• Categories
  • Archives

Despite Loss in Venezuela, Brazil’s Petrobras Has Record Profit

Brazilian state-controlled oil company Petrobras ended 2006 with a net profit of 25.9 billion reais (US$ 12.2 billion), the highest in its history. The result was 9% higher than in 2005, which was already an all-time high.

The company's consolidated data, released today, February 13, show that 33.7 billion reais (US$ 15.9) were invested last year, 31% more than in 2005.

Oil production in Brazil increased by 6% and production of oil derivatives grew by 2%. The company's foreign refining capacity increased by 87%, leading to a 23% growth in international production of oil derivatives. The company's physical exports saw a 21% increase.

Petrobras, however, saw its profit fall by 76% in its foreign operations going from 1.45 billion reais (US$ 688 million) in 2005 to 350 million reais (US$ 166 million) in 2006. In Venezuela the company lost 370 million reais (US$ 176 million).

With the changes in the contracts rules Petrobras, which had 100% of the shares in exploratory fields in Venezuela had it reduced to 40%. In Bolivia, taxes increases meant that the Brazilian company had to pay an extra US$ 100 million in tariffs and royalties.

Tags:

  • Show Comments (3)

  • Andy Murphy

    what difference does it make? A bunch of politicos mis managing the company. I feel sorry for the Brazilian engineers ,Technicians and ordinary workers that worked hard to make Petrobras a proud symbol of Brazil. Soon they will be joining the ex Telebras employees who went into obscurity.

  • ch.c.

    To Forrest !
    Petrobras is not state owned contrary to what you say….but state controlled.
    Quite a difference ! smile

  • Forrest Allen Brown

    money put it to use
    SO LULAS FRIENDS ARE WANTING TO CUT IN ON PETROBRAS MONEY !!!!!!!!!

    IF THE COMPANY IS STATE OWNED WHY DONT THEY USE THE MONEY TO HELP THE CITIZENS OF BRASIL .

    LIKE ALASKA DOES GIVE EVERY ONE A OIL TAX CHECK ABOUT $1.500 A PERSON IN ALSAKA

    JUST THE OTHER DAY 8.000 INDANS WERRE GOING TO STARVE AS THE STATE DID NOT HAVE MONEY FOR FOOD
    HOW MUCH OF THAT OIL IS TAKEN FROM INDAN LAND

    AND WHT DOES GAS IN BRAZIL GO UP WHEN IT GOES UP IN THE REST OF THE WORLD
    IF BRAZIL IS ENEGRY SELF SERVING ?????

Your email address will not be published. Required fields are marked *

comment *

  • name *

  • email *

  • website *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Ads

You May Also Like

Piracy in Brazil Is Annual $10 Billion Heist

The man in charge of Interpol’s Intellectual Property Crimes Unit, John Newton, praised the ...

Chí¡vez Calls Venezuela-Brazil Gas Pipeline Insurance Against Energy Crisis

The left-leaning leaders of three South American heavyweights – Brazil, Argentina and Venezuela – ...

Woman Power

Since its inception, the MMTR (Rural Women Workers’ Movement) has undergone a major transformation ...

John of God

Brazil’s John of God: Healing with the Help of Angels

A new book, Spiritual Alliances: Discovering the Roots of Health at The Casa de ...

Brazil’s Paranaguí¡ Port Gets Deeper and Joins Big Leagues

Brazil's minister at the Special Secretariat for Ports, Pedro Brito Nascimento, announced this Thursday, ...

Cuba’s Foreign Minister Might Grab Power, Says Brazilian Paper

According to a special envoy sent to Havana by Brazilian daily O Globo, but ...

Brazilian Reforms Don’t Include Cutting Civil Servants, Says Lula

Brazilian reelected President Luiz Inácio Lula da Silva strongly defended "urgent changes" in the ...

Foot and Mouth Disease Scare Back in Brazil

Brazil has isolated several counties in the south of the country where last year ...

Brazil campaign against child prostitution

Epidemic of Lolitas in Brazil. Girls as Young as 10 Led into Prostitution.

Igarapava, in the interior of the Brazilian southeastern state of São Paulo, is the ...