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2016-10-06 18:30:00

BRAZIL SEEKS INVESTMENT

BRAZIL SEEKS INVESTMENT

 

PETROBRAS BRAZIL

According to REUTERS, Brazil's lower chamber of Congress approved the main points of a bill on Wednesday removing a requirement that state-led oil company Petrobras be the sole operator of vast offshore oil reserves in the costly subsalt layer with a minimum 30 percent stake in their development.

The bill, which could be amended in the future, is aimed at boosting private investment in Brazil's oil industry, though Petrobras retains the first option to develop promising fields.

The legislation has already been approved by the Senate and passed the lower house 292-101.

Brazil hopes the rules changes will attract foreign oil companies with resources that the scandal-plagued, debt-ridden Petroleo Brasileiro does not have.

The bill, which overturns parts of a 2010 law seeking to increase government control of new offshore oil and gas resources, is part of President Michel Temer's strategy to revive Brazil's economy by reducing state intervention and encouraging private entrepreneurs to take up the slack.

Temer, who replaced leftist Dilma Rousseff after she was impeached in August for breaking fiscal rules, has promised to adopt more business-friendly policies to pull the economy out of its worst recession since the 1930s.

His government last month unveiled a new concession program to increase private participation in airports, roads and ports as well as in the oil and gas sectors.

The 2010 production-sharing law was criticized for limiting foreign investment in the so-called Subsalt Polygon, a region off Brazil's coast near Rio de Janeiro where large oil deposits lie far beneath the seabed under a layer of mineral salt.

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Earlier: 

PETROBRAS CUTS 25% 

PETROBRAS CUTS 11,704 JOBS 

PETROBRAS NET INCOME $106 MLN 

STATOIL BUY BRAZIL: $2.5 BLN 

PETROBRAS SELLS $6.75 BLN

 

 

Tags: PETROBRAS, BRAZIL, INVESTMENT

Chronicle:

BRAZIL SEEKS INVESTMENT
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U.S. SHALE OIL UP

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BRAZIL SEEKS INVESTMENT
2018, April, 23, 14:20:00

WBG WANT COUNTRIES

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BRAZIL SEEKS INVESTMENT
2018, April, 23, 14:15:00

IMF WANTS AFRICA

IMF - we agreed on the need to accelerate structural reforms and access to finance in order to raise overall investment and medium-term growth rates to support job creation. The Fund, through its policy advice, can assist countries to design and implement growth-friendly fiscal adjustment, when needed, that responds to the country-specific sources of debt vulnerabilities while preserving needed investments in infrastructure, human capital, and other priority expenditures

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2018, April, 23, 14:10:00

IMF'S CORRUPTION

IMF - Directors also agreed that the Fund should continue to address governance issues and corruption in surveillance when the applicable standard of the Integrated Surveillance Decision has been met.

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