By Andrew Willis, Contributing Reporter

RIO DE JANEIRO, BRAZIL – Petrobras, Brazil’s semi-public oil producer, suffered losses of R$1.35 billion (US$665 million) in the second semester of this year, making it the company’s worst three months since 1999. In a statement released to press on Friday, August 3rd, the firm said the loss was largely due to a fall in strength of the Brazilian Real, increasing the size of dollarized debts and costs.

Other factors listed as being behind the poor result include a larger percentage of imported oil in the company’s overall sales . . .

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