Tupi oil is 'second independence for Brazil'

Brazil: President Luis Inacio Lula da Silva holds a mini oil barrel with first extraction from Tupi

Brazilian President Luiz Inacio Lula da Silva called Friday for officials to finalise new oil laws giving the country a greater stake in recent oil finds, saying the legislation was urgently needed to guarantee Brazil's future.



"This is a second independence for Brazil," Lula said, commemorating the first crude oil pumped from the Tupi field off the country's southeast Atlantic coast.

Lula wants a working group he formed last year to complete work on proposals to change Brazil's concession-based oil law, said a Dow Jones Newswire report.

The president has pledged to use the newfound oil riches to ease Brazil's crushing poverty and improve the country's education system.

While work on the new oil legislation is nearly complete, Lula said that ministers and officials on the study panel…

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