Brazil’s Lower House close to vote end of Petrobras virtual monopoly in gas industry

Brazil’s lower house is set to vote on Tuesday to pass a bill that can further open up the natural gas market to private investors by breaking the monopoly held by state-controlled oil company Petroleo Brasileiro S.A. – Petrobras.

If approved, the law could reduce natural gas prices in Brazil, says Congressman Laercio Oliveira, who will present the bill in the House. Its backers say the law could attract 60 billion reais ($11 billion) in private investments and generate 4 million jobs.

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