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Cosmo Oil Co., a Japanese refiner partly owned by the government of Abu Dhabi, lifted its first-half profit forecast after record crude prices increased the value of its inventories.

The Tokyo-based company raised its net income estimate to ¥41 billion for the six-month period compared with ¥11 billion forecast in May, the company said Monday in a statement to the Tokyo Stock Exchange. First-half sales may rise to ¥2.02 trillion from the ¥1.72 trillion it estimated.

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