President Michel's fear sanctioned without veto laws allowing the direct marketing of pre-salt oil due to the Union by pre-salt Petroleum (PPSA). Before the change, the state could only hire specialized companies for the sale of the oil.
The new law states that PPSA will "conclude contracts, representing the Union, with traders or directly market oil, natural gas and other fluid hydrocarbons of the Union, preferably by auction." It also allows the state to "conclude contracts, representing the Union, for refining and processing of oil, natural gas and other fluid hydrocarbons of the Union".
The sanctioned law results from the approval of the Bill of conversion of provisional measure 811/2017. The text is published in the Official Gazette of the Union (DOU) this Friday, 15th.
Source: This is money.
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