May 26, 2009

PETROLEO BRASILEIRO: Records $2.825B Costs for ARO, Remediation

COMPANIES: Petroleo Brasileiro SA - Petrobras
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Petroleo Brasileiro S.A.-PETROBRAS’s aggregate amount of estimated costs on a discounted basis for asset retirement and environmental remediation provision at Dec. 31, 2008 was US$2.825 billion.

Under various contracts, permits and regulations, the Company has material legal obligations to remove equipment…

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TOPICS: Chemicals/Petrochemicals/Plastics | Earnings | Legal Issues, Litigation | Loans & Financing | Natural Gas | Oil | Petroleum | SEC-Qtrly, Annual Reports | Securities & Exch Comm, US
LOCATIONS: Brazil