Lula and Indonesian president pledge biofuel cooperation

JAKARTA (AFP) — Brazilian President Luiz Inacio Lula da Silva and his Indonesian counterpart pledged cooperation on biofuels during talks here Saturday in a bid to take advantage of surging oil prices.

Lula and President Susilo Bambang Yudhoyono signed off on an agreement to share knowledge on biofuel technology after meeting at Jakarta's presidential palace.

The Brazilian leader called spiralling global commodity prices a "great opportunity" for developing countries such as Indonesia and Brazil, both of which are major producers of biofuel.

"The developing countries that have the characteristics that Indonesia and Brazil ...