Sorry, double posting. Accident. n/t

[Judi Lynn]

Brazil's capital reserves to double boosted by newly discovered oilfields
www.chinaview.cn 2008-08-30 11:11:10

RIO DE JANEIRO, Aug. 29 (Xinhua) -- Brazil's revenue from oil found in pre-salt reservoirs will help the country double its official capital reserves, Finance Minister Guido Mantega said on Friday.

At a meeting on the international economy organized by the Campinas University in Sao Paulo state, Mantega expected the capital reserves to increase from 200 billion U.S. dollars to 400 billion dollars thanks to the revenue from the exploitation of oil in the pre-salt reservoirs.

"We will be able to invest part of the revenue in other sectors of the economy," he said, adding "the petroleum reserves represent a great advantage for Brazil."

"Brazil is to become a great oil producer and exporter, which will stimulate Brazil's economic development and benefit all Brazilian people," Mantega noted.

http://news.xinhuanet.com/english/2008-08/30/content_9738933.htm