Regulatory News

The Government is finalizing a National Contingency Plan which is to provide measures to be adopted for large environmental accidents such as oil spills at sea. The annual budget plan is estimated at R$1 billion (US $576 million).

In the case of an oil spill, for example, the company responsible will have to pay this amount to the government, as well as cover costs to reduce the impact on the environment and also pay fines.

The plan includes the involvement of different federal agencies with decisions being coordinated by the Navy, the Brazilian Institute for the Environment (IBAMA) and the National Petroleum Agency (ANP).

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