Exhibit 8.1
LIST OF SUBSIDIARIES
List of subsidiaries of Petróleo Brasileiro S.A. — PETROBRAS
| Total | Voting | Country of | ||||||||||
| Subsidiary companies | Capital | Capital | Incorporation | Activity | ||||||||
| Petrobras Química S.A. — PETROQUISA and subsidiaries | 100.00 | 100.00 | Brazil | Petrochemical | ||||||||
| Petrobras Distribuidora S.A. — BR and subsidiaries | 100.00 | 100.00 | Brazil | Distribution | ||||||||
| BRASPETRO Oil Services Company — BRASOIL and subsidiaries | 100.00 | 100.00 | Cayman Islands | International operations | ||||||||
| BRASPETRO Oil Company — BOC and subsidiary | 99.99 | 99.99 | Cayman Islands | International operations | ||||||||
| PIB — Petrobras Internacional — BRASPETRO B.V and subsidiaries (1) | 100.00 | 100.00 | The Netherlands | International operations | ||||||||
| Petrobras Comercializadora de Energia Ltda. — PCEL | 99.00 | 99.00 | Brazil | Energy | ||||||||
| Petrobras Negócios Eletrônicos S.A. — E-PETRO and subsidiary | 99.95 | 99.95 | Brazil | Corporate | ||||||||
| Petrobras Gás S.A. — GASPETRO and subsidiaries | 99.94 | 99.94 | Brazil | Gas transportation | ||||||||
| Petrobras International Finance Company — PIFCo and subsidiaries | 100.00 | 100.00 | Cayman Islands | International Commercializationand Financing | ||||||||
| Petrobras Transporte S.A. — TRANSPETRO and subsidiary | 100.00 | 100.00 | Brazil | Transportation | ||||||||
| Downstream Participações S.A. and subsidiary | 99.99 | 99.99 | Brazil | Refining and distribution | ||||||||
| Petrobras Netherlands BV- PNBV and subsidiaries | 100.00 | 100.00 | The Netherlands | Exploration and Production | ||||||||
| UTE Nova Piratininga Ltda. | 99.00 | 99.00 | Brazil | Energy | ||||||||
| FAFEN Energia S.A. | 100.00 | 100.00 | Brazil | Energy | ||||||||
| 5283 Participações Ltda. | 100.00 | 100.00 | Brazil | Energy | ||||||||
| Fundo de Investimento Imobiliário RB Logística — FII | 98.96 | 98.96 | Brazil | Corporate | ||||||||
| Baixada Santista Energia Ltda. | 100.00 | 100.00 | Brazil | Energy | ||||||||
| Sociedade Fluminense de Energia Ltda. — SFE (2) | 100.00 | 100.00 | Brazil | Energy | ||||||||
| TERMORIO S. A. (3) | 100.00 | 100.00 | Brazil | Energy | ||||||||
| TERMOCEARÁ Ltda. | 100.00 | 100.00 | Brazil | Energy | ||||||||
| TERMOMACAÉ Ltda. (4) | 100.00 | 100.00 | Brazil | Energy | ||||||||
| TERMOMACAÉ Comercialização de Energia Ltda.(4) | 100.00 | 100.00 | Brazil | Energy | ||||||||
| TERMOAÇU S.A. | 62.43 | 62.43 | Brazil | Energy | ||||||||
| TERMOBAHIA Ltda. (3) | 31.00 | 31.00 | Brazil | Energy | ||||||||
| Ibiritermo S. A. | 50.00 | 50.00 | Brazil | Energy | ||||||||
| Total | Voting | Country of | ||||||||||
| Special purpose entities consolidated according to FIN 46(R) | Capital | Capital | Incorporation | Activity | ||||||||
| Albacora Japan Petroleum Limited Company | 0.00 | 0.00 | Brazil | Exploration and Production | ||||||||
| Barracuda e Caratinga Holding Company B.V. | 0.00 | 0.00 | Cayman Islands | Exploration and Production | ||||||||
| Companhia Petrolífera Marlim | 0.00 | 0.00 | Brazil | Exploration and Production | ||||||||
| NovaMarlim Petróleo S.A. | 0.00 | 0.00 | Brazil | Exploration and Production | ||||||||
| Cayman Cabiunas Investments Co. Ltda. | 0.00 | 0.00 | Cayman Islands | Exploration and Production | ||||||||
| Cia. De Desenvolvimento e Modernização de Plantas Industriais — CDMPI | 0.00 | 0.00 | Brazil | Exploration and Production | ||||||||
| Companhia Locadora de Equipamentos Petrolíferos S.A. — CLEP | 0.00 | 0.00 | Brazil | Exploration and Production | ||||||||
| PDET Offshore S.A. | 0.00 | 0.00 | Brazil | Exploration and Production | ||||||||
| Total | Voting | Country of | ||||||||||
| Special purpose entities consolidated according to FIN 46(R) | Capital | Capital | Incorporation | Activity | ||||||||
| Companhia de Recuperação Secundária | 0.00 | 0.00 | Brazil | Exploration and Production | ||||||||
| EVM Leasing Co. | 0.00 | 0.00 | Cayman Islands | Exploration and Production | ||||||||
| Nova Transportadora do Nordeste S.A. | 0.00 | 0.00 | Brazil | Transportation | ||||||||
| Nova Transportadora do Sudeste S.A. | 0.00 | 0.00 | Brazil | Transportation | ||||||||
| Gasene Participações Ltda. | 0.00 | 0.00 | Brazil | Transportation | ||||||||
| Manaus Geração Termelétrica Participações Ltda | 0.00 | 0.00 | Brazil | Energy | ||||||||
| Blade Securities Limited | 0.00 | 0.00 | Brazil | Corporate | ||||||||
| Codajás Coari Participações Ltda. | 0.00 | 0.00 | Brazil | Transportation | ||||||||
| Charter Development — CDC (5) | 0.00 | 0.00 | USA | Exploration and Production | ||||||||
| Companhia Mexilhão do Brasil (6) | 0.00 | 0.00 | Brazil | Exploration and Production | ||||||||
| (1) | Parent Company of Petrobras Energia S.A. — PEPSA and other international companies. | |
| (2) | Consolidated according to ARB 51, commencing December 31, 2005. Consolidated according to FIN 46(R), commencing December 31, 2003 until September 30, 2005. Formerly were not consolidated in PETROBRAS financial statements. | |
| (3) | Consolidated according to ARB 51, commencing December 31, 2005. Consolidated according to FIN 46(R), commencing December 31, 2003 until September 30, 2005. Formerly were accounted for as capital leases pursuant to SFAS 13. | |
| (4) | Former Macaé Merchant. Consolidated according to ARB 51, commencing December 31, 2005. Macaé Merchant formerly was consolidated according to FIN 46(R). (See Note 18(l) to our audited consolidated financial statements). | |
| (5) | Consolidated according to FIN 46(R). Company is a new SPE formed in 2005 to support project finance. | |
| (6) | Consolidated according to FIN 46(R). Company is a new SPE formed in 2006 to support project finance. |
List of subsidiaries of Petrobras International Finance Company
| Total | Voting | Country of | ||||||||||
| Subsidiary companies | Capital | Capital | Incorporation | 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 | ||||||||
| Commercialization | ||||||||||||
| BEAR Insurance Company Limited | 100.00 | 100.00 | Bermuda | Insurance | ||||||||
| Petrobras Singapore Private Limited | 100.00 | 100.00 | Singapore | Trading | ||||||||
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