Brazilian oil producer Petrobras and Portugal‘s leading integrated oil and natural gas company, Galp Energia SGPS signed an Investment Agreement early last week, in Lisbon, to create a jointventure to develop biofuel production and a marketing project. This agreement is the outcome of the breakdown of the Memorandum of Understanding the companies signed last May 18 which was aimed at studying the feasibility of joint biodiesel production, marketing, and distribution projects in the Brazilian, Portuguese, and international markets. The document was signed during a visit of president Luiz Inácio Lula da Silva to Portugal, in a ceremony held at Torre de Belém in the presence of Portugal Prime Minister José Sócrates, the Brazilian company announced early last week.