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PDVSA profits $6.3bn

Venezuelan state oil company PDVSA said 2007 profits rose by 15% to $6.3 billion on high oil prices and a reduction in costs.

Reuters reported that the company's profit jumped over 2006 results despite a 3% drop in sales to $96.2 billion.

It said costs fell 8%to $72.3 billion compared with 2006.

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