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Thu 21 Jan 2010 07:49 AM

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Qatar eyes stake in Brazilian oil giant - report

Gulf state's investment arm interested in minority stake in Petrobras - official.

Qatar is interested in buying minority stakes in Brazil’s state-run oil giant Petrobras and Banco do Brasil, it was reported on Thursday.

News of the possible investments come as the two countries seek to strengthen ties, with President Luiz Inacio Lula da Silva looking to raise Brazil’s profile in international circles, Qatar Tribune reported

Lula met with Qatar's Emir Sheikh Hamad bin Khalifa al Thani on Wednesday and signed a series of consular and financial agreements, the paper said.

Brazil is seeking Qatar’s investments ahead of the 2014 World Cup and the 2016 Olympics to meet massive funding requirements for airports, highways and sports venues.

Qatar’s investment agency already owns a $300 million stake in Brazil’s Vale, the world’s largest iron ore miner, said the Brazilian official, who requested anonymity because the conversations were private.

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