Global General

Brazil to export oil byproducts: president

(Xinhua)
Updated: 2010-10-19 09:58

RIO DE JANEIRO - Brazilian President Luiz Inacio Lula da Silva said Monday state-controlled oil and gas giant Petrobras will export oil byproducts besides crude oil.

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Speaking at the inauguration ceremony of a Petrobras facility in Sao Jose dos Campos, Sao Paulo state, Lula hoped exporting oil byproducts will generate more revenue for the country.

"We want to export oil byproducts, so that we can make more money," he said.

The president pointed out that the company was strengthened during his administration.

According to him, when Petrobras was founded in the 1950s, some doubted whether Brazil should venture into the oil exploration business. By 1980, Petrobras' production capacity totaled 171,000 barrels of oil. It is now the second largest oil company in the world.