Brazil declines invitation to join OPEC
16/9/2008 18:01
Brazilian Mines and Energy Minister Edison Lobao yesterday declined an
invitation from Saudi Arabia to join OPEC, explaining that Brazil plans to
refine, not export, crude oil from recently discovered deep water
reserves.
Paulo Roberto Costa, a high-ranking executive with the state-run
Petroleo Brasileiro SA oil company, confirmed that Brazil had turned down the
offer to join the Organization of Petroleum Exporting Countries (OPEC) because
it plans to refine crude at home and mainly export processed oil
products.
Brazil in November 2007 announced it had discovered a new oil field
250 kilometers off its coast that could contain up to 8 billion barrels of
oil.
Xinhua
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