State of Maranhão, Brazil, to Receive R$200 Million in Oil Royalties

Posted on March 7, 2013 • Filed under: Brazil, Business, Oil

On March 7, 2013, O Imparcial reported that the northeastern Brazilian state of Maranhão will receive close to R$200 million in 2013 from oil royalties.  This estimate comes after local authorities defeated a veto from President Dilma Rousseff, which would have distributed the royalties differently.  The old estimate would have given municipalities in the state just R$35 million, as it only guaranteed distribution to municipalities over contracts negotiated from this year onwards.  Local mayors celebrated the measures, saying that the additional revenue is a victory for municipalities throughout the state.  Read Article

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