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LatinNews Daily - 25 February 2021

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In brief: Brazil’s Petrobras reports 2020 earnings

* Brazil’s state-owned oil company Petrobras has announced that it recorded a R$59.9bn (US$11bn) net profit in the fourth quarter of 2020, bringing its profits at the close of 2020 to R$7.1bn. Although this is an 82% decrease on its record profits of 2019, the company describes this as a “solid operational and financial performance” considering the adverse conditions caused by the coronavirus (Covid-19) pandemic. In a letter to shareholders, Petrobras president Roberto Castello Branco said he is “very happy...with [Petrobras’] exceptional performance in a very challenging environment” and declared that the firm had delivered on its objective to come out of the crisis stronger than ever. Castello Branco noted that Petrobras’ oil and gas production reached new records in 2020 – 2.28m barrels per day, and 2.84m barrels of oil equivalent per day, respectively – as did the company’s exports. The news on the company’s strong performance last year follows recent turbulence caused by President Jair Bolsonaro’s decision to replace Castello Branco with a military appointment, retired general Joaquim Silva e Luna.