Brazil Pre-Salt Oil Fund to Act as Pension Fund, Valor Reports

Brazil’s pre-salt oil fund will act as a pension fund rather than a development fund, Valor Economico reported, citing Economic Policy Secretary Nelson Barbosa.

The fund, which was approved by Brazil’s lower house last week, will use the return on its investments to finance spending on oil projects, the Sao Paulo-based newspaper said.

To contact the reporter on this story: Laura Price at lprice3@bloomberg.net

To contact the editor responsible for this story: Francisco Marcelino at mdeoliveira@bloomberg.net

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