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___PETROBRAS became the latest oil group to benefit from last year’s surge in oil prices when the Brazilian company reported that net profits in 2000 had more than quadrupled to R$ 9.94 bn (US$ 4.97 bn) — the highest figure ever recorded by a Brazilian company.

___The rise in net profits was the result of increases in production and the company’s efforts to scale up bureaucracy.

___Under the leadership of Henri Philippe Reichstul, who took over as president in 1999, PETROBRAS has embarked on a US$ 33 bn investment plan over five years to virtually double oil and gas production, clean up the company’s financial affairs and expand abroad.

___In August last year, PETROBRAS boosted its profile in the international investment community with a successful US$ 4 bn share offering, the largest made by a Brazilian company.

___However, the group’s effortsto modernize itsimage suffered a setback in December when the government forced it to abandon a plan to change its name to “PETROBRAX” which was designed to reflect its increasing international presence.

Internet: <http://news.ft.com/news/worldnews/americas> (with adaptations).

three goals were settled when Henri Philippe Reichstul took over PETROBRAS's presidency.