Brazil’s federal congress has given final approval to a new bill that reduces the pivotal role that the state-owned oil firm, Petrobras, will play in the exploitation of the country’s vast ‘pre-salt’ Atlantic deep-water oil fields. The initiative promoted by the government led by President Michel Temer is designed to help boost national oil production, stimulate domestic economic growth, and help ease Petrobras’s financial difficulties. But the initiative is controversial, not least because it replaces legislation that the previous administration argued would ensure that Brazil fully benefitted from its pre-salt deposits. End of preview - This article contains approximately 606 words.
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