Brazil Congress rejects motion that threatened oil rights auction

BRASILIA (Reuters) - Brazil's Congress on Wednesday rejected an amendment to an oil-royalty bill that threatened to derail the world's largest-ever sale of rights to develop offshore oil resources scheduled for October 21. The amendment had sought to set the Brazilian government's minimum share of "profit oil" from the sale of the giant Libra offshore prospect and other fields in Brazil's most productive oil area at 60 percent. ...



via Health News Headlines - Yahoo! News http://news.yahoo.com/brazil-congress-rejects-motion-threatened-oil-rights-auction-000832205.html