Brazil will spend 160 million US dollars by the end of next year on the development of a nuclear-powered submersible to protect the oil reserves found recently off its coast, said Defence minister Nelson Jobim on Friday.
Air fares from Brazil to the rest of South America will no longer be regulated as of next Monday September first, which will represent a significant reduction in prices according to a Friday release from Brazil's National Civil Aviation Agency, ANAC.
Towering above the beautiful bay of Angra dos Reis near to Rio de Janeiro a vast oil platform stands almost ready to head out to sea. Work is almost completed on Petrobras 51 (P-51) and there seems little doubt it will be put to good use, with Brazil making headlines around the world for its recent oil finds.
Brazil's indigenous peoples still struggle to exercise real control over their lives and lands, despite some advances in their conditions and the Government's commitment to improve the situation, a United Nations human rights expert said on Monday after wrapping up a 12-day visit to the South American country.
Brazilian president Lula da Silva proposed the review of the current oil exploitation model and the creation of another company to manage the so called pre-salt oil fields which are believed to hold anywhere from 50 to 70 billion barrels of light crude.
Fertilizer sales in Brazil soared 11% in July compared to a year ago according to the country's National Fertilizer Association, Anda, in spite of a doubling of prices. July sales totaled 2.45 million tons and in July 2007, 2.2 million tons.
Brazil's state-run oil company Petrobras CEO Sergio Gabrielli said Friday he expects new ultra-deep-water finds to yield 100,000 barrels of oil a day by 2010 and announced the company would begin testing production in the fields next September 2 although we don't expect the new fields to have a significant impact on oil production until 2013.
Brazilian President Luiz Inacio Lula da Silva is pondering whether to create a new state-run oil company to manage oil production from Brazil's new sub-salt reserves, according to press reports in Sao Paulo
Brazil's reference Selic interest rate will only begin to fall when inflation approaches the 4.5% center-point of the government's annual target, Brazilian Finance Minister Guido Mantega said on Wednesday.
Brazilian president Lula da Silva criticized sharply the spirit of the national team which on Tuesday lost to Argentina in Beijing 3-0.