Brazil oil reserves ‘to lift growth’
Brazilian president Luiz Inácio Lula da Silva is exploring the economic potential of new oil reserves found in the country, something which may be interesting to those considering investing in property in Brazil.
Reuters has reported that Mr da Silva started the operation of the offshore platform which is hoped will lift growth in the country and fuel financial and housing markets in Brazil.
The oil fields were the country’s second-biggest oil discovery for the past 20 years and will be administered by the state-controlled oil corporation Petrobras, the news agency revealed.
He described the oil fields as crucial to the development of the Latin American country.
In a symbolic gesture, the president dipped his hands in the oil and then made hand prints on the back of the overalls being worn by his chief of staff, Reuters said.
The Economist has described Brazil as an "economic superpower" and said the oil finding could potentially transform the local economy.
