The presidents of the US and Brazil on Friday signed a memorandum stating cooperation in the development of biofuel technology in three different levels.

In the agreement, US President George W. Bush and Brazilian President Luiz Inacio Lula de Silva committed to reducing their countries dependence on the use of petroleum and other non-renewable fossil fuels.

The document stated clearly that opportunities should be created in order to provide other countries in the world with access to biofuel technologies.

According to President Lula, the agreement inaugurated a path that leads to true democratization of energy in the world.

In his speech, President Bush said that he was satisfied with the negotiations that led to the memorandum. He added that some time ago it was impossible to think of an American president coming to Brazil to discuss energy.

Bush stressed that dependence on petroleum was a question of national security to a country like the US, which has to import it from other regions.

(Xinhua News Agency March 10, 2007)