Lula: Petrobras Will Continue to Invest in Iran

Brazil’s state-run oil firm Petroleo Brasileiro SA (PETR4.BR), or Petrobras, will continue to invest in Iran despite U.S. concerns, President Luiz Inacio Lula da Silva told U.S. President George W. Bush, the Valor newspaper said Monday.

Lula, speaking Saturday at a visit to Camp David, Md., said Iran is an “important trading partner” for Brazil that bought goods worth more than $1 billion a year from Brazil, while it sold the Latin American country almost nothing, the newspaper said.


“I know that there are political disagreements between Iran and other countries,” Lula is quoted as saying. “With Brazil, there is no political disagreement and we will continue to work together in (areas) of interest for Brazil.”

Brazil’s government owns 60% of Petrobras’ voting shares and has a final say in its investment decisions.

Dow Jones Newswires