Brazil's Senate on Dec. 10 approved the basic text of a bill to further open up the natural gas market to private competition and break the monopoly held by state-controlled oil company Petroleo Brasileiro SA (Petrobras).
The new legal framework changes natural gas distribution from a regime of concessions by the government to one of authorizations by the country's oil and gas regulator, ANP, thus reducing bureaucracy for building pipelines.
The bill will also open up competition by changing the vertical structure of the gas sector so producers cannot be distributors and vice-versa.
Mines and Energy Minister Bento Albuquerque expects the law to unlock 40 billion reais (US$8 billion) in private investment for the gas sector, while Economy Minister Paulo Guedes said it will bring a "shock of cheap energy" for Brazilian industries. (US$1 = 5.02 reais)
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