State-owned oil and gas giant Petrobras, the biggest Brazilian company, on Tuesday announced that it has registered record net profits in 2006, reaching up to 25.9 billion reals (12.3 billion U.S. dollars).

The result was up 9 percent from 23.7 billion reals (11.3 billion dollars) in 2005. The company's gross revenues reached 205.4 billion reals (97.8 billion dollars) in 2006, up 15 percent compared to 2005.

Petrobras registered net revenues of 158.2 billion reals (75.3 billion dollars) last year, presenting a 16-percent rise compared to previous figures.

In a press statement, the company also stressed that it carried out record investments amounting to 33.7 billion reals (16 billion dollars) in 2006, when total oil production increased by 4 percent in relation to the year before, reaching 2.3 million barrels per day (bpd). In the domestic market, production rose by 5 percent, hitting daily 2.05 million oil barrels.

Petrobras' total international production fell by 6 percent, which was prompted by decisions concerning the energy sector taken by the Venezuelan government, according to the company's statement.

Source: Xinhua