Rio Keeps Existing Oil Royalties: Daily

By Ben Tavener, Senior Contributing Reporter

RIO DE JANEIRO, BRAZIL – President Dilma Rousseff has approved a controversial new bill that sets out the redistribution of oil royalties to non-producing states nationwide, Chief of Staff Gleisi Hoffmann has announced. However, much to the relief of oil-producing states such as Rio, the president included a number of vetoes.

The most significant veto was of "Article 3" in its entirety, meaning previously-signed contracts that might have been renegotiated, with states losing out on billions of reais, are now safe.

With the president's partial veto, the new rules for redistribution . . .

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