EXHIBIT 4.4
 
 LOAN AGREEMENT
 
 Between:
 PETROBRAS INTERNATIONAL BRASPETRO BV.  PIB-BV
 And
 PETROBRAS ENERGIA S.A.




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LOAN AGREEMENT NUMBER:  /2008
 The undersigned:
 1 PETROBRAS INTERNATIONAL BRASPETRO BV.
  2 PETROBRAS ENERGIA S.A. nd
  Whereas:
 (a)
 (b)
 (c)
 (d)




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Have agreed as follows:
 Article 1  Loan
 1.1
 1.2
 Bank of America
100 West 33rd Street  4 th Floor
New York, NY 10001  USA
 Attention: Paulo Pereira / Alfonso Guevara
Fed ABA: 026009593
Swift: BOFAUS3N
CHIPS ABA: 0959
Account: 6550-7- 23338
Petrobras International Braspetro B.V.  PIB BV
 Article 2  Interest
 2.1
 LIBOR  means, in relation to any amount owed by the Borrower in Dollars hereunder on which
interest for a given period is to accrue, the rate per annum to be, with respect to the relevant
Interest Period:
 (a) The arithmetic mean of the offered quotations for LIBOR published by the BBA for such
Interest Period at or about 11.00 a.m. (London time) on the Reset Date for a period of
thirty (30) days.
 (b) If such rate is not published by BBA or the BBA ceases to exit or function, the
arithmetic mean of the offered quotation on the Telerate Service Page 3750 (or such other
page as may replace the designated page on the Telerate Service or such other service as
may be nominated by the British Bankers Association) (Telerate Page 3750) at or about
11:00 a.m. (London time) on the Reset Date for such Interest Period.




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2.2
 2.3
 2.4
 2.5
 provided
     Article 3  Term and Accelerated Repayment
 3.1
 3.2




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Article 4  Payments
 4.1
 Citibank NY
111th. Wall Street  21st. Floor
New York, NY 10005  USA
 Attention: Federico Baldou Gallo
ABA: 021000089
Swift: CITIUS33
Account: 36968355
Petrobras Energia S.A.
 4.2
 Article 5   Voluntary and Mandatory Prepayments
 5.1 Voluntary Prepayments . Voluntary Prepayment
 5.2 Mandatory Prepayments . Mandatory Prepayment




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Article 6  Termination
 6.1
 6.1.1
 6.1.2
 6.1.3
 6.1.4
 6.2
 6.3




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Article 7  Notices
 7.1
 7.2
  nd
  
 Article 8  Waiver
  Article 9  Invalidity
  Article 10  Assignment and transfer




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Article 11  Amendments
  Article 12  Governing law and Competent court
 12.1
 12.2
  /s/ Claudio German Diaz

PETROBRAS ENERGIA S.A.By virtue of power of attorney/s/ Fernando Bergé

PETROBRAS ENERGIA S.A.By virtue of power of attorney/s/ Marcos Antonio Zacarias

PETROBRAS INTERNATIONAL BRASPETRO BV.  PIB-BVBy virtue of power of attorney




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