REG-Petrobras Energia SA Changes in Petrobras Energía S.A.'s Board of Directors and Appointment of New Chief Executive Officer

Changes in Petrobras Energía S.A.'s Board of Directors and Appointment of New Chief Executive Officer

BUENOS AIRES, Argentina--(Business Wire)--

PETROBRAS ENERGIA S.A.

CHANGES IN PETROBRAS ENERGÍA S.A.'S BOARD OF DIRECTORS AND APPOINTMENT OF NEW
CHIEF EXECUTIVE OFFICER

Petrobras Energía S.A. (Buenos Aires: PESA) announces that at the Board of
Directors' meeting held on January 8, 2008, Carlos Alberto de Meira Fontes
submitted a letter of resignation from his position as Company Director since he
has been appointed to hold senior executive positions at Petróleo Brasileiro
S.A. - Petrobras (Petrobras).

On the same grounds, Carlos Alberto de Meira Fontes submitted a letter of
resignation from his position as Chief Executive Officer of Petrobras Energía
S.A. as from February 1, 2008.

The Company's Board accepted the letters of resignation submitted by Carlos
Alberto de Meira Fontes.

In addition, Décio Fabrício Oddone da Costa submitted a letter of resignation
from his position as Chairman of the Company's Board and continued to serve as
Regular Director. The Board accepted his letter of resignation and appointed the
then Vice Chairman Daniel Lima de Oliveira as Chairman and André Garcez Ghirardi
as Vice Chairman.

Décio Fabricio Oddone da Costa was appointed as new Chief Executive Officer of
Petrobras Energía S.A. as from February 1, 2008.

Décio Fabricio Oddone da Costa joined Petrobras in 1985 and since then he has
built an outstanding professional career. Décio Fabricio Oddone da Costa (47)
graduated in Electrical Engineering from Universidade Federal do Río Grande do
Sul. He completed courses in oil engineering at Petrobras and attended the
Advanced Management Program in the Harvard Business School, United States and
the Advanced Management Programme, at the INSEAD, France. He received an Honoris
Causa Master's Degree in Management and Business Administration from Alta
Escuela de Dirección y Administración de Empresas in Madrid, and an Honoris
Causa Doctoral Degree in Education from Aquino's University, Bolivia.

Décio Fabricio Oddone da Costa was a member of the pioneer team in deep water
off-shore exploration in Brazil and occupied several managerial positions at
Petrobras in Brazil, Argentina, Angola, Libya and Bolivia, where he held the
position of Chairman of Petrobras Bolivia in 1999 - 2004.

Petrobras Energía's new Chief Executive Officer was named Businessman of the
Year for 2000 by the Bolivian-Brazilian Chamber of Commerce and subsequently
held the position of President of said Chamber in 2001-2004. In addition, he was
awarded the Order of Rio Branco, rank of Commander, by the Brazilian Government,
and the Peace Maker Medal by the Brazilian Army.

www.petrobras.com.ar

(54 11) 4344-6655

Petrobras Energia SA

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