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Updated Monday, March 22, 2010 11:14 am TWN, AP

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2009 fourth quarter profits rise 31% on higher oil prices: Petrobras

SAO PAULO -- Brazil's state-run oil company says profits rose 31 percent on higher oil prices in the fourth quarter of 2009.

Petroleo Brasileiro SA says lower operating costs and a bump in domestic demand also contributed to the US$4.5 billion in profits. The company earned US$3.4 billion in profits in the fourth quarter of 2008.

But profits for all of 2009 were down 12 percent: to US$16.1 billion from US$18.3 billion for 2008. In a statement issued late Friday, the Rio de Janeiro-based Petrobras blamed a more than 35 percent drop in oil prices.

Total oil and gas production was up 5 percent in 2009 over the previous year, averaging 2.5 million barrels per day.

Petrobras says it could invest up to US$220 million in the next four year — 26 percent more than during the 2009-2013 period.

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