Castello Branco disapproves local content law

The Bill (PL 7401/2017), which is being processed in the House of Representatives with the objective of restructuring the rules of local content of the oil and gas sector, was criticized by the President of Petrobras, Roberto Castello Branco. In a seminar "Reassessment of Risk Brazil", organized by the Center for World Economy (CEM) of the Getulio Vargas Foundation (FGV), in Rio de Janeiro, he said that the text is "a huge setback".

According to the president, the proposal contributes to close the economy and the distribution of income. Moreover, the way it was applied did not develop the local industry, it had no technical criteria, no term of life and consideration requirements.

On the other hand, Castello Branco praised the work of the director general of the ANP (National Agency for Oil, Natural Gas and Biofuels), Décio Oddone, but claimed that the rules need to be further improved.

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