Portuguese 
Spanish 
Expectations Are That the Fund Will Help Reduce the Dependence of the Fluminense Economy on the Oil Sector, Balancing Public Accounts with Price Fluctuations of the Product.
The Sovereign Fund of Rio de Janeiro with Oil Royalties was launched by the Governor of Rio de Janeiro, Cláudio Castro (PL); and by the President of the Legislative Assembly of the State (Alerj), André Ceciliano (PT); on this Monday (29), at the Guanabara Palace. Other authorities and representatives from state and municipal public power were also present, such as the Mayor of Macaé (the national petroleum city), Welberth Rezende.
On this occasion, R$ 2.1 billion was deposited, which is equivalent to 30% of the difference in revenue from royalties and special participations between 2021 and 2020. These reserve resources come from oil revenues and other sources. Furthermore, it is a way to become less dependent on the sector to prevent a situation similar to that of 2014 from happening again. At that time, Rio de Janeiro plunged into the worst financial crisis in its history due to the sharp drop in the commodity.
The Sovereign Fund of Rio de Janeiro with Oil Royalties was established by the Constitutional Amendment 86/21 and regulated by the Complementary Law 200/22. Both projects were authored by the presidency of Alerj, to facilitate the financing of structural actions aimed at social and economic development of the state.
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“We are preparing to be giants in the next period. I am sure that Rio looks to the future, looks at development in a very interesting way”
Excerpt from the speech of the Governor of Rio, Cláudio Castro.
Expectations for Structural Investments with the Sovereign Fund of Rio
The Sovereign Fund with oil royalties can facilitate new investments, which directly enables the generation of more jobs and income throughout Rio de Janeiro. According to the President of Alerj, the next step now is to discuss structural investments. “The production of fertilizers and the construction of the Rota 4b gas pipeline (to transport gas produced in the Santos Basin)”, highlights André Ceciliano. The expectation is that 2022 will be positive in royalty collection, which has already surpassed 30% compared to the year 2021.
It may also receive donations from public and private entities and balances from previous fund exercises. The Sovereign Fund will have a Management Council, chaired by the Secretary of Economic Development, Energy and International Relations, Vinícius Farah, and formed by various other secretaries and institutions. Donations may come from public and private entities.
