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By Leo Byrne, Contributing Reporter

RIO DE JANEIRO, BRAZIL - Petrobras, Brazil's majority-state-owned oil producer continued its downward trajectory as it announced profits of R$21.1 billion in 2012, a 36.6 percent slump when compared to the previous year. The figure marks the company’s lowest profit margin for eight years.

In a statement the oil giant attributed the losses to “the effects of foreign exchange depreciation, greater share of imported oil products on sales volume and higher operating expenses driven by more write-offs of dry or sub-commercial wells.”

The company also saw its . . .

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