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____
PRESS RELEASE
Payment of Interest on Own Capital
(Rio de Janeiro, October 31, 2002) - PETROLEO BRASILEIRO S.A. - PETROBRAS, [BOVESPA: PETR3/PETR4, NYSE: PBR/PBRA, LATIBEX: XPBR/XPBRA], Brazil's biggest oil & gas, petrochemicals and energy company announces to shareholders and the market in general that pursuant to its bylaws, the Board of Directors of Petroleo Brasileiro S. A. - PETROBRAS, meeting today, approved payment to shareholders in the form of interest on own capital, in accordance with Article 9 of Law 9.249/95 and Decrees n(0)2,673/98 and 3,381/00.
The amount of R$ 1,086 million to be distributed, corresponding to a gross value of R$ 1.00 per common and preferred shares, subject to income tax of 15% (fifteen per cent) withheld at source except in the case of shareholders who are exempt, will be disbursed until January 15, 2003, and will be based on the shareholding position as of November 12, 2002. The shares will be negotiated ex-interest on capital from November 13, 2002 on. These interest on capital are to be offset against the remuneration payable at the end of the 2002 fiscal year and shall be restated at the Selic rate of interest from the effective date of payment up to the end of the aforementioned fiscal year, if applicable.
Rio de Janeiro, October 31, 2002.
PETRÓLEO BRASILEIRO S.A. - PETROBRAS
| Petróleo Brasileiro S.A - PETROBRAS | THOMSON FINANCIAL/CARSON |
| Investor Relations Department | Isabel Vieira (New York) |
| Luciana Bastos de Freitas Rachid - Executive Manager | (212) 807-5110 |
| E-mail: lrachid@petrobras.com.br | isabel.vieira@thomsonir.com |
| Carlos Henrique Dumortout Castro - Manager | Valter Faria (Brazil) |
| E-mail:carloshdc@petrobras.com.br | (11) 3848-0887 ext. 202 |
| Av. Republica do Chile, 65 - 4th floor | valter.faria@thomsonir.com.br |
| 20031-912 - Rio de Janeiro, RJ | |
| (55-21) 2534-1510 |
|
PETRÓLEO BRASILEIRO S.A--PETROBRAS
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| By: |
/S/
João Pinheiro Nogueira Batista
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João Pinheiro Nogueira Batista
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 of future 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.