Petrobras’s market capitalization passes the US$100 billion mark

5 January 2007

Sao Paulo, Brazil, 5 Jan – Brazilian oil company Petrobras said Thursday its market value had passed the US$100 billion mark for the first time in the company’s history.

At the close of the market in 2006, the market capitalization of Petrobras totaled US$108 billion, an increase of 608 percent as compared with year end 2002, which was of US$15 billion, according to a company statement.

Petrobras noted that the value of its ordinary shares (with voting rights) had risen by 32 percent last year.

The value of its preferential shares rose 34 percent in the same period, out-performing the Ibovespa, the Sao Paulo Stock Exchange’s (Bovespa) main index, which saw a rise of 33 percent in 2006.

In New York, according to the statement, the performance of Petrobras’s American Depository Receipts (ADRs) was even greater, outperforming the 20 percent rise in the Amex Oil index. (macauhub)