June 19, 2019 |
State government will use revenue from oil and gas exploration to create infrastructure and sovereign wealth funds
Gov. Renato Casagrande signed legislation this week to establish the two funds in one of Brazil's biggest oil producing states.
The sovereign wealth fund, called Funses, is expected to receive between BRL400m and BRL500m a year and buy minority stakes in private companies.
The infrastructure fund will be used to help finance roads, highways and schools, Casagrande said.