Profit at Brazil’s Petrobrás rises 37 pct in first half to almost 5 billion euros

14 August 2006

Sao Paulo, Brazil, 14 Aug – Net Profit at Brazilian oil giant Petrobrás rose 37 percent year on year in the first half of 2006 to 13.6 billion reals (5 billion euros), the company said.

The company said in a statement that the growth of results was due to a 7 percent increase in production of oil and gas in Brazil, as well as to improved prices.

The price of crude oil exported by Petrobrás rose 38 percent as compared to the first six months of last year, reaching a value of US$55.92 per barrel.

Petrobrás said that, by maintaining its pricing policy in line with the international market it was able to avoid the impact of potential seasonal or geographic variations.

Of total investments planned for this year, totaling 33 billion reals, just less than half have been carried out, with the remainder expected in the second half of the year, the company said (macauhub)