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Bolsonaro Seeks $30 Billion Brazil Oil Boon Where Others Failed

  • He’ll be third president to seek sale of government reserves
  • Exxon Mobil, Shell have shown interest in the area in the past
Jair Bolsonaro
Jair BolsonaroPhotographer: Sergio Lima/AFP/Getty Images
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President-elect Jair Bolsonaro is pursuing the sale of Brazil’s deep-sea treasure-trove of oil, but just weeks after his election he’s facing the same political obstacles as his two predecessors.

While Bolsonaro’s transition team argues the sale could net some $30 billion to help plug fiscal deficits, a squabble over how to divvy up the spoils between various states and municipalities is threatening to thwart the plan even before he takes office.