Brazil lower house extends oil industry customs regime

Brazil’s lower house of Congress on Wednesday approved the basic text of a decree that extends for 20 years a preferential customs regime for the oil industry, a measure that has helped make Brazil attractive again to major global oil companies.

The chamber must still vote next week on several amendments to the presidential decree, but the extension of the so-called Repetro scheme is expected to move ahead to the Senate for final approval before the Dec. 15 expiry date.

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