Don't miss

Replay


LATEST SHOWS

THE DEBATE

France's Burkini Ban: Identity politics go to the beach (part 1)

Read more

THE DEBATE

France's Burkini Ban: Identity politics go to the beach (part 2)

Read more

FOCUS

Chancellor Merkel's immigration policy faces test on her home turf

Read more

FRENCH CONNECTIONS

Understanding the burkini ban

Read more

BUSINESS DAILY

US Treasury lashes out at EU tax probes

Read more

INSIDE THE AMERICAS

Olympic Hangover: festive mood dampened by gloomy economy

Read more

IN THE PAPERS

British professor says 'no shame' in reading romance novels

Read more

IN THE PAPERS

Libération:'STOP hunting for burkinis!'

Read more

EYE ON AFRICA

Closing arguments presented in the ICC trial of the Malian Jihadist who destroyed shrines

Read more

Brazil declines Iranian offer to join OPEC

Latest update : 2008-09-04

Energy minister Edson Lobao said that he told ambassador Moshen Shaterzadeh in a meeting two weeks ago that Brazil "does not envisage" the possibility of joining the organization of oil exporting countries.

Iran has formally invited Brazil to join OPEC, but the South American nation -- which recently discovered vast new offshore oil fields -- turned down the offer, Energy Minister Edson Lobao said Wednesday.

"I received the ambassador of Iran, and he invited Brazil to become part of OPEC. It wasn't a suggestion but a formal invitation," he told a media conference.

But Lobao said he told ambassador Moshen Shaterzadeh in the meeting two weeks ago that Brazil "does not envisage that possibility" right now.

Brazil in November 2007 announced it had discovered a new oil field 250 kilometers (155 miles) off its coast that could contain up to eight billion barrels of oil.

Early this year, it said other nearby fields could contain another 40 billion barrels of light crude.

If confirmed by tests underway, those finds would multiply the country's proven national oil reserves, which currently stand at 14 billion barrels, and propel Brazil to the same level as OPEC members Nigeria or even Venezuela.

However the technical challenges in getting to the oil, which lies seven kilometers underwater and under a problematic salt layer, mean production is years away, in 2012 at the earliest.

The cartel of the Organization of Petroleum Exporting Countries (OPEC) is made up of 13 countries, including Saudi Arabia and Iran, which have the biggest reserves in the world.

Lobao said he had not spoken of Iran's offer to other Brazilian ministers and stressed that "there is no discussion underway" on the subject of joining OPEC in the government.

He said that last May, at Saudi Arabia's invitation, he attended an emergency OPEC meeting at which he outlined the perspectives for Brazil's oil industry.
 

Date created : 2008-09-04

COMMENT(S)