| Story Views | |
| Now: | |
| Last Hour: | |
| Last 24 Hours: | |
| Total: | |
Brazil Opens Oil Fields to Foreign Firms in Major Policy Shift
Thursday, October 6, 2016 20:31
% of readers think this story is Fact. Add your two cents.
Brazil’s Congress voted on Wednesday night to open up its pre-salt oil fields to foreign investors by scrapping Petroleo Brasileiro SA’s obligation to be the area’s sole operator.
The legislation was approved by a 292-to-101 vote, following a bad-tempered debate during which opponents, many dressed in the orange jumpsuits of the state-controlled oil company, repeatedly attempted to delay proceedings. Various amendments to the legislation will be debated next week before President Michel Temer signs it into law.
In a significant change to Brazil’s offshore oil industry regulations, companies other than Petrobras can now operate blocks in the largest deep-water deposits discovered this century.
“The change will allow new investments,” Itau Unibanco Holding SA analysts Diego Mendes and Andre Hachem said in a research report …. http://www.bloomberg.com
Source: http://luismmx.blogspot.com/2016/10/brazil-opens-oil-fields-to-foreign.html
