Exhibit 8.1



List of subsidiaries of Petróleo Brasileiro S.A. - PETROBRAS



|                                                                    |  |              |  |               |  |                         |  |                                             
|------------------------------------------------------------------- |  | ------------ |  | ------------- |  | ----------------------- |  | --------------------------------------------
|Subsidiary companies                                                |  | TotalCapital |  | VotingCapital |  | Country ofIncorporation |  | Activity                                    
|Petrobras Química S.A. - PETROQUISA                                 |  | 99.00        |  | 99.99         |  | Brazil                  |  | Petrochemical                               
|Petrobras Distribuidora S.A. - BR                                   |  | 99.99        |  | 99.90         |  | Brazil                  |  | Distribution                                
|BRASPETRO Oil Services Company - BRASOIL                            |  | 99.99        |  | 99.99         |  | Cayman Islands          |  | International operations                    
|BRASPETRO Oil Company - BOC                                         |  | 99.99        |  | 99.99         |  | Cayman Islands          |  | International operations                    
|PIB - Petrobras Internacional - BRASPETRO B.V. (1)                  |  | 99.99        |  | 99.99         |  | The Netherlands         |  | International operations                    
|Petrobras Comercializadora de Energia Ltda.  PCEL (2)              |  | 100.00       |  | 100.00        |  | Brazil                  |  | Energy                                      
|Petrobras Negócios Eletrônicos S.A.                                 |  | 99.95        |  | 99.95         |  | Brazil                  |  | Corporate                                   
|Petrobras Gás S.A. - GASPETRO                                       |  | 99.90        |  | 99.99         |  | Brazil                  |  | Gas transportation                          
|Petrobras International Finance Company - PIFCo                     |  | 99.99        |  | 99.99         |  | Cayman Islands          |  | International Comercialization and Financing
|Petrobras Transporte S.A. - TRANSPETRO                              |  | 100.00       |  | 100.00        |  | Brazil                  |  | Transportation                              
|Downstream Participações S.A.                                       |  | 99.99        |  | 99.99         |  | Brazil                  |  | Refining and distribution                   
|Petrobras Netherlands BV                                            |  | 100.00       |  | 100.00        |  | The Netherlands         |  | Exploration and Production                  
|UTE Nova Piratininga Ltda.                                          |  | 100.00       |  | 100.00        |  | Brazil                  |  | Energy                                      
|FAFEN Energia S.A.                                                  |  | 100.00       |  | 100.00        |  | Brazil                  |  | Energy                                      
|TERMOR Participações S.A. (7)                                       |  |              |  |               |  | Brazil                  |  | Energy                                      
|TERMORIO S. A. (3)                                                  |  | 50.00        |  | 50.00         |  | Brazil                  |  | Energy                                      
|TERMOBAHIA Ltda. (3)                                                |  | 29.00        |  | 29.00         |  | Brazil                  |  | Energy                                      
|Ibiritermo S. A. (3)                                                |  | 50.00        |  | 50.00         |  | Brazil                  |  | Energy                                      
|EVM Leasing Co. (4)                                                 |  | 0.00         |  | 0.00          |  | Cayman Islands          |  | Exploration and Production                  
|Companhia Petrolífera Marlim (4)                                    |  | 0.00         |  | 0.00          |  | Brazil                  |  | Exploration and Production                  
|NovaMarlim Petróleo S.A. (4)                                        |  | 0.00         |  | 0.00          |  | Brazil                  |  | Exploration and Production                  
|Nova Transportadora do Sudeste S.A.(4)                              |  | 0.00         |  | 0.00          |  | Brazil                  |  | Transportation                              
|Nova Transportadora do Nordeste S.A.(4)                             |  | 0.00         |  | 0.00          |  | Brazil                  |  | Transportation                              
|Barracuda e Caratinga Holding Company B.V. (4)                      |  | 0.00         |  | 0.00          |  | Cayman Islands          |  | Exploration and Production                  
|Cayman Cabiunas Investments Co. Ltda. (4)                           |  | 0.00         |  | 0.00          |  | Cayman Islands          |  | Exploration and Production                  
|Companhia Locadora de Equipamentos Petrolíferos S.A.  CLEP (4) (5) |  | 0.00         |  | 0.00          |  | Brazil                  |  | Exploration and Production                  
|Albacora Japan Petroleum Limited Company (4)                        |  | 0.00         |  | 0.00          |  | Brazil                  |  | Exploration and Production                  
|Companhia de Recuperação Secundária (4)                             |  | 0.00         |  | 0.00          |  | Brazil                  |  | Exploration and Production                  
|PDET S.A. (4)                                                       |  | 0.00         |  | 0.00          |  | Brazil                  |  | Exploration and Production                  
|MPX Termoceará Ltda. (6)                                            |  | 0.00         |  | 0.00          |  | Brazil                  |  | Energy                                      
|SFE - Sociedade Fluminense de Energia Ltda. (6)                     |  | 0.00         |  | 0.00          |  | Brazil                  |  | Energy                                      
|Consórcio Macaé Merchant (6)                                        |  | 0.00         |  | 0.00          |  | Brazil                  |  | Energy                                      



|(1) | Parent Company of Petrobras Energia S.A.  PEPSA (former Perez Companc S.A.-PECOM) and Petrolera Entre Lomas S.A.  PELSA (former Petrolera Perez Companc S.A.)
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------



|(2) | Former Petrobras Energia Ltda.
|--- | ------------------------------



|(3) | Consolidated according to FIN 46, commencing December 31, 2003. Formerly were accounted for as capital leases pursuant to SFAS 13.
|--- | ----------------------------------------------------------------------------------------------------------------------------------



|(4) | Consolidated according to FIN 46, commencing December 31, 2003. Formerly were special purpose entities formed in connection with project financings transactions.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------



|(5) | Former Langstrand Holdings S.A..
|--- | --------------------------------



|(6) | Consolidated according to FIN 46, commencing December 31, 2003. Formerly were not consolidated in PETROBRAS financial statements.
|--- | ---------------------------------------------------------------------------------------------------------------------------------



|(7) | Disposed of in December of 2004 with immaterial impact to the consolidated financial statements.
|--- | ------------------------------------------------------------------------------------------------



List of subsidiaries of Petrobras International Finance Company



|                                |  |              |  |               |  |                         |  |                                  
|------------------------------- |  | ------------ |  | ------------- |  | ----------------------- |  | ---------------------------------
|Subsidiary companies            |  | TotalCapital |  | VotingCapital |  | Country ofIncorporation |  | Activity                         
|Petrobras Europe Limited - PEL  |  | 100.00       |  | 100.00        |  | United Kingdom          |  | Trading Agent & Marketing Advisor
|Petrobras Finance Limited - PFL |  | 100.00       |  | 100.00        |  | Cayman Islands          |  | International Comercialization   
|BEAR Insurance Company Limited  |  | 100.00       |  | 100.00        |  | Bermuda                 |  | Insurance                        



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