Brazil’s Senate formally started a congressional investigation (CPI) on 6 August into accounting irregularities and corruption allegations at Petrobras. The probe likely eliminates any possibility that modifications to the existing 1997 Petroleum Law (in favour of a production-sharing model for new subsalt blocks) could be pushed through a deeply divided Senate before the 2010 presidential election. We believe the Lula administration, fully aware of the futility of this goal, will...
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