Citibank establishes ADR program for Petroleo Brasileiro, S.A.-Petrobras.NEW YORK--(BUSINESS WIRE)--Nov. 13, 1996--Citibank, N.A. announced the establisment of a new ADR ADR - Astra Digital Radio program for Petroleo Brasileiro, S.A. - Petrobras, an integrated Brazilian oil company listed on the Brazilian stock markets. The ADR program for which Citibank acts as depositary, will trade over the counter on NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on under the symbol "PEBRY" (CUSIP CUSIP See: Committee on Uniform Securities Identification Procedures CUSIP See Committee on Uniform Securities Identification Procedures. NO. 71654V101). Each ADR issued under the program represents 100 preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. . According to the company, Petrobras is the largest corporation in Brazil in terms of sales. Based on financial and operating indicators, the firm ranks fifteenth internationally among petroleum producers. In terms of refining and distribution, Petrobras is the ninth largest in the world. The company had consolidated net operating revenue operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. of U.S. $16.6 billion, operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of U.S. $973 million, and net income of U.S. $640 million. Among the company's main competitive advantages is the strategic location of the Campos Basin, its largest oil field. The Campos Basin accounts for 75% of Brazil's petroleum production and is close to four of the company's largest refineries. Petrobras has proven oil reserves of 6.2 billion barrels (according SPE SPE - Software Practice and Experience criteria) and produces about 880,000 barrels of oil and liquid natural gas per day. According to the company's annual report, operational activities consist of 6,541 active wells, 717 of which are located offshore: 12 onshore and 9 offshore drilling rigs; and 77 fixed and 14 floating production platforms. Oil and oil products pipelines, as well as natural gas pipelines total 10,088 Km (6,716 miles). Its tanker fleet includes 73 company owned vessels with a total dry weight of 5.28 million tons. Petrobras operates terminals with total storage capacity of 9,002,000 m3 and 10 refineries and 1 asphalt plant. In 1995, Petrobras had a rated refining capacity of 1.5 million barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. and enjoyed an average daily output of 1.2 million bpd while refinery gas for industrial use totaled 3.9 million m3 pd. Petrobras also operates two fertilizer plants. The firm's general business strategy is based on the three key strategic principles and goals: the consolidation and strengthening of Petrobras' position in the domestic market; the expansion of international business activities; and integration, competitiveness and entrepreneurial excellence. "We are delighted to be using Citibank's extensive global network to provide the means to help Petrobras broaden its investor base by bringing international investors closer to this leading Brazilian issuer," said Jose Luis Gimpel, Country Corporate Officer, Citibank, Brazil. Citibank is a leading depositary serving over 50 issuers worldwide. The bank began offering depositary receipts services in 1928 and has been the leading market innovator in recent years. With a local presence in 98 countries and unsurpassed strength in delivering on-line information, Citibank is uniquely qualified to support the funding needs of issuers around the world. CONTACT: Citibank, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Robert Kingsley, 212/657-7800 Antonio Pedro Rafael, 212/657-4149 |
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