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Brazil Petrobras Counters Bad News Announcing It Ranks 8th in the World in Added Value

Brazilian Petrobras In the wake of the controversy indicating that Petrobras had found 30% of its new-found pre-salt wells to be empty, the Brazilian state-controlled oil and gas multinational issued a press release informing that it ranks among the world's ten leading companies in terms of added value in the first half.

It is the only Brazilian company in the top ten of consultancy firm Ernst & Young's ranking of the largest 300 companies in the world.

The survey was based on the value of companies' shares by the end of the first half, and shows the recovery of Petrobras' bonds after the most critical moment of the world crisis in 2008.

According to the survey, the market value of the Brazilian state-owned company went from US$ 95.9 billion to US$ 164.8 billion, having risen from the 37th to the 8th position in the ranking of largest global companies.

"Only three Brazilian companies are among the top 100 in the survey. The combined appreciation rate of the three companies was 101%, a much higher rate than that of Russian companies, which was 42%, the second best result," according to the release.

The information disclosed by Petrobras indicates that in the United States, the company's shares are traded in the New York Stock Exchange as American Depositary Receipts (ADRs) and the rates of appreciation, in the first half of 2009, were approximately 67% for regular stock and 64% for preferred stock.

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