October 15, 2019 / 4:01 PM / a month ago

Brazil Senate committee passes bill dividing oil auction proceeds

BRASILIA, Oct 15 (Reuters) - A Brazilian Senate committee on Tuesday approved a bill dividing proceeds from the blockbuster “transfer of rights” oil auction scheduled for November, upholding rules previously established by the lower house of parliament.

The bill gives formal legislative approval to a government agreement with state-run oil company Petroleo Brasileiro SA , settling a years-old dispute and clearing the way for what may be a record-setting offshore oil rights auction. The division of proceeds with state and city governments was also seen as a key condition for final approval of the government’s proposed pension reform in the Senate this month. (Reporting by Marcela Ayres; Writing by Gabriela Mello)

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