Pursuant to Rule 13a-16 or 15d-16 of the
20035-900 - Rio de Janeiro, RJ
Federative Republic of Brazil
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes _______ No___X____
(Rio de Janeiro, May 14, 2003). – PETROLEO BRASILEIRO S.A – Petrobras, (BOVESPA: PETR3 / PETR4, NYSE: PBR / PBRA, LATIBEX: XPBR / XPBRA), Brazil’s largest oil and gas, petrochemicals and energy company, announces that with respect to the list of INSS (National Institute of Social Security) debtors, among them Petrobras, published by the Social Security Ministry, the company wishes to clarify as follows:
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Petrobras, itself, has no outstanding payments with the INSS. The published amounts refer to payments that the INSS understands were not made by the outsourced service providers contracted by Petrobras.
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Petrobras is considered by the INSS as jointly and severally responsible for its contracted service providers. In the case of all litigation, the Company has already been taking the appropriate legal and administrative steps, contesting the claims and requesting that its contracted service providers supply the necessary proof of social security payments. In the mean time, the Company is provisionally booking the value of all the actions to its balance sheet.
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Pursuant to Law 8212/91, Petrobras requires, in the case of all civil construction contracts, that proof of INSS payments be made by its contracted service providers. In all other service contracts employing substantial numbers of workers, the Company discounts 11% from the invoiced value, paying the amount directly to the INSS.
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As from January 2003, the verification of the control of the legal obligation to present evidence of tax payments on the part of contracted parties has been automated such that payment for services rendered is now only effected following proof of settlement of such mandatory charges.
Contacts:
Investor Relations Department
Luciana Bastos de Freitas Rachid - Executive Manager
E-mail: petroinvest@petrobras.com.br
Av. República do Chile, 65 - 4th floor
20031-912 - Rio de Janeiro, RJ
(55-21) 2534-1510 / 2534-9947
This document may contain forecasts that merely reflect the expectations of the Company's management. Such terms as "anticipate", "believe", "expect", "forecast", "intend", "plan", "project", "seek", "should", along with similar or analogous expressions, are used to identify such forecasts. These predictions evidently involve risks and uncertainties, whether foreseen or not by the Company. Therefore, the future results of operations may differ from current expectations, and readers must not base their expectations exclusively on the information presented herein.
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PETRÓLEO BRASILEIRO
S.A--PETROBRAS | ||
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By: |
/S/ José Sergio Gabrielli de Azevedo
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José Sergio Gabrielli de Azevedo
Chief Financial
Officer and Investor Relations Director
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This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.