BY CHRONICLE STAFF
Brazilian oil giant Petrobras has replaced Mexican oil company Pemex as Latin America's largest company, according to the LBC500 - the ranking of Latin America
's 500 largest companies from Latin Business Chronicle
. The ranking is based on 2008 revenue data from Economatica and individual companies.
Petrobras saw revenues jump by 34.8 percent last year to $118.3 billion. Meanwhile, Pemex saw a 16.8 percent increase to $98.2 billion.
According to the 2008 report for Venezuela's oil company PDVSA -- released Sunday -- the firm posted revenues last year of $126.4 billion, which would make it larger than Petrobras. However, there are widespread doubts about the firm's numbers.
”Total income [is] more like $84 billion, close to Pemex's but much lower than Petrobras,” estimates Gustavo Coronel, a former member of the board of PDVSA. “I think the income is even lower than that, because I believe production is much lower than they claim.”
Also Roberto Bottome, editor of the Caracas-based newsletter VenEconomy, doubts PDVSA’s production numbers. “I believe PDVSA's production figures are fudged,” he says.
As a result, PDVSA was not included in this year's LBC500.
While Petrobras and Pemex dominate the list, there are also other giants. They include Brazilian...
LBC 500: Ranking of Latin America's 500 largest companies