Brazil's state-owned oil and gas giant Petrobras said in a statement that its market valuation had reached 107.85 billion U.S. dollars by the end of 2006.

The oil giant's market valuation hit a monthly average of 103 billion dollars in December 2006, exceeding 100 billion dollars for the first time, said the statement.

As Brazil's largest state-owned enterprise, Petrobras's common and preferred shares trade in Sao Paulo, New York, Madrid and Buenos Aires.

Petrobras has been one of the fastest-growing Brazilian companies in the stock market over the past five years. Its current market value is six times as many as 15.38 billion dollars registered in 2002.

The company's stocks have posted large gains in recent years, thanks to its expanded oil and gas output and the continued rise in the company's net profit, said Jose Sergio Gabrielli, CEO of the Brazilian oil giant.

Petrobras, one of the world's largest oil firms, is engaged in the exploration, refining, production and the sale of petroleum and its by-products.