Word: petrobr
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Dates: during 1952-1952
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Reflecting the extreme nationalism now dominant in the country, the bill sets up the Brazilian Petroleum Corp. (Petrobrás) as a government monopoly operating under the supervision of the National Petroleum Council. Petrobrás will have the sole right to explore, exploit, refine and distribute the country's oil. The five U.S. and British companies now importing and distributing oil and byproducts may continue to do so. But aside from that, foreigners are out. The government will hold 51% or more of the monopoly's $500 million stock; no foreigners and no Brazilian married...
Under the new plan, Brazilians will not only continue to pay more than $200 million a year of precious foreign currencies for oil products, but will start paying new taxes on the imported oil. Some of the income from the new levies will be used for Petrobrás' oil explorations. But part will also go for construction of new roads. The most that opponents of the new law would say was that in a few years, after the present emotional tide recedes, a new and workable law can be passed...