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Brazil to announce measures to boost oil sector

Xinhua, January 19, 2016 Adjust font size:

The Brazilian government will soon announce a package of measures to boost growth in the oil sector, Mines and Energy Minister Eduardo Braga said Monday.

"We will be announcing in the near future regulations to reduce production costs and make investment in the industry more attractive," Braga said.

The minister stressed that the oil sector has played a significant part in Brazil's gross domestic product, which, in turn, is prompting the government to take steps to revitalize the sector. "We cannot watch what is going on and not make a move," Braga said.

Brazil's oil sector is going through a rough patch, as Petrobras, the state-controlled oil giant, has been investigated for allegedly being involved in a corruption, embezzlement and bribery scheme over the past two years.

Besides, low oil prices in the international market have also negatively affected the finances of Petrobras, whose stock value on Monday dropped to 4.8 reais, or 1.2 U.S. dollars, the lowest level in the last 13 years. As a result, Petrobras announced a cut in its planned investments for the next few years. Endi