Oil industry expects to join the States Repetro

After the federal Government announced an extension until 2040 the suspension of import tax of offshore equipment (Repetro), the Brazilian Institute of petroleum (IBP) stated that the oil industry is awaiting desão the States regime.

According to the IBP, the expectation in the industry is that the accession of States to occur before September, when they do the next rounds of auctions of farm fields in the country.  Scheduled to end in 2019, Repetro allows for suspension of payment of federal taxes on importing and exporting goods for research activities and exploitation of deposits of oil and natural gas.

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