The extent to which Petrobras and the royalties issue in the government’s proposed subsalt legislation will dominate the upcoming Brazilian presidential campaign was clearer than ever last week in two separate incidents. On March 11, less than 12 hours after the lower house of Congress approved the Ibsen Amendment (which calls for the division of subsalt oil royalties equally among Brazil’s 27 states), protesters in Rio de Janeiro – Brazil’s central oil-producing state – forced the...
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