Brazil Senate Approves TOR Settlement With Petrobras

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(Reuters, 3.Sep.2019) — Brazil’s Senate on Tuesday night approved an amended transfer of rights agreement settling a dispute over pre-salt oil fields between the government and oil company Petrobras that still needs to pass the lower house to clear the way for auctions later this year.

Senators agreed that 3 percent of the pre-salt surplus will go to oil producing states, particularly cash-strapped Rio de Janeiro. The government will pay Petrobras $9 billion, while states and municipal governments will each get 15 percent of an estimated $25 billion the auctions are expected to bring in.

Reporting by Anthony Boadle; Editing by Sandra Maler

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