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Brazil & Southern Cone - November 2011 (ISSN 1741-4431)
BRAZIL: O Petróleo é Nosso
A battlecry first adopted in the 1950s by the Brazilian communist party, the slogan O Petróleo é Nosso was resurrected towards the end of his term by former president Lula da Silva (2003-2010) in support of sweeping regulatory changes to the oil sector, the central plank of which was to assign the state oil company Petrobras and the federal government much more control over the development and exploitation of Brazil’s newly discovered vast deepwater oil reserves, located off its south-eastern coast. Petrobras itself was a product of the ‘oil-is-ours’ nationalism. The company was first established, in 1953, as an oil monopoly, with strict rules forbidding any share ownership by foreigners (extending to Brazilians married to foreigners).
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