Lula Fights For Pre-Salt Control

By Doug Gray, Contributing Reporter

RIO DE JANEIRO – Just a week after President Lula promised to tackle poverty with the oil riches held in the pre-salt layers some 500km off the coast of Rio de Janeiro, industry insiders are voicing caution as to the realistic size of the find and the chances for foreign companies to share in the wealth.

In the late 90s a new petroleum law was passed to encourage foreign companies to invest in the oil industry of which Brazil was slow to become a major part. No longer the possession of the country, oil was . . .

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