Read the following text and answer items 37 to 40 below. PETROBRAS operated in Brazil as a monopoly for close to half a century. However, after recent deregulation of the Brazilian oil sector and the consequent arrival of competitors, PETROBRAS is now facing important new challenges. PETROBRAS must continue to maximize its competitiveness and effectiveness through bidding on offshore exploration blocks that can potentially yield oil reserves. At the same time, though, PETROBRAS must continue to provide the necessary resources to the enforcement of its environmental commitment to Brazilian society through oil spill surveillance and prevention programs.

Internet: <http://www.rsi.ca>. Access on Feb./2004 (with adaptations).

It is correct to conclude from this passage that

PETROBRAS has been operating as a monopoly for nearly fifty years.