Official: Petrobras won't scale back local content

A Brazilian flag is seen on the facade of the BM&FBOVESPA Stock Market during a ceremony marking the first day of trading at the BM&FBOVESPA Stock Market in Sao Paulo, Brazil, Friday, Sept. 24, 2010. Petroleo Brasileiro SA, or Petrobras, the South American nation's state-run energy company, raised $70 billion Thursday through the sale of more than 4 billion common and preferred shares in Brazil and the U.S., Investors saw an opportunity to invest in one of the world's fastest-growing regions for energy production. (AP Photo/Andre Penner)

Andre Penner

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By News wires

 01 June 2012 22:42 GMT

Brazilian state-run energy giant Petroleo Brasileiro will not reduce its requirements for the use of local goods and services in its crude oil exploration and production, Finance Minister Guido Mantega said Friday.

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