Brazil to distribute oil revenues more evenly
BRASILIA, Brazil — Brazil's House of Representatives has approved a controversial proposal to share profits from the country's growing oil production sector more evenly between petro-producing states and those with little or no production.
The bill, approved late Tuesday, increases royalties oil companies operating here will have to pay the government from 10 percent to 15 percent of total profits. Of that, 21 percent will go to non-oil producing states and municipalities.
Legislators from Brazil's top oil producers, Rio de Janeiro and Espiritu Santo states, have threatened to challenge the measure in the courts.
The Senate approved the same text last year, meaning it will now go to President Dilma Rousseff for ratification. Government sources say she's likely to sign off on the bill.
Experts say massive oil discoveries off the Brazilian coast could yield an estimated 50 billion barrels.
- Share Facebook Twitter
Article sent to (required)E-mail
Article sent from (required)E-mail Name
Subject Line (article title)
Message (optional)Success - Article sent Click to close
Interested in reusing this article?
Custom reprints are a powerful and strategic way to share your article with customers, employees and prospects.
The YGS Group provides digital and printed reprint services for Daily Herald. Complete the form to the right and a reprint consultant will contact you to discuss how you can reuse this article.Need more information about reprints? Visit our Reprints Section for more details.
Contact information ( * required )Name * Company Telephone * E-mail *
Article InformationTitle URL
Message (optional)Success - Reprint request sent Click to close