Rio, September 15, 2003 (Agência Brasil - ABr) - Even though it is already a big player in South America, especially after acquiring the Perez Companc, Petrobras intends to expand its continental presence even more. This move, however, does not involve the acquisition of a new company in Chile, the contrary of what Chilean newspapers announced on Friday, nor in Uruguay or Paraguay - the only three South American countries in which Petrobras has still not established its presence.

The financial director of Petrobras, José Sérgio Gabrielli, declared on Friday at the "South American Cooperation" seminar, that even though the company is not contemplating the acquisition of a company in these three countries, Petrobras intends to expand its activities in Chile, as well as in Uruguay and Paraguay.

"We are in the initial stages of discussions to develop our operations in these countries, and we have already begun talks with Chile. But it is just as certain that we don't intend to buy any other company at this time."

Gabrielli underscored the fact that, of the US$ 34.3 billion that Petrobras intends to invest between now and 2007, US$ 5 million will be spent on the company's operations outside Brazil, a large part of which are in Latin America, the United States, and West Africa, which also constitute strategic priorities for the firm.

According to the director, this integration can take place through the enablement of Petrobras's operations in the countries in question: "We can associate ourselves with another company, or we can link our projects in other countries to these three countries, as well. There are various options, but, strategically, what is most important is for us to expand our activities in South America." (DAS)