Oil law ready for congress by mid-August

Brazil: Oil law to be ready for congress by mid-month

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By News wires

 03 August 2009 21:33 GMT

A government panel studying possible changes to Brazil's oil law should outline the proposal to President Luiz Inacio Lula da Silva on Wednesday, with the bills heading for Congress by the middle of this month.



Quoted by the local Estado news agency, chief presidential adviser Jose Mucio Monteiro said that President Lula will study the panel's proposals and suggest possible changes.

The final text would likely be completed in a final meeting on 12 August, a Dow Jones Newswire report said.

Brazil's new regulatory regime, which will give the government a greater stake in newly discovered pre-salt oil reserves, will likely be unveiled 17 or 18 August, Monteiro said.

President Lula would then forward the law to Congress for debate.

Last year, President Lula formed the government working…

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