Significance: The defeat is a blow for the company at the end of a largely positive week. Yesterday Brazil’s federal chamber of deputies approved a bill that would allow Petrobras to sell up to 70% of a major offshore oil development, which would help the financially troubled oil company continue its policy of slashing debt. The bill removes the requirement that Petrobas be the only investor in the so-called ‘transfer of rights’ area, an extremely expensive project and one where the Brazilian company currently has no partners to help split costs.
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