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Petrobras earnings soar on oil price rise, weaker currency

November 07/2018

MOSCOW (MRC) -- Brazil’s state-controlled oil company Petroleo Brasileiro SA reported a surge in third-quarter net profit, helped by a pick-up in oil prices and the weakening of the real currency, said Reuters

Petrobras made a net profit of 6.644 billion reais (USD1.78 billion), well above the 266 million reais it posted a year earlier. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose to 29.856 billion reais from 19.223 billion in the same period last year.

Petrobras said its growing share of the domestic diesel market also contributed to the strong earnings, as a diesel subsidy program put in place in June to quell a truckers’ strike over rising fuel costs hit the company’s competitors.

Petrobras said it received 1.6 billion reais from the government as part of the second phase of the subsidy program, which is set to end in December.
Author:Anna Larionova
Tags:petroleum products, petrochemistry, Crude oil, Petrobras, Brazil.
Category:General News
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