Petrobras capital increase bill still on track for Senate approval

Overview

The race for the passage of the Lula administration’s controversial subsalt legislation is entering its final stage, with Brazil’s full Senate to receive all the government’s proposed subsalt bills by 6 May. We believe that the Petrobras capital increase bill still stands a good chance of passing the Senate by June and being signed into law by President Lula shortly thereafter. But the prospects for this and for other aspects of the legislation are not cut and...