IBP Waits on Legislation Hold Ups

By Doug Gray, Senior Contributing Reporter

RIO DE JANEIRO - As Petrobras faces something of a funding crisis having already blown the vast majority of its US$174 billion budget forecast up to 2013, the control of Brazil’s ‘goldmine’ of pre-salt oil is beginning to show signs of cracking.

With four crucial pieces of legislation regarding ‘ownership’ of the oil, Petrobras’ independence, profit sharing and the distribution of the money via the creation of a fund for the Brazilian people still to be passed through Congress, there has been little progress over the last six months. The announcement that . . .

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