Brazil gets moving on gas competition
The government has progressed on freeing Petrobras from its unwanted dominance of the domestic gas market
Brazil is finally getting serious about loosening the hegemonic grip of Petrobras, the state-owned oil and gas company, on the country's gas industry, almost ten years since regulatory reforms failed to kickstart greater market competition. Allowing Petrobras to sell off assets and get out of non-core sectors is central to the government's natural gas strategy. In July, Brazilian President Jair Bolsonaro inaugurated the New Gas Market programme, aimed at cutting the domestic price of gas 40pc within two years, guaranteeing participation of new entrants and attracting greater investment to the natural gas sector. The current lack of gas market competition is stark. Petrobras controls around 7
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