Petrobras (PBR) Sees $500M Trade Surplus in '08
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Dow Jones is reporting that Petrobras (NYSE: PBR) Downstream Director, Paulo Roberto Costa, said the company expects to report a trade surplus of about $500 million for 2008.
The announcement from the director appears to be a vote of confidence for shareholders as Petrobras has reported a trade deficit of about $400.63 million so far in 2008, according to recent data. The Petrobras exec said that its trade balance has been negative so far due to "heightened demand for diesel fuel from industrial expansion and the increase in trucking to transport the local grain harvest."
Over the last two years, Petrobras has been a net exporter of its products, despite its imports being generally much more expensive than its exports. Petrobras' Costa believes this trend will continue in 2008, as the company expects to return to a surplus during the second half of this year, given an expected rise in domestic oil and diesel production.
Petroleo Brasileiro S.A., Petrobras, together with its subsidiaries, engages in the exploration, exploitation, and production of oil from reservoir wells, shale, and other rocks.
The announcement from the director appears to be a vote of confidence for shareholders as Petrobras has reported a trade deficit of about $400.63 million so far in 2008, according to recent data. The Petrobras exec said that its trade balance has been negative so far due to "heightened demand for diesel fuel from industrial expansion and the increase in trucking to transport the local grain harvest."
Over the last two years, Petrobras has been a net exporter of its products, despite its imports being generally much more expensive than its exports. Petrobras' Costa believes this trend will continue in 2008, as the company expects to return to a surplus during the second half of this year, given an expected rise in domestic oil and diesel production.
Petroleo Brasileiro S.A., Petrobras, together with its subsidiaries, engages in the exploration, exploitation, and production of oil from reservoir wells, shale, and other rocks.
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