Senate Approves Petrobras Share Deal

By Sibel Tinar, Contributing Reporter

RIO DE JANEIRO – The Brazilian Senate has approved the bill on the new capitalization plan for Petrobras, marking the beginning of an overhaul in Brazil's oil industry regulations. Under the new plan, state-controlled energy giant Petrobras will issue new shares to pay for the oil rights through a total offer expected to be valued at between fifty and seventy-five billion dollars.

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