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Brazil Senate OKs Repetro oil sector customs regime extension,

Brazil Senate OKs Repetro oil sector customs regime extension,

BRASILIA: Brazil’s Senate on Tuesday gave the green light to an extension of a preferential customs regime for the oil industry that has made the country more attractive to major global oil companies, sending the measure to the lower house for final approval.

The so called Repetro scheme, which suspends import duties on equipment used in oil exploration and production, had to clear the Senate before the Dec 15 expiry date of a presidential order renewing the tax break currently set to expire in 2019. An amendment to the bill, however, means it must go back to the lower house for another vote.