This excerpt taken from the PBR 6-K filed Aug 21, 2007.
INTERNATIONAL: The International segment generated a first-half net loss of R$ 26 million, versus net income of R$ 491 million in the first half of 2006.
This reversal was primarily due to:
These effects were partially offset by nom operational results of R$ 95 million from the sale of the Bolivian refineries and the Hydroneuquen plant of PESA-Argentina.
In the second quarter of 2007, the International segment generated net income of R$ 235 million, versus a net loss of R$ 261 million in the first quarter of 2007.
This improvement was caused by:
i) The wider refinery and sales margins in the United States due to the
higher sale prices;