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Profits at Brazil’s Petrobras Reach Record US$ 6.9 Billion

During the first nine months of this year, Petrobras – Brazilian Petroleum, S.A. – registered net profits of US$ 6.9 billion, according to the financial report released by the State enterprise on Friday, November 11.

According to the company’s press office, this is the largest single-year profit ever made by Petrobras through the month of September. It represents a growth of 23% compared with last year’s profits for the equivalent period. The company attributes the positive result to production increases and exports.

Petrobras chalked up US$ 2.29 billion in profits in the third quarter, as against US$ 1.83 billion in the third quarter of 2004, according to calculations presented by the Securities Commission (CVM).

Between January and September of this year, Petrobras’ net operating receipts amounted to US$ 44.5 billion, up 20% from last year’s total over the same period.

Production Up

Between January and September of this year, average daily petroleum production in Brazil came to 1.667 million barrels, 12% more than the average of 1.487 million barrels produced daily over the same period of 2004.

Average daily production amounted to 1.725 million barrels in the third quarter of this year, up 13% in comparison with the totals for the third quarter of last year.

According to the Brazilian State enterprise, the increase in production volume reflects the start-up of operations at the FPSO (Floating Production, Storage, and Offloading) platforms South Marlin, P-43 (Barracuda), and P-48 (Caratinga), all in the Campos Basin off the coast of Rio de Janeiro state.

The figures announced by Petrobras also indicate that the overall production of petroleum derivatives rose 3% during the first nine months of the year, attaining a daily average of 1.830 million barrels.

According to the company’s press office, this corresponds to an 87% utilization rate in terms of Brazil’s nominal refining capacity.

The expansion of domestic petroleum production this year helped improved the company’s trade balance, according to the company’s board of directors: Petroleum exports rose 27% between January and September, in comparison with the same period in 2004, and imports of petroleum and petroleum derivatives declined 22% and 19%, respectively.

The State enterprise registered a trade surplus of US$ 700 million during the first nine months of the year.

Agência Brasil

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