Nov. 7 (Bloomberg) -- Petrobras Energia Participaciones SA, the Argentine unit of Brazil's state-controlled oil company Petroleo Brasileiro SA, said third-quarter income more than tripled because of higher oil and gas prices.

Profit at the Buenos Aires-based unit rose to 376 million pesos ($114 million) from 105 million pesos a year ago, the company said in a statement distributed by Business Wire today.

The parent company will report its third-quarter results after Brazilian stock markets close at 6 p.m. (3 p.m. New York time) on Nov. 11.

To contact the reporter on this story: Fred Pals in Amsterdam at fpals@bloomberg.net

Last Updated: November 7, 2008 02:34 EST