Standing Alone

Standing Alone


Lula relishes Petrobras' accomplishments.With the pomp and circumstance typical of an election year, Brazilian president Luiz Inácio Lula da Silva inaugurated state oil company Petrobras' giant P-50 oil platform in April. The platform is one of many endeavors that Petrobras has embarked on during its decade-long journey from a clumsy and inefficient state-owned company to a highly regarded, publicly traded multinational energy firm. And yet, the P-50 is special. As the president smeared his hands in crude extracted with the help of the new platform, he marked the end of Brazil's long-standing dependence on imported oil. As recently as the late-1970s, Brazil imported roughly

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