Tuesday, January 20, 2009

Brazil: Brazil's Landless Workers' Movement aim to extend fight to oil

Brazil's Landless Workers' Movement marked its 25th anniversary on Monday by pledging to extend its fight against capitalism to ensuring the country's new oil wealth remains in state hands, Reuters informs.

Since state energy company Petrobras announced in 2007 it had discovered massive light oil reserves off Brazil's southern coast, talk has swirled that the government would take greater control over the oil wealth.

President Luiz Inacio Lula da Silva is considering whether to create a new state-run oil company to manage oil production from new "subsalt" reserves, but foreign oil firms like Royal Dutch Shell Plc will still have a major role in production.

Source: FOCUS Information Agency
Published by Mike Hitchen, Mike Hitchen Consulting
Putting principles before profits