Petrobras Announces Executive Staff Changes

Petrobras reported that, effective January 1, 2007, the following changes will be made to the company's International Area executive staff:

--Alberto Guimaraes, currently Petrobras Energia S.A.'s General Executive Director will take over as the President for Petrobras America Inc.
--Carlos Fontes, currently Petrobras Energia S.A.'s Director for Refining and Petrochemicals, will become the General Executive Director for Petrobras Energia S.A.
--Renato Bertani, currently the Managing Director for Petrobras America Inc., will take over as the Executive Manager for the Americas, Africa, and Eurasia at the international area, at a the company's headquarters.
--Joao Carlos Figueira, currently the Executive Manager for the Americas, Africa, and Eurasia at the company's headquarters will take over as Exploration and Production Director at Petrobras America.

Alberto Guimaraes is a career employee at Petrobras' commercial area and has been the General Executive Director for Petrobras Energia S.A. since 2002. During is term at that subsidiary, Petrobras' position was consolidated in the important Argentine market. The company invested upwards of $900 million there, not only in existing operations, but in new projects such as the enhancement of the service station network, the introduction of the podium gasoline in the Argentine market, the increased refining capacity at the San Lorenzo and Bahia Blanca units and, recently, in its first steps and in association with Enersa, in an ambitious offshore exploration plan in the Argentine Sea. Before being assigned to Argentina, he had held several important positions in the company, among which Executive Manager for New Business and Superintendent of the then Commercial Department.

Carlos Fontes has been in Argentina since 2004. He is a career chemical engineer at Petrobras and holds an MBA from the Federal University of Rio de Janeiro. Before being assigned to Argentina, he also held important positions, among which Refining Products and Processes Manager, Petrochemical Project Manager, and Executive Petrochemical Manager and President of Petroquisa.

Renato Tadeu Bertani is a geology graduate from the Federal University of Rio Grande do Sul and holds a PhD in geology from the University of Illinois, USA. He was first hired by Petrobras in 1976 and has held several technical and managerial positions in Brazil and Abroad. The many positions Bertani held at Petrobras include exploration manager and general manager for the Potiguar Basin, in Rio Grande do Norte, as well as new business manager and Exploration and Production Director for the Petrobras Internacional S.A. (Braspetro) subsidiary. Abroad, he was the general manager for Petrobras UK Limited. Since 2001, he had been the president of Petrobras America Inc., in charge of growing the exploration and production activities in the American sector of the Gulf of Mexico, in addition to the refining and marketing activities in the American market.

Geophysicist Joao Carlos Araujo Figueira is a University of Sao Paulo graduate first hired by Petrobras in 1983. Since then, he has held several technical and managerial positions in the company's international activities. Figueira has had experience in several countries. He was the exploration manager in the United Kingdom, and general manager in Angola. He also reached the position of Exploration and Production Director at Petrobras Internacional (Braspetro), which was incorporated by Petrobras. Figueira has been the international area's executive manager since it was created in 2000 and where, as of August 2004, he took over as the full executive manager for the Americas, Africa, and Eurasia.

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