Petrobras National

Petrobras, established on October 3, 1953, is also referred to as Petrobras, which is a national oil company with oil as its main body and integrated upstream and downstream operations. At that time, Decree No. 2004 announced that Brazil's oil industry began in the late 19th century. In 1917, the state-owned enterprise was monopolized by the state-owned oil state. Petrobrasil company not only participated in the formulation and implementation of oil policy, but also managed the exploration, development, production, transportation and operation and management of Brazilian oil, which is a state-owned enterprise which is integrated with government and enterprise of Brazil.

In 1997, the Brazilian government promulgated Decree No. 9478, which stipulates that the government and enterprises of oil management shall be separated from government and enterprise since August 6, 1997. The State Petroleum Administration of Brazil (agencianacionaldopetrooleo ANP) shall be added to the Ministry of mining and energy of Brazil, which shall be responsible for the formulation of Brazilian oil policy and the supervision and management of industry. Brazilian national oil company implements independent operation according to the market economy law, and all the original resources and assets of its exploration and development production are re divided into Brazilian oil company. The Act provides that Petrobras is 50 per cent owned by the federal government, 51 per cent of the original registered capital shares (the registered capital is divided into the original voting shares and the non voting preferred shares). The announcement of Decree No. 9478 broke the situation that petrobrasil was dominated by Petrobras. The subsidiary of petrobrasil can joint venture with domestic or foreign enterprises, and foreign oil companies have entered Brazil successively.

The Brazilian Petroleum Administration will invite bids for exploration, development and production of new oil fields, and Petrobras and other companies can participate in the bidding. However, the law stipulates that petrobrasil may sign the same priority contract under the premise of guaranteeing and supplying the price of the equipment and services to be bidding through invitation letter. Petrobras has simplified its bidding procedures for the required equipment, materials and services for its own business needs. As petrobrasil occupies the vast majority of the land and offshore oil and gas fields in Brazil, its operation for many years has made petrobrasil the leading leader in Brazil's various industries and the largest oil backbone enterprise in Brazil. In 2002, it ranked 214 of the world top 500 (Brazil only two entered the top 500 and the other was vale).