August 1, 2006
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
After years of heavy investment, Brazil's state-controlled oil company, Petrobras, is supplying all of the country's oil needs.