Four Brazilian companies enter top 50 in the American continent: study

Brazil, the South American BRIC nation among the emerging powers along with China, India and Russia, is also emerging as an economic powerhouse in the American continent with four of its companies entering the Top 50 in the American continent, says a study released yesterday.

In a study conducted by Rio de Janeiro-based consulting company Economatica, the report said that Brazil's state-owned oil and gas giant Petrobras has become the fourth largest company on the American continent - a jump by 13 ranks from last year's No17.

Ranked at 22, was Brazilian mining giant Companhia Vale do Rio Doce, the country's second largest firm and the world's biggest mining company, while Brazilian banks Itau-Unibanco and Bradesco entered the top 50.

Since the study included not only businesses from Latin America but even those from the US as well, the entry of the four Brazilian companies in the Top 50, along with larger US giants like Microsoft, Google, Wal-Mart, AT&T, Exxon-Mobil, GE and other competitors,. is significant.

Since the beginning of this year, Petrobras' market value increased by 81.1 per cent, reaching $173.59 billion, which is the highest among all Latin American companies.

Recent oil discoveries by Petrobas at the Santos Basin close to the earlier Tupi find, is expected to double Brazil's proven oil reserves of 12.6-billion barrels, catapulting Brazil into the world's top 10 oil exporters. (See: Petrobras may emerge among top oil producers with new oil find in Santos Basin)