Brazil Hopes to Attract Natural Gas Investors with New Law
SAO PAULO (Reuters) — Brazil's lower house approved a new regulatory framework for the natural gas sector in the early hours of Wednesday, a move the government hopes will increase competition in the industry.
The bill, which garnered support from industrial consumers, will now be signed into law by President Jair Bolsonaro.
"In this difficult moment, this approval bodes well for the economy," said Paulo Pedrosa, president of Abrace, an industry group of large energy users.
He said the new law would help attract new investments to the sector and increase predictability.
Under the bill, companies interested in building gas pipelines will need a simple authorization rather than a more complex concession contract. Energy regulator ANP will have more power to foster competition and reduce market concentration.
The new law allows power companies to distribute gas for industrial use, an area that used to be under state monopoly.
Related News
Related News
- Kinder Morgan Proposes 290-Mile Gas Pipeline Expansion Spanning Three States
- 1,000-Mile Pipeline Exit Plan by Hope Gas Alarms West Virginia Producers
- Valero Plans to Shut California Refinery, Takes $1.1 Billion Hit
- Three Killed, Two Injured in Accident at LNG Construction Site in Texas
- Boardwalk’s Texas Gas Launches Open Season for 2 Bcf/d Marcellus-to-Louisiana Pipeline Expansion
- New Alternatives for Noise Reduction in Gas Pipelines
- Construction Begins on Ghana's $12 Billion Petroleum Hub, But Not Without Doubts
- DOE Considers Cutting Over $1.2 Billion in Carbon Capture Project Funding
- Valero Plans to Shut California Refinery, Takes $1.1 Billion Hit
- Newsom Seeks to Aid Struggling Refiners Following Valero’s California Exit
Comments