Weekly Report - 13 November 2008 (ISSN 1741-7422)

BRAZIL | Petrobras. The state-controlled energy company, Petrobras, posted a record profit of R$10.8bn in the third quarter of 2008 - almost twice the profit made a year earlier. The result is the effect of higher production and fuel prices, as well as capital gains made from the devaluation of the Real, which generated R$3.5bn for the company over this period. Petrobras's profit reached another record of R$26.5bn in the first nine months of the year, 61% higher than a year ago. Economic growth fuelled an increase in Petrobras's internal sales, with a 32% increase in gas sales and an 8% increase in diesel and petrol, but higher internal demand for both diesel and petrol led Petrobras to import more, leaving the company with a deficit of R$1.8bn in its consumer sales business.

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