Rio opposes Brazil’s oil royalties bill

Joe Leahy – Financial Times, 11/08/2012

It normally takes a lot to rattle a Carioca, as the famously chilled people of Brazil’s second-biggest city, Rio de Janeiro, are known.

But this week, the governor of the state of Rio de Janeiro, Sérgio Cabral, was making a good show of looking concerned after the federal Congress passed a law setting out new ways to divide royalties from oilfields among the country’s states.

The new law, which will redirect a greater share of government royalties from existing and new oilfields discovered off the coast of Rio to the rest of Brazil’s states and municipalities, would leave his state unable to stage the World Cup in 2014 and the Olympics two years later, Mr Cabral said.

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