LatinNews Daily Report - 30 November 2012

POLITICS | Oil royalties deadline for Rousseff. President Dilma Rousseff is expected to use her presidential veto today (30 November) to partially strike out some the new framework legislation for the distribution of oil royalties between producer and non-producer states and municipalities in Brazil. The two main oil producing states, Rio de Janeiro and Espíritu Santo, are hoping that Rousseff will opt for a partial veto so that they would continue to receive the same amount of royalties as in 2011. The president is also expected to draw a red line through the section of the new legislation affecting existing concessions, on constitutional grounds. The executive is also expected to seek a complementary measure to assign 100% of the royalties from Brazil's new offshore oil sector to education, as per the government’s original proposal.

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