Brazil President: 'Argentina Should Play Part in Pre-Salt Oil Area'

RIO DE JANEIRO (Dow Jones Newswires), September 8, 2008

Argentina will likely play a role in development of Brazil's promising pre-salt oil deposits, Brazilian President Luiz Inacio Lula da Silva said Monday.

In comments after a meeting with Argentine President Cristina Fernandez, Lula said that Argentina's naval and construction industries could help build the infrastructure needed for Brazil to produce oil from the pre-salt region.

"Argentina could and should participate in the construction of large-scale infrastructure needed to explore Brazilian oil deposits in the pre-salt shelf," Lula said.

Lula also said that Brazil would accelerate construction of the Garabi hydroelectric project and cooperation on nuclear energy projects to secure electricity needs for both nations.

Copyright (c) 2008 Dow Jones & Company, Inc.

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