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Opinion, by Michael Royster

RIO DE JANEIRO, BRAZIL – This week’s news has been good for Brazil, and for the State of Rio. Inflation for 2016 was lower than expected, the federal and state governments reached agreement on a bail-out for the bankrupt state, and word is spreading that Petrobras is going to reactivate the petrochemical complex (COMPERJ) in Itaboraí.

COMPERJ, designed to process natural gas produced offshore, was closed down more than a year ago, after the Lava . . .

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