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This excerpt taken from the PBR 20-F filed May 22, 2009. Price
Regulation
Until the passage of the Oil Law in 1997, the Brazilian
government had the power to regulate all aspects of the pricing
of crude oil, oil products, ethanol, natural gas, electric power
and other energy sources. In 2002, the government eliminated
price controls for crude oil and oil products, although they
retained regulation over
certain natural gas sales contracts and electricity. Also in
2002, the Brazilian government established an excise tax on the
sale and import of crude oil, oil products and natural gas
products (Contribuição de Intervenção no
Domínio Econômico, Contribution for Intervention
in the Economic Sector, or CIDE). In 2009, the Gas Law
authorized the ANP to regulate prices for the use of gas
transport pipelines subject to the new concession regime, based
on a procedure defined in the Gas Law as a “chamada
pública,” and to approve prices submitted by
carriers, according to previously established criteria, for the
use of new gas transport pipelines subject to the authorization
regime.
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