Brazilians Divided on Sharing the Oil Bonanza
Post on November 3, 2012, 7:00 pm by the-victoria-law-group 0 Comments
In a possible big shift of wealth from production states like Rio de Janeiro and Espirito Santo, Brazilian lawmakers are struggling over how to spread any wealth from the country’s vast and recently discovered offshore oil reserves. The battle pits states close to the oil deposits against those further away.
The lower house of congress in Brazil plans to vote this week on a measure that would give the federal government 40 percent of the royalties. The rest would be split among states and cities, favoring those closest to the oil. A version passed earlier by the Senate would split the take equally across the country. Either way, it’s a welcomed windfall for all.
Read Associate Press article here: