Petrobras is a state-owned Brazilian multinational corporation in the petroleum industry. The company's name translates to Brazilian Petroleum Corporation. The company was ranked #181 in the most recent Fortune Global 500 list. Petrobras was ranked as the 65th-largest public company in the world, according to a list published by Forbes in May 2016.
As a state-owned Brazilian multinational corporation, Petrobras is one of the most well-known companies in the world. The company is remarkably sustainable and has a long history of success. Petrobras is also responsible for bringing petroleum to Brazil, which is a bold business move as Brazil's oil reserves are not as large as other countries.
Petrobras' financial growth between 2002 and 2006
Petrobras was created in 1953 under the government of Brazilian president Getúlio Vargas with the slogan "The Oil is Ours" (Portuguese: "O petróleo é nosso"). It was given a legal monopoly in Brazil. In 1953, Brazil produced only 2,700 barrels of oil per day. In 1961, the company's REDUC refinery began operations near Rio de Janeiro, and in 1963, its Cenpes research center opened in Rio de Janeiro; it remains one of the world's largest centers dedicated to energy research. In 1968, the company established Petrobras Quimica S.A ("Petroquisa"), a subsidiary focused on petrochemicals and the conversion of naphtha into ethene.
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