Rio de Janeiro, Brazil, May 7, 2001 – PETRÓLEO BRASILEIRO S.A. - PETROBRAS [NYSE:
PBR/PBRA, BOVESPA: PETR], the largest oil, petrochemical and energy conglomerate in
Brazil, today announced that it will no longer acquire PetroCosm Corp.
On March 29, 2001, Petrobras announced its decision to acquire an equity stake in the US
Corporation, PetroCosm Corp., the most active vertical portal in the oil and gas segment and
focusing largely on e-procurement. Petrobras’s intention to acquire PetroCosm was due to the
Company’s decision to get involved in the e-Procurement business, or the purchase of goods
and services via the Internet.
However, in spite of the advanced stage of negotiations between the parties involved, on April 20,
2001, Petrobras was informed by PetroCosm that its Administrative Board had decided to cease
operations at the end of business on April 19, 2001. The reasons for this decision have not been
officially disclosed. Among the portals largest shareholders, are Chevron and Texaco, besides
Ariba, responsible for the technology, and Crosspoint.
The decision of PetroCosm’s controllers was made before any disbursement on the part of
Petrobras.
Petrobras is convinced of the need to continue with the project for the implementation of
channels for electronic procurement and is analyzing several other systems for this purpose.
The Company intends to choose from among the most technologically advanced systems, the
one most suitable to its own business characteristics and best adapted to the requirements of
the domestic market.
http: //www.petrobras.com.br
For further information, please contact:
PETRÓLEO BRASILEIRO S.A – PETROBRAS
Investor Relations Department
Luiz Fernando Noqueira – Executive Manager
Carlos Henrique Dumortout Castro – Manager
Av. República do Chile, 65 - 4th floor
CEP 20035-900– Rio de Janeiro, RJ
(21) 534-1510
E-mail : [email protected]
Isabel Vieira (New York)
(212) 701-1823
E-mail: [email protected]
Valter Faria (Brazil)
(11) 3848-0887 ext. 202
Email: [email protected]