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Petrobras fuel woes makes Brazil dependent on U.S., India

Jan 24, 2014    

RIO DE JANEIRO (Reuters) - In October 2007, Brazilian President Dilma Rousseff, then chairwoman of state-run petroleum company Petrobras, proudly predicted that giant new offshore oil fields would usher in an age of Brazilian energy independence.Six years on, the opposite has occurred. Rousseff's push to develop offshore crude, her fuel-price controls and other energy policies have hobbled the country's refining sector, robbing it of funds for expansion. As a result, Petroleo Brasileiro SA (PETR4.SA), as Petrobras is formally known, has been forced to look abroad for fuel.With a dozen decades-...

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