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"Brazil’s Senate has approved a bill that would divide billions of dollars in oil royalties equally among the country’s states, threatening the country’s largest oil producing state, Rio de Janeiro, with the loss of up to $4 billion in revenue. But the bill, which was approved Thursday, is not likely to become law. Brazil’s president, Luiz Inácio Lula da Silva, said in a radio interview later Thursday that he would veto it. The Senate’s decision complicated matters for Mr.da Silva, who must choose between denying states that do not produce oil a share of Brazil’s ballooning oil riches and angering voters and officials in Rio, a state expected to be critical to this October’s presidential election. The president had been hoping to delay discussion of the bill until after the elections."
