URGENT ¥¥¥ Brazil Congress quashes veto of plan to share oil royalties

The Brazilian Congress on Thursday revived legislation that gives a greater share of the country's oil royalties to the country's non-oil producing states, overriding a veto by President Dilma Rousseff.

The decision, announced to AFP by the general secretariat of the Congress, means that royalties in old and new contracts will be shared more evenly between oil-producing and non-producing states.

Last November, Rousseff vetoed an article in the law that provided for a more eqitable sharing of royalties among the states, on grounds that contracts signed before the bill was approved would be retroactively affected.