EXHIBIT 12.1



CERTIFICATION PURSUANT TO RULES 13a-15 and 15d-15 AS ADOPTED UNDER

SECTION 302 OF THE SARBANES-OXLEY ACT



I, Almir Guilherme Barbassa, certify that:



1. I have reviewed this annual report on Form 20-F of Petrobras International Finance CompanyPIFCo.



2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;



3. Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all
material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report;



4. The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act
Rules 13a-15(e) and 15d-15(e)) for the registrant and have:



(a) Designed such
disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this annual report is being prepared;



(b) Evaluated the effectiveness of the companys disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of
the period covered by this report based on such evaluation; and



(c) Disclosed
in this report any change in the companys internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the companys
internal control over financial reporting; and



5. The companys other
certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the companys auditors and the audit committee of the companys board of directors (or persons performing the
equivalent functions):



(a) All significant deficiencies and material
weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the companys ability to record, process, summarize and report financial information; and



(b) Any fraud, whether or not material, that involves management or other employees who have
a significant role in the companys internal control over financial reporting.



|                    |  |        |  |                             
|------------------- |  | ------ |  | ----------------------------
|Date: June 30, 2004 |  | By:    |  | /s/ ALMIR GUILHERME BARBASSA
|                    |  | Name:  |  | Almir Guilherme Barbassa    
|                    |  | Title: |  | Chairman                    



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CERTIFICATION PURSUANT TO RULES 13a-5 and 15d-15 AS ADOPTED UNDER

SECTION 302 OF THE SARBANES-OXLEY ACT



I, Daniel Lima de Oliveira, certify that:



1. I have reviewed this annual report on Form 20-F of Petrobras International Finance CompanyPIFCo.



2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;



3. Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all
material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report;



4. The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act
Rules 13a-15(e) and 15d-15(e)) for the registrant and have:



(a) Designed such
disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this annual report is being prepared;



(b) Evaluated the effectiveness of the companys disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of
the period covered by this report based on such evaluation; and



(c) Disclosed
in this report any change in the companys internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the companys
internal control over financial reporting; and



5. The companys other
certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the companys auditors and the audit committee of the companys board of directors (or persons performing the
equivalent functions):



(a) All significant deficiencies and material
weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the companys ability to record, process, summarize and report financial information; and



(b) Any fraud, whether or not material, that involves management or other employees who have
a significant role in the companys internal control over financial reporting.



|                    |  |        |  |                            
|------------------- |  | ------ |  | ---------------------------
|Date: June 30, 2004 |  | By:    |  | /s/ DANIEL LIMA DE OLIVEIRA
|                    |  | Name:  |  | Daniel Lima de Oliveira    
|                    |  | Title: |  | Financial Manager