Brazil's vow to recover oil trade holds its ground

(MENAFN) Brazil has made all necessary preparations to launch a package of measures to boost growth in the oil sector, which includes guidelines to reduce yield costs and make investment in the industry more attractive.

Additionally, the oil sector has played a substantial part in Brazil's gross domestic product, which, in turn, is encouraging the government to take drastic steps to refresh the sector, especially amid its current rough patch.

Petrobras, the state-controlled oil giant, has been investigated for allegedly being involved in a corruption, embezzlement and bribery scheme over the past two years, which as a result severely impacted the whole industry.

In October 2013, Petrobras was rated as the most indebted in the world, and by 2015 the firm faced dangerous exposure to bond markets and it still could face punitive pricing as the company lacked credibility.