Petrobras profits up
RIO DE JANEIRO, Brazil:  Brazilian state oil company Petrobras said its fourth-quarter net profit soared 92 per cent, above market expectations, on a rise in domestic output and fuel prices.

Petroleo Brasileiro, which this year is planning to meet Brazil's oil needs, said in a statement net consolidated profit hit a record of 8.1 billion reais ($3.8 billion). It is already exporting more than it is importing, the company said.
Brazil's industrial flagship also registered its highest ever earnings of 23.7 billion reais in 2005, which the Economatica consulting firm said was a record for any publicly traded Latin American company.
"The result is fairly strong, production is supposed to continue growing, and I think it's favourable for the stock. I think I haven't seen results that good in the sector," said Lucrecia Tam, an analyst with Deutsche Bank Securities in New York.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) -- a measure of cash flow many analysts like to focus on -- rose by 40 per cent to 12.4 billion reais in the fourth quarter, Petrobras said in a statement.
Analysts, on average, expected Petrobras to post net consolidated profit of about 7.6 billion reais and EBITDA of 13.6 billion reais for the last quarter of 2005.
Net revenues rose by 31 per cent to 38.6 billion reais, while analysts expected them at around 36 billion reais.

Rosneft approves new issue of stock
MOSCOW: The board of Russian state oil firm Rosneft, which is preparing one of the biggest ever initial public offerings of shares, has approved a new issue of stock in Russia, the firm said in a statement.
Rosneft is considering placing shares in London and Tokyo as well as Moscow in October or November and hopes to raise up to $20 billion by selling a minority stake in the firm.
Rosneft said its board of directors also approved the prospectus for the share issue. Russia's privatisation body, the State Property Agency, has given a preliminary valuation of up to $58 billion for Rosneft. Rosneft's statement also said it would set up an office in Beijing but gave no details. Rosneft is planning to set up a joint venture with a Chinese company to market its oil products in China's fast-growing economy.

Nexen earnings rise 22pc on high prices
TORONTO:  Nexen said its fourth-quarter profit rose by 22 per cent in a period marked by strong oil and natural gas prices.
Nexen, Canada's No 4 independent oil producer, earned C$300 million ($259.6 million), or C$1.12 a share, in the quarter ended December 31, up from year-earlier results of C$246 million, or 94 Canadian cents a share.