July 4, 2018 / 9:26 PM / 3 months ago

Lower house of Brazil's Congress approves transfer of rights bill

SAO PAULO, July 4 (Reuters) - The lower house of Brazil’s Congress approved on Wednesday the bill regulating the transfer of rights area. The bill allows state-controlled oil company Petroleo Brasileiro SA to cede to other companies a mandatory 70 percent stake it owns in part of subsalt areas in the Campos Basin.

Now Brazil’s Senate is going to vote the bill. Another bill that authorizes state-controlled power holding company Centrais Eletricas Brasileiras to sell six distribution companies may also be voted later on Wednesday. (Reporting by Eduardo Simões Writing by Tatiana Bautzer Editing by Chris Reese)

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