0c"> </td> <td align="center" bgcolor="#0c0c0c">Purpose </td> <td style="BACKGROUND-COLOR: #ffffff" bgcolor="#0c0c0c"> </td> <td align="center" bgcolor="#0c0c0c">Guarantees </td> <td> </td> <td align="left" bgcolor="#000000"> </td> </tr> <tr> <td colspan="7"> </td> </tr> <tr valign="bottom"> <td align="left">Amazônia </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left" rowspan="6">Development of a project in the Gas & Power area that includes the construction of a 385 km gas pipeline between Coari and Manaus, and a 285 km LPG pipeline between Urucu and Coari, both of which are under the responsibility of Transportadora Urucu Manaus S.A.; and the construction of a 488 MW thermoelectric plant, in Manaus, through Companhia de Geração Termoelétrica Manauara S.A. </td> <td> </td> <td align="left">Pledge of Credit </td> <td> </td> <td align="right">US$2,623 </td> </tr> <tr valign="bottom"> <td align="left">(Codajás) </td> <td> </td> <td> </td> <td align="left">Rights. </td> <td> </td> <td align="left"> </td> </tr> <tr valign="bottom"> <td align="left"> </td> <td> </td> <td> </td> <td align="left"> </td> <td> </td> <td align="left"> </td> </tr> <tr valign="bottom"> <td align="left">US$2,100 </td> <td> </td> <td> </td> <td align="left">Pledge of shares of </td> <td> </td> <td align="left"> </td> </tr> <tr valign="bottom"> <td align="left"> </td> <td> </td> <td> </td> <td align="left">the VIE. </td> <td> </td> <td align="left"> </td> </tr> <tr valign="bottom"> <td style="BORDER-BOTTOM: #000000 1px solid" align="left"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="left"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="left"> </td> </tr> <tr> <td colspan="7"> </td> </tr> <tr valign="bottom"> <td align="left">Mexilhão </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left" rowspan="6">Construction of a platform (PMXL-1) to produce natural gas at Mexilhão and Cedros fields, located in the Santos Basin, in São Paulo State, which shall be held by Companhia Mexilhão do Brasil (CMB), which will be responsible for obtaining the funds needed to build such platform. Once built, the PMXL-1 will be leased to Petrobras, holder of the exploration and production concession in the aforementioned fields. </td> <td> </td> <td align="left">Pledge of Credit </td> <td> </td> <td align="right">US$1,022 </td> </tr> <tr valign="bottom"> <td align="left"> </td> <td> </td> <td> </td> <td align="left">Rights. </td> <td> </td> <td align="left"> </td> </tr> <tr valign="bottom"> <td align="left"> </td> <td> </td> <td> </td> <td align="left"> </td> <td> </td> <td align="left"> </td> </tr> <tr valign="bottom"> <td align="left"> US$756 </td> <td> </td> <td> </td> <td align="left">Pledge of shares of </td> <td> </td> <td align="left"> </td> </tr> <tr valign="bottom"> <td align="left"> </td> <td> </td> <td> </td> <td align="left">the VIE. </td> <td> </td> <td align="left"> </td> </tr> <tr valign="bottom"> <td style="BORDER-BOTTOM: #000000 1px solid" align="left"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="left"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="left"> </td> </tr> </table> </div>   </div> <div style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%"> <div align="left"> <table style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''''''''Times New Roman'''''''''''''" cellspacing="0" border="0"> <tr> <td width="15%"></td> <td width="2%"></td> <td width="42%"></td> <td width="2%"></td> <td width="15%"></td> <td width="2%"></td> <td width="7%"></td> <td width="2%"></td> <td width="11%"></td> </tr> <tr valign="bottom"> <td align="center" bgcolor="#0c0c0c">VIE / </td> <td style="BACKGROUND-COLOR: #ffffff" bgcolor="#0c0c0c"> </td> <td align="left" bgcolor="#0c0c0c"> </td> <td style="BACKGROUND-COLOR: #ffffff" bgcolor="#0c0c0c"> </td> <td align="left" bgcolor="#0c0c0c"> </td> <td bgcolor="#0c0c0c"> </td> <td align="left" bgcolor="#0c0c0c"> </td> <td> </td> <td align="left" bgcolor="#000000"> </td> </tr> <tr valign="bottom"> <td align="center" bgcolor="#0c0c0c">Estimated </td> <td style="BACKGROUND-COLOR: #ffffff" align="center" bgcolor="#0c0c0c"> </td> <td align="center" bgcolor="#0c0c0c"> </td> <td style="BACKGROUND-COLOR: #ffffff" align="center" bgcolor="#0c0c0c"> </td> <td align="center" bgcolor="#0c0c0c" colspan="3">Main</td> <td align="center"> </td> <td align="center" bgcolor="#000000">PP&E </td> </tr> <tr valign="bottom"> <td align="center" bgcolor="#0c0c0c">investment </td> <td style="BACKGROUND-COLOR: #ffffff" bgcolor="#0c0c0c"> </td> <td align="center" bgcolor="#0c0c0c">Purpose </td> <td style="BACKGROUND-COLOR: #ffffff" bgcolor="#0c0c0c"> </td> <td align="center" bgcolor="#0c0c0c" colspan="3">Guarantees </td> <td> </td> <td align="left" bgcolor="#000000"> </td> </tr> <tr> <td colspan="9"> </td> </tr> <tr valign="bottom"> <td align="left">CDMPI </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left" rowspan="6">The objective of this project is to increase the Henrique Lage (Revap) refinerys national heavy oil processing capacity, bringing the diesel it produces into line with the new Brazilian specifications and reducing pollution emission levels. To achieve this, the VIE, Cia. de Desenvolvimento e Modernização de Plantas Industriais - CDMPI was created, which will construct and lease to Petrobras a Delayed Coking plant, a Coke Naphtha Hydrotreatment unit and related units to be installed in this refinery. The Board of Directors has authorized an additional payment of funds of US$450, through issuing promissory notes, amounting to a total of US$ 750. </td> <td> </td> <td valign="top" align="left" colspan="3" rowspan="5">Prepayments of leasing to cover any eventual cash shortages of CDMPI.</td> <td> </td> <td align="right">US$1,401 </td> </tr> <tr valign="bottom"> <td align="left">(Modernization of Revap) </td> <td> </td> <td> </td> <td> </td> <td align="left"> </td> </tr> <tr valign="bottom"> <td align="left"></td> <td> </td> <td> </td> <td> </td> <td align="left"> </td> </tr> <tr valign="bottom"> <td align="left"> </td> <td> </td> <td> </td> <td> </td> <td align="left"> </td> </tr> <tr valign="bottom"> <td align="left"> US$1,650 </td> <td> </td> <td> </td> <td> </td> <td align="left"> </td> </tr> <tr valign="bottom"> <td style="BORDER-BOTTOM: #000000 1px solid" align="left"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="left"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="left"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="left"> </td> </tr> </table> </div>   </div> <div style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%"> c)   Finished project with the exercise of the purchase option <div align="left"> <table style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''''''Times New Roman''''''''''''" cellspacing="0" border="0"> <tr> <td width="14%"></td> <td width="2%"></td> <td width="42%"></td> <td width="2%"></td> <td width="15%"></td> <td width="2%"></td> <td width="7%"></td> <td width="2%"></td> <td width="11%"></td> </tr> <tr valign="bottom"> <td align="center" bgcolor="#0c0c0c">VIE / </td> <td style="BACKGROUND-COLOR: #ffffff" bgcolor="#0c0c0c"> </td> <td align="left" bgcolor="#0c0c0c"> </td> <td style="BACKGROUND-COLOR: #ffffff" bgcolor="#0c0c0c"> </td> <td align="left" bgcolor="#0c0c0c"> </td> <td bgcolor="#0c0c0c"> </td> <td align="left" bgcolor="#0c0c0c"> </td> <td> </td> <td align="left" bgcolor="#000000"> </td> </tr> <tr valign="bottom"> <td align="center" bgcolor="#0c0c0c">Estimated </td> <td style="BACKGROUND-COLOR: #ffffff" bgcolor="#0c0c0c"> </td> <td align="left" bgcolor="#0c0c0c"> </td> <td style="BACKGROUND-COLOR: #ffffff" bgcolor="#0c0c0c"> </td> <td align="center" bgcolor="#0c0c0c" colspan="3">Main</td> <td> </td> <td style="TEXT-INDENT: 3px" align="center" bgcolor="#000000">PP&E </td> </tr> <tr valign="bottom"> <td align="center" bgcolor="#0c0c0c">investment </td> <td style="BACKGROUND-COLOR: #ffffff" bgcolor="#0c0c0c"> </td> <td align="center" bgcolor="#0c0c0c">Purpose </td> <td style="BACKGROUND-COLOR: #ffffff" bgcolor="#0c0c0c"> </td> <td align="center" bgcolor="#0c0c0c" colspan="3">Guarantees </td> <td> </td> <td align="left" bgcolor="#000000"> </td> </tr> <tr> <td colspan="9"> </td> </tr> <tr valign="bottom"> <td valign="top" align="left">Marlim </td> <td> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left" rowspan="3">Consortium with Companhia Petrolífera Marlim (CPM), which provides Petrobras with the submarine equipment for oil production in the Marlim field. </td> <td> </td> <td valign="top" align="left" colspan="3" rowspan="2">70% of the field production limited to 720 days.</td> <td> </td> <td valign="top" align="left">US$382 </td> </tr> <tr valign="bottom"> <td valign="top" align="left"> </td> <td> </td> <td> </td> <td> </td> <td valign="top" align="left"> </td> </tr> <tr valign="bottom"> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left">US$1,500 </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left"> </td> </tr> <tr> <td valign="top" colspan="9"> </td> </tr> <tr> <td valign="top" colspan="9"> </td> </tr> <tr> <td valign="top" colspan="9"> </td> </tr> <tr> <td valign="top" colspan="9"> </td> </tr> <tr valign="bottom"> <td valign="top" align="left">CLEP </td> <td> </td> <td valign="top" align="left" rowspan="5">Companhia Locadora de Equipamentos Petrolíferos - CLEP, provides, for the use of Petrobras, assets related to oil production in the Campos Basin through a lease agreement for the period of 10 years. </td> <td> </td> <td valign="top" align="left" colspan="3" rowspan="5">Lease prepayments, in the event the revenue is not sufficient to meet obligations with financiers.  </td> <td> </td> <td valign="top" align="left">US$1,003 </td> </tr> <tr valign="bottom"> <td valign="top" align="left"> </td> <td> </td> <td> </td> <td> </td> <td valign="top" align="left"> </td> </tr> <tr valign="bottom"> <td valign="top" align="left">US$1,250 </td> <td> </td> <td> </td> <td> </td> <td valign="top" align="left"> </td> </tr> <tr valign="bottom"> <td valign="top" align="left"> </td> <td> </td> <td> </td> <td> </td> <td valign="top" align="left"> </td> </tr> <tr valign="bottom"> <td valign="top" align="left"> </td> <td> </td> <td> </td> <td> </td> <td valign="top" align="left"> </td> </tr> <tr valign="bottom"> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="right"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top" align="left"> </td> </tr> <tr> <td valign="top" colspan="9"> </td> </tr> <tr> <td valign="top" colspan="9"> </td> </tr> <tr> <td valign="top" colspan="9"> </td> </tr> <tr> <td valign="top" colspan="9"> </td> </tr> <tr valign="bottom"> <td valign="top" align="left">Nova Marlim </td> <td> </td> <td valign="top" align="left" rowspan="3">Consortium with NovaMarlim Petróleo S.A. (NovaMarlim) which provides submarine equipment for petroleum production and reimburses operating costs arising from operating and maintaining the field assets through an advance already made to Petrobras. </td> <td> </td> <td valign="top" align="left" colspan="3" rowspan="3">30% of the field production limited to 720 days.</td> <td> </td> <td valign="top" align="left"> </td> </tr> <tr valign="bottom"> <td valign="top" align="left"> </td> <td> </td> <td> </td> <td> </td> <td valign="top" align="left"> </td> </tr> <tr valign="bottom"> <td valign="top" align="left">US$834 </td> <td> </td> <td> </td> <td> </td> <td valign="top" align="left"> </td> </tr> <tr valign="bottom"> <td style="BORDER-BOTTOM: #000000 1px solid" align="left"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="right"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="left"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="left"> </td> <td style="BORDER-BOTTOM: #000000 1px solid"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" align="left"> </td> </tr> </table> </div>   </div> 14. Project Financing - (Variable Interest Entities - VIEs) Petrobras carries out project financings jointly with Brazilian and false false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true