Some good news for Petrobras and Brazil. First, Petrobras – Petróleo Brasileiro S.A.- is the best placed Brazilian company on this year’s Fortune 500 list at number 125. But its stock also made the Fortune 40 list of Best Foreign Value.
At the top of the Fortune 500, is Wal-Mart, followed by three petroleum companies: British Petroleum, ExxonMobil and Shell Group.
According to Raul Campos, Petrobras Investor Relations manager, the spike in international oil prices resulted in an average 67% increase in profits in the sector.
“This is a very good moment for us,” he said, adding that Petrobras also has a bright future.”
Campos said that Petrobras’s strength lies in the fact that it is engaged in various new projects. Unlike many other oil companies, Petrobras has good short-term chances of increasing its production levels, he explained.
That was reflected in the fact that Petrobras made the prestigious Fortune 40 list, as well.
That is a list of stocks, with capital of over US$ 1 billion and listed on the New York Stock Exchange, that the magazine expects to rise most strongly over the long term.
Campos pointed out that since 2003, Petrobras stock has risen from US$ 14 a share to US$ 50. And the tendency is for further growth, with some analysts forecasting US$ 65 by the end of this year.
ABr – www.radiobras.gov.br