Lula undecided on new Brazil state oil company

SAO GANCALO DO AMARANTE, Brazil, Aug 20 (Reuters) - President Luiz Inacio Lula da Silva said on Wednesday he had not decided whether to create a new state-run oil company to manage oil production from Brazil's new subsalt reserves.

"No new state company exists. I am not against or in favor. I'm only going to receive proposals (from the commission) on Sept. 19. When I see it, we will make a decision that will be made known to the Brazilian public," Lula told journalists in northeastern Brazil.

Brazil's state-run oil company Petrobras (PETR4.SA)(PBR.N) announced it had found 5 billion to 8 billion barrels of recoverable light crude in its Tupi field off the coast of Rio de Janeiro, the largest deep-water find in history.

(Reporting by Denise Luna; writing by Reese Ewing; Editing by David Gregorio)