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, as amended by this Amendment No. 1, 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: July 26, 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, as amended by this Amendment No. 1, 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: July 26, 2004 |  | By:    |  | /s/ DANIEL LIMA DE OLIVEIRA
|                    |  | Name:  |  | Daniel Lima de Oliveira    
|                    |  | Title: |  | Financial Manager