Big Oil Petitions Brazilian Court To Suspend New Oil Tax ...Middle East

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Big Oil Petitions Brazilian Court To Suspend New Oil Tax
source : OILPRICE ( Middle East ) () 37
Five international oil companies active in Brazil have petitioned a federal court to suspend the 9.2% tax on crude oil exports that new president Ignacio Lula da Silva introduced soon after he came into office, angering the industry. According to the government, the new tax will serve to attract more investments in the country with a focus on local refining. According to Shell, however, the tax was announced without “significant dialogue” and it created "uncertainty about new decisions regarding investments,” the supermajor told…

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