Petrobras breathes easy

Brazilian company posts best financial results since bribery scandal

Petrobras has finally announced a positive annual result, five years after the Lava Jato corruption probe left the Brazilian state-controlled company with spiralling debts. The firm closed the year with a $25.8bn net profit, the highest figure in seven years, and a total of R$20.2bn ($5.27bn) in asset sales. Improved crude and fuel prices largely contributed towards the strong year. Oil jumped 50pc year-on-year, in reals, and fuel 32pc yr-on-yr. Even a slight dip in production failed to impact the company's finances — production fell to 2.63mn bl/d oe from a record 2.65mn bl/d oe the year before. Output is set to rise again this year and further boost the firm's bottom line. Four new product