Brazil - vote on the pre-salt will be Wednesday

08 Mar 2010 - by PreSalt.com - Source: Agência Brasil

The House of Representatives must conclude on Wednesday (10) to vote on projects dealing with oil exploration in the pre-salt (sub-salt). Missing still be voted an appeal and submitted an amendment to a bill that deals with the system of sharing and distribution of royalties from pre-salt oil exploration. The main text of the proposal was approved in December of the last year, but was pending the decision on the distribution of royalties between the states.

First Members have to vote on an appeal against the decision of the mayor, Michel Temer (PMDB-SP), which did not allow an amendment on the distribution of royalties for lack of signatures of members. Temer has taken the decision addresses the question of order. It will now vote on the appeal, and, if it is approved, the amendment will be voted on next.

Authored by Mr Ibsen Pinheiro (PMDB-RS) and Humberto Souto (PPS-MG), the amendment provides that the royalties due and special participation from oil exploration to be distributed to all states and municipalities meeting the requirements of the Participation Fund States (FPE) and the Fund of the Municipalities (FPM).

The amendment has been questioned by members of the producing states, since, if adopted and maintained in the text, the oil producers (Rio de Janeiro, Espirito Santo and Sao Paulo) will lose revenue and the other states and municipalities will benefit from the measure. The leader of the government, Mr Cândido Vaccarezza (PT-SP), said it would give referral contrary to the approval of the amendment. He admitted that will not be easy to reject the amendment. "I find it very difficult for us to win that vote. But we will fight until the end. "

Last week was voted and approved the project of capitalization of Petrobras (Bovespa: PETR3/PETR4, NYSE: PBR / PBRA, Latibex: XPBR / XPBRA, BCBA: APBR / APBRA), then was sent to the Senate.

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