"Agreements to build Brazil's first nuclear-propelled submarine are firming up more every day," Lula said, according to Defense Minister Nelson Jobim.

"With this, in a few years Brazil will be part of the select group of countries that possess this crucial element in building an effective deterrent ability," Lula was quoted as saying.

The president pointed to the recent discoveries of vast Brazilian offshore oil fields as a driving factor in investing in building a nuclear submarine.

"The growing importance of this country on the world stage as well as recent discoveries of enormous reserves of oil and gas... make it imperative that we have a strong and prepared Navy with a strong deterrent power," Lula said in his statement.

Brazil is currently negotiation a strategic partnership with France that will include cooperation agreements in defense.

One of the accords being discussed is using France's conventionally powered Scorpene submarine as the basis for Brazil's nuclear-powered sub project.

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