Document:

Filed by Bowne Pure Compliance

EXHIBIT 4.6

_________________________

LOAN AGREEMENT

_________________________

Between:

PETROBRAS INTERNATIONAL BRASPETRO BV. — PIB-BV

And

WORLD FUND FINANCIAL SERVICES

 

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LOAN AGREEMENT NUMBER:          /2008

The undersigned:

1 PETROBRAS INTERNATIONAL BRASPETRO BV., a company incorporated and existing under the laws of
NETHERLANDS, having its registered office in , Prins Bernhardplein 200, 1097 JB, Amsterdam, the
Netherlands, hereinafter referred to as : “Borrower”

and

2 WORLD FUND FINANCIAL SERVICES, a company incorporated and existing under the laws of CAYMAN
ISLANDS, with registered office at Two Artillery Court, Shedden Road, Suite 2B, 2nd
Floor, P.O.Box 2241, Grand Cayman KY1 —1107, Cayman Islands hereinafter referred to as: “Lender”

Lender and Borrower hereinafter jointly referred to as: “Parties” and individually also as:
“Party”,

Whereas :

(a) Parties are part of the international group of companies of Petroleo Brasileiro S.A.
(”PETROBRAS”);

(b) PETROBRAS is a global leader in the oil, gas, and energy industry;

(c) In view of further expansion of the business activities of PETROBRAS, it has been agreed
between the Parties that Lender lends to Borrower an amount of USD 100,000,000.00 (United States
Dollars One Hundred Million) (the “Loan”);

(d) Parties now wish to enter into this agreement for the purpose of formalizing and setting out
the terms and conditions of the Loan (the “Agreement”).

Have agreed as follows:

Article 1 — Loan

1.1 On the terms and subject to the conditions set out herein, Lender has agreed to lend the Loan
to Borrower and Borrower has agreed to borrow the Loan from Lender.

1.2 The Loan will be made available to Borrower on February 29, 2008 in the following account of
the Borrower

Bank of America

100 West 33 rd Street — 4th 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 The Loan shall bear interest during the applicable Interest Period at a rate per annum equal to
the LIBOR for 30 days plus 0.15%. The amount of interest to be paid will be calculated on the basis
of a year of 360 days for the actual number of days elapsed.

 

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“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.”

“Business Day” shall mean in this Agreement any working day in which banks are open for banking
activities in London (GB), Netherlands, New York (USA) and Cayman Islands.

2.2. Accrued but unpaid interests shall be paid on each Period Ending Date as defined in 2.5, or as
otherwise indicated by the Lender and accepted by the Borrower.

2.3 Lender shall receive all payments free and clear of, and without withholding or deduction for
or on account of, any present or future taxes, duties, fines, penalties, assessments or other
governmental charges (“Taxes”). In case that the Borrower is required by law to withhold or deduct
such Taxes, the Borrower will pay to the Lender such additional amounts as may be necessary to
ensure that the amounts received by the Lender will equal the amount of principal, interest and
additional amounts, if any, which would have been receivable by the Lender in the absence of such
withholding or deduction.

2.4 If any such payment date falls in a day other than a Business Day, the payment will be made in
the following Business Day.

2.5 Interest Period

The initial Interest Period shall commence on the date of the disbursement and shall end as
provided in the definition of Interest Period. Thereafter, each Interest Period shall commence and
end as provided in the definition of Interest Period, provided that the last Interest Period shall
end on the Maturity Date.

“Interest Period” means the period commencing on (and including) (i) the date of the disbursement
of the Loan or (ii) the Period Beginning Date, as applicable, and ending on (but excluding) the
Period Ending Day as applicable.

“Period Beginning Date” means each of the dates indicated in the column Period Beginning of Annex
1.

“Period Ending Date” means each of the dates indicated in the column Period Ending of Annex 1.

“Reset Date” means, for each Interest Period, the first Business Day before such the Period
Beginning Date, as stated in the column Reset Date of Annex 1.

Article 3 — Term and Accelerated Repayment

3.1 Term. The Loan shall be repaid in full on July 31, 2008 (the “Maturity Date”) together with all
accrued and unpaid interest and any other amounts due under the Agreement, without prejudice to
article 3.2.

3.2 Accelerated repayment. The Loan can be repaid at any time in full or in part together with all
accrued and unpaid interest and any other amounts due under the Agreement pursuant to a Voluntary
Prepayment executed by the Borrower and/or a Mandatory Prepayment requested by the Lender, in
accordance with article 5 of the Agreement.

 

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Article 4 — Payments

4.1 Payments made by Borrower to Lender shall be made into the following account of the Lender:

Citibank NY

111th. Wall Street — 21st. Floor

New York, NY 10005 — USA

Attention: Federico Baldou Gallo

ABA: 021000089

Swift: CITIUS33

Account: 36222107

World Fund Financial Services

4.2 All payments by Borrower, whether on the Loan or interest, shall be made in United States
Dollars (USD).

Article 5 —  Voluntary and Mandatory Prepayments

5.1 Voluntary Prepayments. The Borrower may at any time but upon at least three Business
Days’ notice to the Lender, prepay or cause to be prepaid the Loan in whole or in part, in amounts
aggregating at least USD1,000,000 or any larger multiple of USD100,000, by paying the principal
amount to be prepaid together with interest accrued thereon to the date of prepayment (a
“Voluntary Prepayment”). Such notice of Voluntary Prepayment shall not be revocable by the
Borrower. Any Voluntary Prepayment made by the Borrower shall be applied as follows: (i) first, to
the payment of accrued but unpaid interest and other amounts (excluding principal) in respect of
the Loan; (ii) second, to the payment of the then due and unpaid principal of the Loan; and (iii)
third, to the payment of any other amounts then payable to the lender hereunder.”

5.2 Mandatory Prepayments. The Lender may at any time but upon at least three Business Days’
notice to the Borrower cause the Borrower to prepay the Loan in whole or in part, in amounts
aggregating at least USD1,000,000 or any larger multiple of USD100,000, by paying the principal
amount to be prepaid together with interest accrued thereon to the date of prepayment (a
“Mandatory Prepayment”). Such notice of Mandatory Prepayment shall not be refused by the
Borrower. Any Mandatory Prepayment requested by the Lender shall be applied as follows: (i) first,
to the payment of accrued but unpaid interest and other amounts (excluding principal) in respect of
the Loan; (ii) second, to the payment of the then due and unpaid principal of the Loan; and (iii)
third, to the payment of any other amounts then payable to the Lender hereunder.”

Article 6 — Termination

6.1 Either Party shall have the right to terminate the Agreement with immediate effect if and when
the other Party is in default. A Party shall only be in default following receipt of a written
notice from the other Party in this respect expressing which obligation(s) of this Agreement has
(have) not been performed and requesting that the default be remedied, and the Party in default has
not remedied its default within a period of 30 days after the date of such notice.

6.1.1 In case the Borrower doesn’t pay to the Lender, in the date of expiration, the amount of the
Loan, increased with the interest as referred in the item 2.1, the Borrower will be automatically
in default, and the amount to be paid will also be increased with a 2% (two percent) fine.

6.1.2 In case the payment referred in the item 6.1.1 is made up to five days after the expiration
date, the above-referred fine will not be applied.

6.1.3 In case the Borrower doesn’t pay to the Lender, in the due date for a Mandatory Prepayment,
the amount of the Loan, increased with the interest as referred in the item 2.1, the Borrower will
be automatically in default, and the amount to be paid will also be increased with a 2% (two
percent) fine.

 

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6.1.4 In case the payment referred in the item 6.1.3 is made up to five days after the expiration
date, the above-referred fine will not be applied.

6.2 Parties may also decide to terminate the Agreement by mutual agreement.

6.3 In addition to its right to terminate the Agreement in accordance with article 5 above, Lender
shall have the right to terminate the Agreement with immediate effect in case:

a petition for a moratorium has been filed by Borrower with respect to Borrower or a moratorium is
imposed upon Borrower;

a petition for bankruptcy has been filed with respect to Borrower or Borrower is declared bankrupt;

a resolution to dissolve the Borrower has been made;

a receiver has been appointed with respect of Borrower;

Borrower is placed under guardianship; or

Borrower is no longer part of the international group of companies of PETROBRAS due to a
divestiture of PETROBRAS from the Borrower.

Article 7 — Notices

7.1 Any notice or other communication under or in connection with the Agreement shall be in writing
in the English language and shall be delivered by registered mail or facsimile to the respective
addresses or fax numbers as set out in article 7.2 or any new address or fax number as a Party may
have notified the other Party in accordance with this article 7.

7.2 Any notice or communication to Lender and Borrower shall be sent to the following address:

Lender:

WORLD FUND FINANCIAL SERVICES . — Two Artillery Court, Shedden Road, Suite 2B, 2nd
Floor, P.O.Box 2241, Grand Cayman KY1 —1107, Cayman Islands

Borrower:

PETROBRAS INTERNATIONAL BRASPETRO BV. — PIB-BV

Prins Bernhardplein 200, 1097 JB, Amsterdam, the Netherlands.

Article 8 — Waiver

Any forbearance or delay on the part of any Party enforcing any provision of the Agreement or any
of its rights hereunder shall not be constructed as a waiver of such provisions or of a right
thereafter to enforce the same.

Article 9 — Invalidity

In the event any provision in the Agreement is void, invalid or in any way not enforceable, the
validity and enforceability of the remaining provisions shall not in any way be affected. The
provision concerned will be converted by operation of law into a legally valid arrangement as
similar in content and effect to the invalid provision as possible, unless and until the Parties
themselves by mutual consent replace the provision concerned with a legally valid alternative
arrangement.

 

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Article 10 — Assignment and transfer

Parties may only assign or transfer, in whole or in part, any of their rights or obligations
hereunder by mutual and prior agreement.

Article 11 — Amendments

No variation or amendment of the Agreement shall be valid and binding unless agreed to in writing
by Parties.

Article 12 — Governing law and Competent court

12.1 Governing law. The Agreement shall be construed in accordance with and shall in all respects
be governed by the laws of the Cayman Islands.

12.2 Arbitration. Any dispute or difference arising in connection with the Agreement that cannot be
amicably settled between the Parties shall be finally settled by arbitration in accordance with the
rules of Arbitration of The International Chamber of Commerce. Unless Parties agree otherwise, one
arbiter will suffice. The language of such arbitration shall be English. The place of arbitration
shall be in Cayman Islands.

Thus agreed and signed on February 29, 2008.

/s/ Claudio Díaz

	 	 	 
	/s/ Gabriel Marchione

	 	 
	 
	 	 
	WORLD FUND FINANCIAL SERVICES .
	 	 
	By virtue of power of attorney
	 	 

	 	 	 
	/s/ Marcos Zacarias

	 	 
	 
	 	 
	PETROBRAS INTERNATIONAL BRASPETRO BV. — PIB-BV
	 	 
	By virtue of power of attorney
	 	 

 

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ANNEX I

	 	 	 	 	 	 	 
	 	 	Reset Dates	 	Period Beginning	 	Period Ending
	Period 0
	 	28-02-08	 	29-02-08	 	31-03-08
	Period 1
	 	28-03-08	 	31-03-08	 	29-04-08
	Period 2
	 	28-04-08	 	29-04-08	 	30-05-08
	Period 3
	 	29-05-08	 	30-05-08	 	30-06-08
	Period 4
	 	27-06-08	 	30-06-08	 	31-07-08

 

7Filed by Bowne Pure Compliance

EXHIBIT 4.7

STOCK PURCHASE AGREEMENT

THIS STOCK PURCHASE AGREEMENT (together with its annexes; hereinafter, the “Agreement”) dated
December 21, 2007 is entered into by and between:

	 	(i)	 	PETROBRAS ENERGÍA S.A., a company duly organized and existing under the laws of
the Argentine Republic (hereinafter “PESA” or the “Seller” indistinctly); and

	 	(ii)	 	PETROBRAS INTERNATIONAL BRASPETRO BV, a company duly organized and validly
existing under the laws of the Netherlands (hereinafter “PIBBV” or the
“Purchaser” indistinctly, and jointly with the Seller, the “Parties”).

WHEREAS:

	 	(I)	 	The Seller is the true owner and sole beneficiary of every stock of “PETROBRAS
DE VALORES INTERNACIONAL DE ESPAÑA, S.L.” (Sole Proprietorship), a limited liability
company organized under the laws of the Kingdom of Spain, with domicile at Miguel Ángel
24, 3° interior izquierda, Madrid, Spain, registered in the Registry of Commerce of
Madrid in Book 44, Folio 44, Page number M-272084 and with CIF (Fiscal Identification
Code) number B82823907 (hereinafter, “PVIE”).

	 	(II)	 	PVIE capital stock is represented by 782,053 equal, accumulative and
indivisible stocks, €1 (One Euro) par value each, numbered from 1 to 782,053, both
inclusive, completely subscribed and paid-in, with equal rights and obligations
(hereinafter, the “Stocks”).

	 	(III)	 	PVIE is the direct parent company of those companies herein mentioned under
Annex A.

	 	(IV)	 	The Seller desires to sell and transfer to the Purchaser and the Purchaser
desires to purchase from the Seller approximately 40% (forty percent) of PVIE Stocks
pursuant to the terms and conditions of the present Agreement.

	 	(V)	 	Along with the execution of the present Agreement, the Parties hereto desire to
agree upon (a) certain aspects related to the exercise of their political and
economical rights in PVIE and its subsidiaries, (b) the setting of guidelines for the
management and administration of PVIE and its subsidiaries, and (c) guidelines to
transfer PVIE Stocks pursuant to the terms and conditions of the Shareholders Agreement
attached hereto as Annex B.

NOW THEREFORE, in consideration of the aforementioned clauses and the mutual promises and
agreements hereinafter set forth, the Parties hereto agree as follows:

SECTION 1. DEFINITIONS

1.1 Definitions. For interpretation purposes, in addition to the definitions herein
included, the terms starting with a capital letter in the present Agreement shall convey the
meanings provided in Annex 1.1.

1.2 Certain Issues related to Interpretation. Definitions herein contained are
equally applied to the singular and plural forms of said terms as well as to their female, male or
neutral gender. Terms in singular shall be considered to include the plural and viceversa. Also,
terms used in one gender shall be considered to include the others, according to the context. Terms
“herein”, “in the present”, “as per the present” and related terms shall be
understood, unless otherwise specified, as related to this Agreement as a whole and not to a
specific provision of it. The terms “include”, “including” and related terms shall be considered to
be followed by the phrase “without limitation”. Every reference to a Section, Clause, paragraph and
Annex is related to the Sections, Clauses, paragraphs and Annexes of the present Agreement, unless
otherwise specified. The word “or” shall not be exclusive. Provisions shall be applied, if
applicable, to future transactions and events. In order to avoid any doubt, the phrase “ordinary
course of business” used in the present Agreement shall include those previous and
normal activities of the Companies, those behaviours performed pursuant to the applicable
regulations and the normal line of business of the Companies taking into account the political and
economical conditions of the countries where they carry out their activities.

 

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SECTION 2. PURCHASE OF STOCKS

2.1. Purchase of Stocks. (a) The Seller does hereby irrevocably and free of any
encumbrance sell, assign and transfer to the Purchaser and the Purchaser firmly and irrevocably
purchases and acquires from the Seller at the Purchase Price the following Stocks with the rights
inherent to them: (i) 192,000 Stocks, €1 (One Euro) par value each, numbered from 288,001 to
480,000, both inclusive, completely subscribed and paid-in; and (ii) 120,821 Stocks, €1 (One Euro)
par value each, numbered from 661,233 to 782,053, both inclusive, created due to a capital increase
dated December 11, 2007 recorded in notarial instrument by the Notary Public of Madrid Mr. Ignacio
Ramos Covarrubias, under protocol order number 6,687 (hereinafter, the “Deed of Capital
Increase”), which Deed of Capital Increase was filed before the Registry of Commerce of Madrid
but its registration is still pending. The Parties hereto agree or, as the case may be, mutually
authorize themselves so that any of them may appear before a Spanish Notary Public to initiate a
proceeding in the notarized document of the present Stock Purchase or official declaration stating
that the Deed of Capital Increase was registered. Stocks abovementioned in (i) and (ii) shall be
hereinafter referred to as “Transferred Stocks”.

(b) Along with, or as a consequence of the transfer of the Transferred Stocks, the Seller
assigns and transfers to the Purchaser: (i) any and all rights of the Seller to capitalize
39.9999974% (thirty nine point nine nine nine nine nine seven four percent) of the additional
paid-in capital paid to PVIE as at the Execution Date; (ii) 39.9999974% (thirty nine point nine
nine nine nine nine seven four percent) of every right of the Seller to any cash dividend unpaid
and declared by PVIE before the Execution Date (if necessary, PESA commits itself to notify PVIE in
writing about said assignment); (iii) 39.9999974% (thirty nine point nine nine nine nine nine seven
four percent) of every right of the Seller to receive new Stocks from PVIE corresponding to
subscriptions offered by PVIE before the Execution Date that have not been subscribed up to that
date; (iv) 39.9999974% (thirty nine point nine nine nine nine nine seven four percent) of every
right of the Seller to subscribe new Stocks of PVIE after the Execution Date as a result of
capitalizations of PESA credits with PVIE (if necessary, PESA commits itself to notify PVIE in
writing about said assignment) or reservations or any other reason; and (v) 39.9999974% (thirty
nine point nine nine nine nine nine seven four percent) of any other distribution declared by PVIE
that has not been distributed as at the Execution Date.

2.2. Purchase Price. (a) The Purchase Price of Transferred Stocks as well as the other
rights abovementioned in Clause 2.1(b), net and free of any withholding or Tax, fee and
contribution that may encumber the purchase of Transferred Stocks, established as at September 30,
2007, is US$ 423,300,000 (American Dollars four hundred twenty three million and three hundred
thousand), subject to any adjustment as provided in Annex 2.2 of the present Agreement
(hereinafter, the “Purchase Price”).

(b) The Purchase price shall be increased by the amount of the interests that should be
calculated to the Interest Rate Agreed over said amount for the period ranging as from September
30, 2007 (inclusive) and the Closing Date (exclusive).

(c) The Purchase Price that the Purchaser shall pay the Seller on the Payment Date of the
Price through wire transfer to the account No. XXXXXXXX, ABA XXXXXXXXX, Swift CITIUS33, Beneficiary
Petrobras Energía S.A. opened in Citibank New York or any other account that the Seller may
indicate by writing to the Purchaser at least ten (10) working days in advance of the Payment Date
of the Price. Any possible banking fee and expense related to the wire transfer and deposit of the
Purchase Price to the Seller account shall be paid by the Purchaser.

(d) Except as stated in the abovementioned paragraph and what may be otherwise provided for in
the present Agreement, every transaction cost, including transfer and registration taxes and
related ones shall be paid by the Party incurring in the expense.

(e) Once the funds have been credited in the account abovementioned in Clause 2.2(c), the
Seller will issue a receipt confirming that the Purchaser duly paid the Purchase Price.

 

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SECTION 3. DECLARATIONS AND WARRANTIES OF THE SELLER.

As at the Execution Date, the Seller hereby declares and warrants the Purchaser the following:

3.1 Constitution and Effectiveness. (a) To the best knowledge and belief of the
Seller, the Companies are duly organized, validly existing and in good standing under the laws of
the corresponding places of constitution and registration. Also, they hold full corporate powers
and authorization to own their assets or dispose of them and carry out their corresponding
activities as they currently do. The Seller has given the Purchaser a true copy of the Companies
Bylaws in force.

(b) The Seller is a company duly organized, validly existing and in good standing under the
laws of the Argentine Republic, with full powers and authorization to own the Transferred Stocks
pursuant to current Spanish regulations.

3.2 Authorization. (a) To the best knowledge and belief of the Seller, all corporate
procedures and any other formalities to be carried out by the Seller have been duly and properly
carried out, including but not limited to, every measure to be taken by the directors, shareholders
or employees of the Seller so as to authorize the Seller to enter into and comply with this
Agreement and transfer the Transferred Stocks.

(b) The Seller has full rights, powers and authorization to enter into the present Agreement
and observe its obligations. The present Agreement has been duly executed by the Seller and
constitutes a valid and binding obligation of the Seller under its terms and conditions.

3.3 No conflicts. To the best knowledge and belief of the Seller, neither the
execution and delivery of the present Agreement nor the consummation of the transactions considered
herein (i) shall result in the acceleration of, or in the right of any Party to accelerate,
terminate, amend or cancel any material trust agreement, contract, lease agreement, sub-lease
agreement, loan agreement, title or any other obligation or significant liability of the Companies
or to which they are bound to or to which any of their assets are subject to, being necessary the
other Party’s consent to avoid said acceleration if necessary; (ii) shall be in conflict with,
shall result in the infringement of, or shall constitute any breach under any provision of the
Bylaws (or other incorporation documents) or Shareholders agreement of the Seller or the Companies
or a breach or infringement of any restriction, encumbrance, charge, trust agreement, contract,
lease agreement, sub-lease agreement, loan agreement, title or any other obligation or significant
liability of the Seller or Companies or to which they are bound to or to which any of their assets
are subject to, and shall not result in the creation of any encumbrance or charge over said assets;
or (iii) shall violate or infringe any judgment, court order, decree, rule or regulation of any
court or governmental entity to which the Seller or the Companies are subject to and that, in the
case of the abovementioned subsections (i), (ii) and (iii), it may have or may reasonably be
expected to have Material Adverse Effects.

3.4 Ownership of Transferred Stocks. Subsidiaries. (a) The Seller is the direct and
registered owner of the Transferred Stocks and has good, valid and marketable titles of the
Transferred Stocks, which, to its best knowledge and belief, are free of any Encumbrance. To the
best knowledge and belief of the Seller, once the transfer of the Transferred Stocks has been
performed pursuant to the Spanish legislation and has been recorded in notarized document, the
Purchaser shall acquire the valid and absolute title over the Transferred Stocks free of any
Encumbrance.

(b) Except for PEP, PEV and CP31OIL, PVIE does not (x) own shares or other stocks of any
artificial person or company and neither (y) has other direct subsidiary.

3.5 Capitalization. (a) The capital stock of PVIE consists of 782,053 Stocks. Every
Stock is validly issued, subscribed and paid in and grants equal rights and obligations.
Notwithstanding the aforementioned, the registration of the Deed of Capital Increase by which the
Seller acquired 302,053 Stocks numbered from 480,001 to 782,053, both inclusive, is still pending
in the Registry of Commerce of Madrid. On December 20, 2007, the Deed of Capital Increase has been
filed in the Registry of Commerce of Madrid, and the filing entry has such date. There is no other
type of stock in PVIE capital stock. There are no options or other rights to acquire additional Stocks or other type of stocks in PVIE capital pending or that
otherwise grant its holder the right to acquire additional Stocks or other stocks and PVIE is not
obliged to issue said options.

 

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(b) PVIE is the beneficial and record owner of every share and/or other stocks of the capital
stock of PEP (except for 300,010 registered shares that represent 0.21% of PEP capital stock owned
by Petrobras Energía Internacional S.A.), PEV and CP31OIL (except for the minority participation of
Petrobras Energía Ecuador). To the best knowledge and belief of the Seller, all said shares have
been duly authorized, validly issued, completely paid-in (except for the case of CP31Oil which has
US$10,000 (Dollars Ten thousand) pending to be paid in), they have not been issued violating any
right of first refusal, preferential right, subscription right or related right. All said shares
are not subject to additional payments.

(c) As at the Execution Date, the Companies do not have any of the following pending (i)
increases or decreases of capital or capitalizations of non-refundable investments, (ii)
subscription, issuance or redemption of Stocks or shares, (iii) amendment to Companies Bylaws, (iv)
corporate merger, spin-off or transfer, and (v) other equally significant corporate measures
besides the transfer of Transferred Stock to the Purchaser pursuant to the present Agreement that
includes the rights mentioned in Clause 2.1(b).

3.6 Financial Statements. Financial statements of PVIE, PEP and PEV as at September
30, 2007 (hereinafter, the “Financial Statements”) are included in Annex 3.6. The
Financial Statements: (i) are adjusted to the accounting books and records of the corresponding
Companies; (ii) have been prepared in accordance with the corresponding effective GAAPs in each of
the countries where the Companies are organized and registered (as the case may be) consistently
with the policies and experience of the Companies; (iii) are true and correct, and reasonably
reflect the assets and the economical and financial situation of the corresponding Companies as at
their date; and (iv) that correspond to PVIE have been examined by independent auditors.

3.7 Insurance. To the best knowledge and belief of the Seller, the Companies have
every insurance policy necessary to carry out their activities and cover their goods. To the best
knowledge and belief of the Seller, all said policies are valid and in full force and effect
according to their terms and have been taken out with acknowledged companies. To the best knowledge
and belief of the Seller, no insurance policy has been denied to the Companies and no insurance
policy has been cancelled to any of the Companies during the last five years.

3.8 Lawsuits. To the best knowledge and belief of the Seller, except as stated in
Annex 3.8 and Annex 3.22(b) attached herein, there is no action, suit, proceeding, arbitration or
investigation pending or currently threatened against: (i) the Companies or the assets, properties
or activities of the Companies that may have a Material Adverse Effect; or (ii) the Seller and the
ownership of Stocks. To the best knowledge and belief of the Seller, there is no court order,
judgment or decree currently in force against the Companies or the Seller in relation to the
management of the Companies that may have a Material Adverse Effect.

3.9 Authorizations and Permits. To the best knowledge and belief of the Seller, the
Companies own or have under their name every authorization and permit necessary to use the term
“Petrobras” in their company name, trademarks, logotypes or other intellectual and industrial
property rights related to said term or to phrases that include it. They own or lease, manage and
use their assets and goods and carry out their activities as they are currently doing, except for
the authorizations and permits, the absence of which is not susceptible to have a Material Adverse
Effect. To the best knowledge and belief of the Seller, the Companies do not violate or infringe
any authorization or permit that may reasonably have, individually or as a whole, a Material
Adverse Effect or that may significantly interfere with the performance of the transactions herein
mentioned.

3.10 Taxes. (a) Except as stated in Annex 3.10, to the best knowledge and belief of
the Seller, the Companies have paid before the due date or have definitely cancelled every exigible
and payable Tax or that shall become exigible or payable corresponding to every period up to the
Execution Date inclusive. To the best knowledge and belief of the Seller, the Companies have duly
and timely filed every declaration, report and form required to have been filed by it in relation
to any Company Tax for every period up to the Execution Date inclusive, except for the case in
which the lack of filing does not have a Material Adverse Effect. To the best knowledge and belief
of the Seller, the Companies do not have any pending payment obligation and/or filing of
declarations, reports and forms that need to be filed in relation to any Company Tax for every
period up to the Execution Date inclusive that may have a Material Adverse Effect.

 

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(b) The term “Tax” means any of the Taxes and “Taxes” means every tax, fee,
charge, imposition, contribution, rights or rates of any type, together with the surcharges or
additional amounts, interests and penalties related to them that may be applied by the national,
provincial or municipal government or by any foreign government entitled to do so.

3.11 Intermediaries. The Seller has not hired any intermediary in connection with the
transactions herein considered and it is not obliged and has not agreed to pay any intermediation
commission or any similar remuneration.

3.12 Absence of Certain Transactions. To the best knowledge and belief of the Seller,
except for the information included in Annex 3.12, as from September 30, 2007 to the Execution
Date, the Companies have been pursuing their ordinary course of business and they have not:

	 	(i)	 	experienced any Material Adverse Effect;

	 	(ii)	 	declared, reserved or paid any dividend related to outstanding shares or
Stocks, except for the payment of a dividend amounting to US$ 10,783,447.29 made by PEP
on December 3, 2001;

	 	(iii)	 	experienced or received threats of strikes, labour conflicts, work to rule or
labour stoppage (except for those of national or regional impact) that may derive in a
Material Adverse Effect;

	 	(iv)	 	substantially revaluated any of its material assets;

	 	(v)	 	taken up any money loans, or sold or issued debt securities, except in the
ordinary course of business;

	 	(vi)	 	cancelled or pre-cancelled any liabilities or obligations, nor remitted or paid
debts or claims, or waived rights or claims in their favour, except in the ordinary
course of business, except for the cancellation by PEV of a loan agreement with World
Fund Financial Services on October 29, 2007 amounting to US$ 202,191,548.07 including
the amount of US$ 1,614,170 for interest accrued as of October 29, 2007;

	 	(vii)	 	made payments or granted money loans to third parties or entities, except in
the ordinary course of business;

	 	(viii)	 	licensed, sold, transferred, pledged, modified, communicated to the general public,
alienated or allowed any intellectual property right to expire;

	 	(ix)	 	allowed any of their property or material assets valued over US$ 100,000 be
subject to any significant Encumbrance;

	 	(x)	 	sold, transferred or leased (as lessor) any material assets;

	 	(xi)	 	made any change in the accounting methods, policies, practices or principles,
except pursuant to GAAP’s applicable to each of the Companies (as the case may be);

	 	(xii)	 	modified, renegotiated or terminated (except for performance) any material
agreement;

	 	(xiii)	 	waived, or lost because of their fault, any tax or promotional benefit they were
entitled to, and that might give rise to a Material Adverse Effect; or

	 	(xiv)	 	agreed upon in writing to perform any of the acts described in this Clause
3.12.

3.13 Governmental Authorizations. Except as stated in Annex 3.13 hereto, to the best
knowledge and belief of the Seller, no consent, approval, authorization, order, presentation,
registration or permit is required from any court, governmental authority of the Argentine
Republic, the Kingdom of Spain, the Republic of Peru, the Republic of Ecuador or the Bolivarian Republic of Venezuela or from any other third party,
in relation to the execution and delivery of this Agreement by the Seller, or for performance by
Seller of transactions herein considered.

 

5

 

3.14 Ownership of Companies’ Assets; Non-existence of Encumbrances. (a) Except as
stated in Annex 3.14(a) hereto, by virtue of a lease or license the Companies hold legal title to,
or valid and binding right to, all their assets, free from Encumbrances, claims, charges and
security interest.

(b) The Companies hold legal title of, or valid and binding interest in every real property
and personal property used by the respective Companies to conduct their business.

3.15 Oil Contracts. (a) Annex 3.15(a) indicates (i) all Hydrocarbon Concessions and
Exploration Permits included in the Oil and Gas Assets, (ii) all contracts included in the Oil and
Gas Assets related to the payment of Hydrocarbon royalties, areas of common interest, locations,
bonuses, use, sale and commercialization, and (iii) all contracts included in the Oil and Gas
Assets related to Hydrocarbons processing and transportation (the items in above subsections (i) to
(iii) hereinafter jointly referred to as “Oil Contracts”). Except as stated in Annex
3.15(b), neither of the Companies have received any written notice whatsoever regarding the
violation of any Hydrocarbon Concession, except for violations not likely to result, either
individually or jointly, in a civil action, fine, penalty or loss in excess of US$ 5,000,000
(United States Dollars five million), or in any criminal charge, liability or sanction.

(b) Except as stated in Annex 3.15(b), (x) the Oil Contracts have been executed fully in
accordance with the interpretation of the effective legislation at the time of their execution, and
to the best knowledge and belief of the Seller, no official declaration has been known to object
the Oil Contracts in their validity and binding effect for each of the Companies party to said
agreements, which are in full force and effect, (y) as regards each Oil Contract, neither Company
party to them, or to the best knowledge and belief of the Seller, no other person that is party to
any Oil Contract is in violation or non-compliance under it, and (z) there has been no event that,
through serving of a notice or by mere lapse of time, or both, might become a violation or
non-compliance under any Oil Contract by any of the Companies party to said Oil Contracts, or, to
the best knowledge and belief of the Seller, by any other person party to an Oil Contract.

3.16 Books and Records. To the best knowledge and belief of the Seller, the books and
records of the Companies are kept pursuant to the pertinent GAAP’s applicable to each of them
according to their country of constitution or registration, and in consistency with prudent and
reasonable commercial practices; they are accurate and true in all their material aspects and
reflect the transactions, assets and liabilities of the respective Companies with reasonable degree
of detail.

3.17 Powers of Attorney. No powers of attorney have been issued by the Companies and
are currently effective except as indicated in Annex 3.17.

3.18 Non-disclosed Liabilities. To the best knowledge and belief of the Seller, at the
Execution Date, the Companies hold no liability of any nature (whether accrued, absolute, fixed,
contingent, liquidated, not liquidated or of any other type; whether due or to be due, whose
disclosure in the balance sheets of the Companies is required or not by the pertinent applicable
GAAPs) except for (i) liabilities reflected in the Financial Statements, or for which provisions
have been made, (ii) liabilities or obligations reported in Annex 3.18 attached hereto and forming
an integral part hereof, and in the remaining annexes to this Agreement, or (iii) liabilities or
obligations reported in this Agreement, or (iv) liabilities or obligations not deriving in Material
Adverse Effects.

3.19 Restrictions to the Companies’ Activities. To the best knowledge and belief of
the Seller, except as set forth in Annex 3.19, there is no agreement, decision, judgement, court
order or decree binding for the Companies, having -or being susceptible to have- the effect of
prohibiting or affecting any commercial practice of the Companies, the acquisition of goods by the
Companies, or their conducting of the Companies’ business as they are currently doing.

 

6

 

3.20 Environmental Matters. To the best knowledge and belief of the Seller, except as
set forth in Annex 3.8, Annex 3.18, and Annex 3.20(a) or except for those matters that, either
individually or jointly, are not susceptible to have a Material Adverse Effect, (a) to the best knowledge and belief of the
Seller, the Companies own and operate their assets essentially complying with all Environmental
Laws and Regulations; (b) there is no environmental claim pending by any competent authority, or
threatened to be filed against the Companies, to the best knowledge and belief of the Seller, and
the Companies have not received any written notice of their supposed, actual or potential liability
for, or any inquiry or investigation related to, any supposed violation or non-compliance with any
Environmental Law; (c) except as allowed by, or whenever it could not result in any liability under
any Environmental Law, to the best knowledge and belief of the Seller, there is no underground
storage tank located in any premise owned, leased or operated by the Companies; and (d) there has
not occurred any release, to the best knowledge and belief of the Seller, by the Companies, or by
any other party, on, in or within any premise subject matter of the Oil Contracts, in such
quantities or degrees that may require repair, or their pertinent report pursuant to any
Environmental Law, regarding which the Companies could be held responsible for or punished pursuant
to the Environmental Laws. All written reports drafted in relation to any environmental research,
study, audit or assessment as regards the Oil and Gas Assets made by the Seller or the Companies or
on their behalf, or which otherwise are in possession of the Seller or the Companies have been
placed at the Purchaser’s disposal and are listed in Annex 3.20(b) (the “Environmental
Reports”).

3.21 Right of First Refusal. To the best knowledge and belief of the Seller, there is
no Right of First Refusal.

3.22 Labour Matters. (a) In Annex 3.22(a) the name, hiring date and position of each
regular full time or part time employee of each Company is indicated as of the Execution Date; the
same data are provided for any employee of the Companies who is on authorized leave and who has the
right to resume working (hereinafter, the “Employees”), as well as the organizational
charts of the respective Companies.

(b) The Companies keep the pertinent records as regards the employment and employment
background of each Employee pursuant to the applicable legislation in this matter. If it is
relevant for each Employee, each file contains documents such as bonuses, commissions, benefits,
prior requirements, bonuses accrued, sick leaves accrued, compensations for dismissal accrued,
retirement benefits accrued, holiday leaves accrued and any lawsuit that may involve said Employee
and the respective Company pursuant to applicable laws as the case may be. The Companies comply
with their obligations as regards personal data protection, pursuant to applicable laws as the case
may be.

(c) Except as stated in Annex 3.22(c) attached hereto, there are no (i) pending strikes,
lawsuits, work to rule, representation campaigns or stoppages as regards the employees of any of
the Companies, or, to the best knowledge and belief of the Seller, threatened against or affecting
any of the Companies, (ii) claim or arbitration proceedings deriving from collective bargaining
agreements where the Companies are a party to (besides informal claims), (iii) pending or
threatened claims for disloyal practices in trade union affairs, to the best knowledge and belief
of the Seller, against any of the Companies, or (iv) collective bargaining agreements or other
agreements with trade unions applicable to employees of any of the Companies, and there are no
activities or procedures by any trade union to organize such employees.

3.23 Royalties and Fees. Except as stated in Annex 3.23, as of the Execution Date (a)
all statements to be submitted by each of the Companies, or by the operator, to the best knowledge
and belief of the Seller, in relation to Royalties and Fees regarding the Hydrocarbon Concessions
and Exploration Permits on or before the Execution Date, have been duly submitted before the
pertinent authorities; (b) to the best knowledge and belief of the Seller, said statements are
true, complete and accurate for the periods they cover; (c) all Royalties, fees and income accrued
before the Execution Date and payable by any of the Companies before said date regarding the
Hydrocarbon Concessions and Exploration Permits have been fully paid and cancelled; and (d) no
amount is owed as royalties, fees, interest, fines or penalties that might have a Material Adverse
Effect.

3.24 Bank Accounts. Annex 3.24 herein contains a list detailing the names and
addresses of each of the banks where the Companies hold bank accounts and/or safety boxes, and the
number of such accounts and safety boxes.

 

7

 

SECTION 4. REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

The Purchaser hereby declares and warrants the Seller as follows:

4.1 Constitution and Effectiveness. The Purchaser is a company duly organized, validly
existing and in good standing under the laws of the Kingdom of the Netherlands. It holds full power
and authorization to enter into this Contract, to conduct its usual business, to be the owner of
the assets owned by the Purchaser, to perform the transactions hereby considered, and to fulfil its
obligations hereunder.

4.2 Authorization. All corporate procedures and any other formalities to be carried
out by the Purchaser have been duly and properly carried out, including but not limited to, every
measure to be taken by the directors or shareholders of the Purchaser so as to authorize it to
enter into and comply with this Agreement. The present Agreement has been duly executed by the
Purchaser and constitutes a valid, binding and enforceable obligation of the Purchaser under its
terms and conditions.

4.3 Performance. Under no circumstances shall the execution and delivery of this
Agreement and the performance of the transactions hereby considered:

(a) result in the violation of any of the terms and conditions of, or constitute
non-compliance with or violation of, as the case may be: (i) the Articles of Incorporation or the
Bylaws of the Purchaser, or (ii) any contract, mortgage, security, bonus, trust agreement, license,
guarantee or any other document or commitment, either oral or written, through which the Purchaser
or any of its parent companies are bound, or through which any of its properties or assets can be
affected; or

(b) violate any rule, regulation, judgement, court order or decree issued by any court,
administrative entity or governmental organization.

4.4 Lawsuits. To the best knowledge and belief of the Purchaser, there is no action,
suit, proceeding, arbitration or investigation pending or threatened objecting to the effectiveness
of this Agreement, or any measure adopted or to be adopted in relation to this Agreement or to the
performance of transactions herein considered.

4.5 Intermediaries. The Purchaser has not hired any intermediary in connection with
the transactions herein considered, and is not obliged and has not agreed to pay, any
intermediation or brokerage commission, or any similar remuneration.

4.6 Governmental Authorizations. Except as indicated in Annex 4.6 hereto, to the best
knowledge and belief of the Purchaser, no consent, approval, authorization, order, presentation,
registration or permit is required from or before any court, governmental authority or any other
third party, in relation to the execution and delivery of this Agreement by the Purchaser, or for
performance by the Purchaser of transactions herein considered.

4.7 Financial Capacity. The Purchaser holds sufficient unrestricted funds to pay for
the Purchase Price and make any other payment that must be made pursuant to this Agreement, and
will not be prevented from making any payment hereunder.

SECTION 5. CLOSING DATE AND DOCUMENTS

5.1 Closing Date and Place. The assignment and transfer of the Transferred Stocks
hereby considered (hereinafter, the “Closing”) takes place in Madrid at the office of the
Notary Public Mr. Ignacio Ramos Covarrubias, simultaneously with the execution of this Agreement
and its notarization in Spain.

5.2 Documentation of the Seller. The Seller hereby performs the following acts:

(i) Delivers to the Purchaser the copies of duly notarized corporate resolutions of the Seller
duly authorizing the execution, delivery and performance of this Agreement and the transactions
herein considered.

 

8

 

(ii) Signs and serves notice upon PVIE of the sale and transfer of the Transferred Stocks in
favour of the Purchaser, so that PVIE records such transfer in the Registry Book of Partners.

(iii) Signs and delivers the Shareholders Agreement.

5.3 Obligations of the Purchaser. (a) The Purchaser hereby executes and delivers the
Shareholders Agreement.

(b) Payment of the Purchase Price pursuant to Clause 2.2 hereof shall be made within a
thirty-day (30-day) term of the Closing (hereinafter, the “Payment Date of the Price”).

SECTION 6. INDEMNIFICATION

6.1 Indemnification by the Seller.

6.1.1 Subject to the limits established in Clause 6 herein, the Seller agrees to indemnify,
defend and hold the Purchaser and each one of the shareholders, Affiliates, officers, directors,
employees, agents, successors and assignees of the Purchaser (the Purchaser and the aforementioned
persons hereinafter jointly referred to as the “Indemnified Persons of the
Purchaser”) harmless from and against any and all third party claims, lawsuits, trials,
losses, damages, payments, sanctions or omissions (including interest, sanctions, costs of
preparation and investigation and reasonable attorney’s fees) (hereinafter jointly referred to as
“Losses”) incurred or suffered by the Indemnified Persons, due to: (a) any inaccuracy in
the Seller’s declaration included herein; (b) the violation of any Seller’s warranty stated herein;
and (c) non-compliance with any commitment, agreement or any other obligation of the Seller
pursuant to this Agreement.

6.1.2 The maximum amount that the Purchaser will be entitled to receive pursuant to this
Clause 6 shall be equal to twenty percent (20%) of the Purchase Price.

6.1.3 Unless otherwise provided for in this Agreement, the liability of the Seller for claims
deriving from violations to representations, warranties, agreements, commitments and obligations
shall lapse within a 5 (five) year term counted as from the Execution Date; upon the expiration of
such term, the possibility to file claims against the Seller shall be extinguished and rendered
ineffective.

6.2 Indemnification by the Purchaser.

6.2.1 Subject to the restrictions established in Clause 6 herein, the Purchaser agrees to
indemnify, defend and hold the Seller and each one of the shareholders, Affiliates, officers,
directors, employees, agents, successors and assignees of the Seller (the Seller and the
aforementioned persons hereinafter jointly referred to as the “Indemnified Persons of the
Seller”) harmless from and against any and all Losses incurred or suffered by the
Indemnified Persons of the Seller, due to: (a) any inaccuracy in the Purchaser’s declarations
included herein; (b) the violation of any Purchaser’s warranty stated herein; and (c)
non-compliance with any commitment, agreement or any other obligation of the Purchaser pursuant to
this Agreement.

6.2.2 The maximum amount that the Seller will be entitled to receive pursuant to this Clause 6
shall be equal to twenty percent (20%) of the Purchase Price.

6.2.3 Unless otherwise provided for in this Agreement, the liability of the Purchaser for
claims deriving from violations to representations, warranties, agreements, commitments and
indemnifying obligations of the Purchaser shall lapse within a 2 (two) year term counted as from
the Execution Date; upon the expiration of such term, the possibility to file claims against the
Purchaser shall be extinguished and rendered ineffective.

6.3 Notice and Opportunity for Defence. If any event takes place and, as determined by
any of the Parties hereto, is a true, indemnifiable event pursuant to Clauses 6.1 or 6.2 herein,
the Party seeking to obtain indemnification (the “Indemnified Party”) must immediately
notify so to the Party obliged to provide indemnification (the “Indemnifying Party”). If
said event involves (a) a claim, or (b) the filing of any action or proceeding by any third party,
the Indemnified Party shall serve written notice upon the Indemnifying Party of

 

9

 

said claim or the filing of said action or proceeding within fifteen (15) days from the date
on which the Indemnified Party acknowledges such event; notwithstanding the above, it is hereby
established that the delay in notification or the absence of notification to the Indemnifying
Party shall solely release the Indemnifying Party from its obligations if the latter is eventually
damaged by said delay or omission. The Indemnifying Party shall have a thirty (30) day term to
reply. If within such 30-day term, the Indemnifying Party accepts the liability, then, the
Indemnifying Party shall be obliged to settle or defend said matter, at its own expense and through
lawyers chosen by the Indemnifying Party and reasonably satisfactory for the Indemnified Party, and
the Indemnifying Party shall provide the Indemnified Party the guarantees that the Indemnified
Party may reasonably require in order to ensure that the Indemnifying Party shall assume and be in
charge of full liability for such matter. If the Indemnifying Party answers within such thirty
(30)-day term and rejects the liability for such matter, either in whole or in part, or does not
answer, the Indemnified Party shall be free to file, notwithstanding any of its rights herein, any
remedies that the Indemnified Party may have available by virtue of the applicable legislation, at
the expense of the Indemnifying Party. The Indemnified Party hereby agrees to fully collaborate
with the Indemnifying Party and its legal advisors in the defence of the determined liability. In
any case, the Indemnified Party shall have the right to participate in the defence of the
determined liability, as a non-controlling company and at its own expense. Any settlement regarding
the determined liability by the Indemnifying Party shall require the prior written consent of the
Indemnified Party, and until such consent is obtained, the Indemnifying Party shall continue with
the defence of the determined liability. Nevertheless, if the Indemnified Party refuses to give its
consent to a settlement offer in good faith that the Indemnifying Party wishes to accept, the
Indemnified Party may continue with the proceedings of such matter, with no participation of the
Indemnifying Party, at the sole expense of the Indemnified Party. In that case, the obligation of
the Indemnifying Party to the Indemnified Party shall be the lower of (i) the amount of the
settlement offer that the Indemnified Party refused to accept plus the costs and expenses of the
Indemnified Party prior to the date on which the Indemnifying Party notifies the Indemnified Party
of the settlement offer, and (ii) the actual amount that the Indemnified Party is obliged to pay
for having decided to continue with proceedings for said issue. The Indemnifying Party shall have
the right to recover from the Indemnified Party any additional expenses incurred by the
Indemnifying Party as a result of the Indemnified Party decision to continue with proceedings for
said issue.

6.4 Reduction on account of Insurance or Third-party Payments. The amount that the
Indemnifying Party is obliged to pay to, by or on behalf of the Indemnified Party pursuant to this
Clause 6 will be reduced (including, but not limited to, retroactive effects) by the amount of any
proceeds from insurance, or from any funds received from a third party, effectively recovered by or
on behalf of the Indemnified Party and reducing the related indemnifiable loss (the
“Indemnifiable Loss”). The amounts to be paid, so reduced, shall be hereinafter referred to
as “Indemnification Payment”. If the Indemnified Party had received, or if the Indemnifying
Party had paid on its behalf, an Indemnification Payment related to an Indemnifiable Loss, and
later received, directly or indirectly, the proceeds of any insurance or any funds from a third
party (duplicating the Indemnification Payment either in whole or in part) as regards said
Indemnifiable Loss, the Indemnified Party must immediately pay the Indemnifying Party the amount of
such insurance proceeds, or of the funds received from a third party, or, if it were lower, the
amount of the Indemnification Payment. The Parties hereto do hereby agree that the preceding
statement shall not affect the subrogation rights of any insurance company making payments pursuant
to this agreement.

6.5. Waiver. The Parties hereto do hereby expressly waive the right to invoke the
legal regime provided for in section 1532 of the Spanish Civil Code related to sales of assets,
applying instead the terms and conditions herein, and particularly, the indemnification procedure
hereby established in this Section 6.

SECTION 7 — EVENTUAL COMPENSATION FOR FINDING

7.1. The Parties hereto do hereby acknowledge and declare that PEP, as partner of the Joint
Operation Agreement of Block 57, is conducting exploration activities to find commercially
exploitable Hydrocarbons, on a certain portion of Block 57 called “Prospecto Kinterori; Kinterori
Prospect”.

7.2. No commercially exploitable Hydrocarbons have been found to date as a result of the
exploration jobs in “Kinterori Prospect”.

 

10

 

7.3. In the event Hydrocarbons are found in “Kinterori Prospect”, the Parties hereto do hereby
agree to negotiate in good faith and according to the principle of “arm’s length transaction”, a
compensation amount in favour of the Seller reflecting the value of said find in market conditions,
or, alternatively, the non-participation of the Purchaser in “Kinterori Prospect” and its pertinent
compensation. Said negotiation and agreement may occur at any time, but restricted to the maximum
term of 180 (one hundred and eighty) days counted from the declaration of marketability of said
finding before the application authority of the Republic of Peru.

SECTION 8. GENERAL PROVISIONS 

8.1 Expenses. Except for what this Agreement sets forth on the contrary and with the
exception that one Party that does not breach the present Agreement shall be entitled to claim from
the breaching Party all costs and expenses arisen from such breach (including but not limited to
all legal costs and expenses), each Party shall pay its own costs and expenses incurred or the ones
to be incurred during negotiation, closing and execution of the present Agreement. The costs and
expenses arisen from notarizing the present Agreement shall be afforded in equal parts.

8.2 Notices. (a) All notices, requests, demands and other communications given
pursuant to this Agreement (jointly the “Notices”) shall be in writing and by fax and immediately
delivered either personally or by mail, return receipt requested and postage prepaid, as follows:

To Seller, to:

Petrobras Energía S.A.

Maipú 1,

C1084ABA Ciudad de Buenos Aires

Argentine Republic

Mr. Carlos Fontes

To Purchaser, to:

Petrobras International Braspetro BV

Prins Bernardplein 200

JB 1097 Amsterdam

The Netherlands

Mr. Cláudio Castejon / Marcos Antonio Zacarias

(b) All Notices shall be deemed given when duly received in case of delivery by fax (with
return receipt) during working hours in the office of recipient, or by personal delivery or ten
days after being sent by mail, addressed as per provided in Clauses 8.2(a) herein, as the case may
be. As from the date of the present, each Party shall notify the other by fax and mail any change
in domicile or person to which the notice shall be served as per Clause 8.2.

8.3 Counterparts. This Agreement is executed in two (2) counterparts, each of which
shall be deemed an original and together shall constitute one and the same instrument. Moreover,
they shall be valid only if signed by the Purchaser and Seller, except for the Annexes hereunder,
which shall be valid when bearing the initials of Mr. Gustavo Amaral or Mr. Michael Ditchfield on
behalf of the Seller and Mr. Marcos Antonio Zacarias or Mr. Alvaro Bahia on behalf of the
Purchaser.

8.4 Entire Agreement. The present Agreement and Annexes hereto constitute a full and
entire agreement among the Parties with regard to the transactions hereof, and replace all
negotiations, declarations, statements, commitments, offers and agreements, whether written or
oral, existing between the Parties before the Execution Date. No waiver, modification or change
whatsoever in any provision of the present Agreement or Annexes shall be valid if it is not in
writing and duly signed by the Purchaser and/or authorized assignees and/or successors and the
Seller and/or authorized assignees and/or successors.

8.5 Headings. The titles of the present Agreement and Annexes are only a reference
and shall not alter the meaning or interpretation of the present Agreement.

 

11

 

8.6 Agreement Assignment and Modification. The present Agreement shall be binding for
the corresponding successors and assignees of the Parties hereto. The present Agreement cannot be
assigned, due to rule of law or any other reason, without previous written consent of the other
Party, unless the assignee were an Affiliate, subsidiary or parent company of the assigning Party.
The present Agreement can only be modified with the written consent of the Parties hereto and it
shall be duly signed by an authorized representative of each Party.

8.7 Governing Law. Jurisdiction. (a) The present Agreement, its interpretation,
validity and the rights and obligations arising hereof shall be governed and interpreted in
accordance with the laws of Spain.

(b) Controversies or claims (hereinafter, “Controversy”) of any kind and nature
arising from or related to the present Agreement shall be solved in one of the following ways:

(i) By mutual consent of the Purchaser and Seller involved in the Controversy expressed by a
letter signed by the Parties hereof, through which the Seller’s president or executive officer it
may assign and the Purchaser’s president or executive officer it may assign shall negotiate in
person to reach a solution for the Controversy. If the assigned executives cannot solve the
Controversy within twenty (20) days from their initial negotiation, they shall bind themselves to
hold a personal meeting in a place to be agreed for two (2) complete days in order to negotiate a
solution for the Controversy. Only in case they cannot reach a solution as per provided for in this
subsection, the Controversy shall be solved according to Clause 8.7(ii) hereunder. The letter with
the mutual consent to negotiate may establish rules, procedures, terms and other issues agreed upon
by the Parties.

(ii) If the Parties fail to solve the Controversy according to above subsection (i), the
Controversy shall be subject to arbitration in law pursuant to the arbitration rules of the
International Chamber of Commerce and its decision shall be communicated in writing. All decisions
of the Arbitration Court shall be definitive and not open to appeal. The arbitration shall be
carried out in Madrid, Spain, unless the Parties by mutual consent agree on other place in Spanish
language. The Arbitration Court shall be composed by three arbitrators appointed according to the
applicable arbitration rules. All proceedings that may exist between the Parties can be gathered in
one arbitration proceeding. Arbitrators cannot decide ex aequo et bono on any controversy filed
before them. They shall apply in all cases the terms and conditions of the Agreement, and then the
Spanish law. All resolutions of the arbitration court related to any claim, dispute or difference
related to or originated in the present Agreement, whether matter of law or fact, shall be binding
for the Parties only in relation to the same arbitration proceeding. Therefore, the Parties cannot
oppose any resolution contained in such arbitrament in any other arbitration or judicial proceeding
for a purpose different than the execution of such arbitrament. The Parties bind themselves to
recognize the arbitrament of the selected arbitration court as final and binding and, therefore,
they are committed to comply in good faith with what was decided in such arbitrament. The Parties
waive to any right to appeal before any legal court that would be competent to solve the
Controversy unless the previous paragraphs did not specify otherwise. However, the Parties may
request the intervention of competent courts of any jurisdiction to enforce the resolutions of the
Arbitration Court.

8.8 Payment Currency. Unless otherwise specified in this Agreement, the payment of the
Purchase Price as well as any other amount to be paid by the Purchaser to the Seller pursuant to
this Agreement shall be performed free of any expense, banking commission and tax to bank
transferences, in American Dollars immediately available and in New York City, United States of
America. No payment shall be cancelled until the Seller receives the payment amount in American
Dollars of free availability in New York City. All the expenses and taxes related to the payment
mechanisms provided in this Clause shall be paid by the Party that is responsible for the payment.

8.9 Further Provisions. Each Party agrees to execute and grant -or to order to execute
and grant- the other instruments at the date of the present or afterwards. They also agree to take
the necessary measures to transfer the Transferred Stocks, to perform all payments to Seller as per
the terms herein set forth, and to perform the transactions herein considered in order to carry out
the provisions and subject matter of the Agreement. Moreover, the Seller agrees to give the deeds
and/or notarial instruments that prove that the Seller owns the Stocks being transferred through
this Agreement to the Spanish Notary Public appointed by the Parties to register the transfer of
the Transferred Stocks in such notarial instruments.

 

12

 

8.10 Severability. Should any provision in this Agreement be declared invalid or
unenforceable by any competent court, such provision shall not affect the remaining provisions
hereby or render them invalid, inapplicable or unenforceable. The Parties hereto agree to make
their best effort in order to replace any provision of this Agreement that may be rendered invalid
or inapplicable with a valid and executable one that would comply in the greatest possible degree
with the objectives considered by the Parties when including the invalid or unenforceable
provision.

8.11 Inclusion of Annexes. The Annexes of the present are included in this Agreement
and shall be deemed part of the present as if their complete text would be contained herein. The
references herein to “this Agreement” and the terms “in the present”, “herein” and related terms
shall refer to this Agreement (including the Annexes as a whole). Should there be a conflict among
the provisions of this Agreement and any of such Annexes, the provisions of this Agreement shall
prevail.

[EXECUTION PAGE BELOW]

 

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IN WITNESS WHEREOF, the Seller and Purchaser have duly executed and delivered this Agreement
on the date abovementioned.

	 	 	 	 	 
	 	PETROBRAS ENERGÍA S.A.

Seller

 	 
	 	By:  	/s/ Claudio Norberto Vazquez
 	 
	 	 	Name:  	Claudio Norberto Vazquez 	 
	 	 	Position:  Attorney 	 
	 

	 	 	 	 	 
	 	PETROBRAS INTERNATIONAL BRASPETRO BV,

Purchaser

 	 
	 	By:  	/s/  Juan Pablo Migallón Agulló
 	 
	 	 	Name:  	Juan Pablo Migallón Agulló 	 
	 	 	Position:  Attorney 	 
	 

 

14

 

ANNEX A

DIRECT SUBSIDIARIES OF PVIE

	1.	 	PERU

PVIE owns 144,700,990 registered shares, US$1 par value each and one vote per share, totally
subscribed and paid in, representing 99.79% of common stock and PEP votes.

	2.	 	VENEZUELA

PVIE owns 96,807,204 registered common shares, Bs.284.80 par value each and one vote per
share, totally subscribed and paid in, representing 100% of common stock and PEV votes.

	3.	 	ECUADOR

PVIE owns 99,999 registered common shares, US$1 par value each and one vote per share,
totally subscribed and paid in, representing 99,999% of common stock and CP31Oil votes.

 

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ANNEX B

SHAREHOLDERS AGREEMENT FORM

 

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ANNEX 1.1

DEFINITIONS

For interpretation purposes, the following terms starting with a capital letter in the present
Agreement shall convey the following meanings.

1) “Affiliate” means, regarding any person, any other company or artificial person
that directly or indirectly controls, is controlled by or is under a common control with such
person. To the purpose of this definition “control”, when used in connection with any specific
person, means the authority to manage the administration and policies of such person, directly or
indirectly, whether by owning securities and/or voting stocks, by contract or by some other way.

2) “Agreed Interest Rate” means the monthly capitalized interest at an annual rate
equal to the interbank rates offered by the British Bankers’ Association (“BBA”) for deposits in
American Dollars for (1) month that is published in the screen of Telerate Service (nowadays page
3750) or, if not available, in the corresponding pages of any other service (such as Reuters
Service or Bloomberg Financial Markets Service) in which there appear the BBA rates; effective the
first Working Day before the payment date.

3) “Agreement” has the meaning provided in the introductory paragraph of the
Agreement.

4) “Argentina” means Argentine Republic.

5) “Closing” conveys the meaning provided in Clause 5.1 of the Agreement.

6) “Companies” means, jointly or indistinctly PVIE, PEP, PEV and CP31OIL.

7) “Controversy” has the meaning provided in Clause 8.7(b).

8) “CP31OIL” means Compañía Petrolera 31 Oil S.A, a company duly organized under the
laws of the Republic of Ecuador, with legal domicile at Av. Amazonas N39-123 and Arízaga, Amazonas
Plaza Building, Quito, Republic of Ecuador.

9) “Dangerous Substances” means harmful or toxic dangerous substances, oil fields
waste (including waste water and carbon dioxide), radioactive material, chlorides, asbestos,
polychlorinated biphenyls, pollutants and dangerous materials, including all substances, materials
and waste regulated by Environmental Laws.

10) “Deed of Capital Increase” has the meaning provided in Clause 2.1(a).

11) “Employees” has the meaning provided in Clause 3.22(a).

12) “Encumbrance” means any encumbrance (arisen from law or otherwise), mortgage,
trust instrument, pledge, transfer, charge, guarantee property right, first refusal, easement,
restrictive commitment, right of first refusal, preemptive right, usurpation, conditional sale or
other ownership holding contract, rights or obligations due to earned interests, net profit,
royalties, joint venture, whether voluntary or due to the rule of law.

13) “Environmental Laws” means the applicable laws related to human health protection
from exposure to Dangerous Substances or related to environmental protection (including any
applicable law as regards generation, use, storage, treatment, disposal, release, release threat,
discharge or leakage of Dangerous Substances to interior or exterior environment).

14) “Environmental Reports” has the meaning provided in Clause 3.20.

15) “Environmental Situation” means the environmental situation of Oil and Gas Assets
or whatsoever good affected by the Companies, whether they are property of the Companies or of
third parties.

16) “Execution Date” means the date in which the Agreement is signed.

17) “Exploration Permits” means the rights ruled by applicable laws and regulations
pursuant to which the Companies (except for PVIE) are entitled to explore, drill, perform seismic
works and any other works in order to discover Hydrocarbons specified in Annex 3.15(a).

18) “€” or “Euros” means Euro or any other currency that can replace the Euro
as legal currency of the European Economic Community.

 

17

 

19) “Financial Statements” has the meaning provided in Clause 3.6 of the present
Agreement.

20) “GAAP” means the generally accepted accounting principles as applied in the
corresponding country in which Companies have to perform and present their financial statements.

21) “Hydrocarbon Concessions” refers to the rights regulated by applicable laws and
rules, pursuant to which the Companies (other than PVIE) are entitled to explore, drill, recover,
produce, develop, remove and use the Hydrocarbons specified in Annex 3.15(a).

22) “Hydrocarbons” means oil, natural gas and all related hydrocarbons (including
liquid hydrocarbons), as well as any other substance, whether liquid, solid or gaseous, hydrocarbon
or not, produced in combination with oil, natural gas or related hydrocarbons with the scope
granted by the Hydrocarbons Concessions.

23) “Indemnifiable Loss” has the meaning provided in Clause 6.4.

24) “Indemnification Payment” has the meaning provided in Clause 6.4.

25) “Indemnified Party” has the meaning provided in Clause 6.3.

26) “Indemnified Persons of the Purchaser” has the meaning provided in Clause 6.1.1.

27) “Indemnified Persons of the Seller” has the meaning provided in Clause 6.2.1.

28) “Indemnifying Party” has the meaning provided in Clause 6.3.

29) “LIBOR” means the annual rate offered for deposits in Dollars for a term of six
months that is published in the Telerate Service (Screen 3750) or, if not available, in Reuters
(LIBO Page) or, if not available, in Bloomberg (BTMM Page), at around 11 am (London city time) the
2nd Working Day immediately before the Transferred Stock purchase agreement execution
date by virtue of exercising the Sales Option. In all cases, the resulting LIBOR rate shall be
rounded up until the immediately following whole multiple of a sixteenth of a percentage point
(1/16 of 1%).

30) “Losses” has the meaning provided in Clause 6.1.1.

31) “Material Adverse Effect” means any change, effect, fact, circumstance or event
that, individually or jointly considered with the other changes, effects, facts, circumstances or
events that took place before the determined date of the material adverse effect, is or is
susceptible to be significantly adverse for the assets or financial situation, or results of the
Companies transactions. It is provided that if the Companies have a Loss under US$5,000,000
(Dollars five million) it shall not be deemed a Material Adverse Effect. It is also provided that
the effects of changes caused by or related to the following points do not constitute Material
Adverse Effects: (i) global economy or capital markets in general, (ii) general changes in the
conditions of industries in which the Companies commercially operate when they are not changes in
the legal framework, or (iii) performance of the transactions herein contained.

32) “Notices” has the meaning provided in Clause 8.2.

33) “Oil and Gas Assets” means (a) Hydrocarbon Concessions, Export Permits and other
Oil Contracts, (b) Tangible Goods, and (c) Stock.

34) “Oil Contracts” has the meaning provided in Clause 3.15.

35) “Party” means indistinctly Seller or Purchaser and “Parties” includes both Seller
and Purchaser.

36) “Payment Date of the Price” conveys the meaning provided in Clause 5.3(b) of the
Agreement.

37) “PEP” means Petrobras Energía Perú S.A., a company duly organized under the laws
of the Republic of Peru, with legal domicile at Amador Marino Reyna 285, 5th floor, suite 501,
Lima, Republic of Peru.

38) “PESA” has the meaning provided in the introductory paragraph of the Agreement.

39) “PEV” means Petrobras Energía Venezuela S.A., a company duly organized under the
laws of the Bolivarian Republic of Venezuela, with legal domicile at Avenida Venezuela, Torre
Lamaletto, 8th floor, Urb. El Rosal, Caracas 1060, Bolivarian Republic of Venezuela.

40) “PIBBV” has the meaning provided in the introductory paragraph of the Agreement.

 

18

 

41) “Purchase Price” has the meaning provided in Clause 2.2(a).

42) “Purchaser” has the meaning provided in the introductory paragraph of the
Agreement.

43) “Right of First Refusal” means a first refusal, preference or similar right by
virtue of which a third party is entitled to totally or partially acquire or purchase the Oil and
Gas Assets after having agreed with the Companies to sell or to have sold the Transferred Stocks in
accordance with the present.

44) “Royalty” means any payment attributable to Hydrocarbons production required by an
Oil Contract or applicable law, including all interests, sanctions and additional amounts applied
in relation with such amounts.

45) “Seller” has the meaning provided in the introductory paragraph of the Agreement.

46) “Shareholders Agreement” means the shareholders agreement to be executed in the
Closing between Seller and Purchaser, which form is attached herein as Annex B.

47) “Spain” means Kingdom of Spain.

48) “Stock” means all marketable liquid Hydrocarbons produced from Oil and Gas Assets
or attributable to them, which are in pipelines, trucks, ships, oil tankers or stored as at the
Execution Date, as well as all gaseous Hydrocarbons produced from Oil and Gas Assets or
attributable to them, which are in pipelines or storage facilities as at the Execution Date.

49) “Stocks” has the meaning provided in the Whereas Clause (II) of the Agreement.

50) “Tangible Goods” means depreciable tangible equipment and facilities used for
Hydrocarbon production in Hydrocarbon Concession blocks or for dehydration; processing; collection;
treatment; measurement; storage or transportation of such Hydrocarbons; including gas plants; oil
batteries; buildings; compressors; production equipment; active, inactive or dismantled pipelines;
wellheads; collecting pipes; pipelines connections; meters; generators; engines; compressors;
purifiers; dehydrators; water purifiers; separators; pumps; pumping units; tanks; boilers and
communication equipment.

51) “Tax” or “Taxes” has the meaning provided in Clause 3.10(b).

52) “To the best knowledge and belief of the Seller” or other related term means
according to the knowledge of the Seller or any officer or employee of the Seller responsible for
the specific issue. Such officer or employee actually has the knowledge, had it in the past or
should reasonably have it from the normal performance of his functions after carrying out the
reasonable findings regarding the specific issue.

53) “Transferred Stock” has the meaning provided in Clause 2.1(a).

54) “US$” or “American Dollars” means United States dollars or any other
currency that can replace it as legal currency of the United States of America in the future.

55) “Working Day” means any day except Saturday, Sunday or a day in which the banks of
Buenos Aires, Rio de Janeiro, Madrid, Amsterdam and New York are authorized or obliged by law or
executive decree to be closed.

 

19

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