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Old 09-30-2008, 03:07 PM
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Default - Brazil declines Saudi invitation to join OPEC -
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Brazil declines Saudi invitation to join OPEC

The Associated Press
---------------------

SAO PAULO, Brazil: Brazil has declined a recent invitation from Saudi Arabia to join OPEC, citing plans to refine, not export, crude oil from its recently discovered deep water reserves, top energy officials said Monday.

Mines and Energy Minister Edison Lobao said Brazil determined it doesn't need the cartel, because it plans to boost oil income by refining crude into products like gasoline for export abroad, the state's Agencia Brasil news agency reported.

Paulo Roberto Costa, a high-ranking executive with Brazil's state-run Petroleo Brasileiro SA oil company, confirmed the government had decided not to join OPEC.

"Brazil won't be a big exporter of oil, that's already defined," Costa told Agencia Brasil at the Rio Oil & Gas Expo 2008 industry conference in Rio de Janeiro. "Brazil was invited to participate in OPEC and did not accept because our priority is refining here and exporting derivatives."

Analysts say the reserves — found in the last year thousands of meters (feet) under the ocean floor and several hundred kilometers (miles) off the Rio de Janeiro coast — may contain 55 billion barrels of oil, enough to catapult Brazil to superpower oil status.

By refining its own oil, instead of shipping it abroad to be refined, Lobao said Brazil will generate more money and jobs at home. The country is undergoing an economic boom but still has one of the world's deepest divides between rich and poor.

Under orders from President Luiz Inacio Lula da Silva, a commission of government ministers is examining possible changes in the nation's oil law. Silva insists profits from the new oil discoveries be used to fight poverty and improve education.

Agencia Brasil said the Saudi OPEC invite came at a "recent" meeting of oil producing nations, but gave no other details. OPEC met last week in Vienna.

Brazil last month declined an invitation extended by Iran to join the Organization of Petroleum Exporting Countries. Lobao did not specify why at the time, saying only that Brazil had "other priorities."

Also Monday, Petrobras said it awarded contracts to build 10 new floating production, storage and offloading units to develop its new fields.

Petrobras will rent two units to produce 100,000 barrels a day by 2014, and will build eight others to produce up to 120,000 barrels a day by 2016, according to a company statement. A spokesman declined to give disclose how much the contracts were worth or with whom they'd been signed.

U.S. traded shares of Petrobras plunged 11.7 percent to US$40.35 in New York on Monday, amid a global stock meltdown and oil prices that closed below $100 a barrel for the first time in six months.

Brazil declines Saudi invitation to join OPEC - International Herald Tribune
Well, I totally agree with this decision.

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Old 09-30-2008, 03:11 PM
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So do I. Competition is a good thing.
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Old 10-03-2008, 07:48 AM
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Sounds like they won't be in competition, hence their decision.
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Old 10-03-2008, 08:44 AM
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Sounds like they won't be in competition, hence their decision.
You don't get it: being part of OPEC would remove them from the competition against OPEC.
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A panda walks into a cafe. He orders a sandwich, eats it, then draws a gun and fires two shots in the air.

"Why?" asks the confused waiter, as the panda makes toward the exit. The panda produces a badly punctuated wildlife manual and tosses it over his shoulder.

"I'm a panda," he says at the door. "Look it up."

The waiter turns to the relevant entry and, sure enough, finds an explanation.

"Panda. Large black-and-white bear-like mammal, native to China. Eats, shoots and leaves."

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Old 10-05-2008, 07:09 AM
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Their plan is to sell the refined product. I'm assuming, by the article, that OPEC doesn't do that (or does little of that).
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Old 10-05-2008, 05:29 PM
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Their plan is to sell the refined product. I'm assuming, by the article, that OPEC doesn't do that (or does little of that).
So, not only are they doing their own drilling, they're also doing their own refining? Awesome!
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A panda walks into a cafe. He orders a sandwich, eats it, then draws a gun and fires two shots in the air.

"Why?" asks the confused waiter, as the panda makes toward the exit. The panda produces a badly punctuated wildlife manual and tosses it over his shoulder.

"I'm a panda," he says at the door. "Look it up."

The waiter turns to the relevant entry and, sure enough, finds an explanation.

"Panda. Large black-and-white bear-like mammal, native to China. Eats, shoots and leaves."

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Old 10-05-2008, 09:42 PM
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What's your point?
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Old 10-07-2008, 07:14 PM
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Yes... All the refining job will be done in Brazil.

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