The corruption scandal that has entangled state energy producer Petrobras is encouraging the Brazilian government to open the country up further to foreign participants, a lawyer said on Wednesday.

What became Operation Lava Jato, or Car Wash, started in 2009 with a federal investigation in the city of Curitiba in the southern Brazilian state of Parana, said Alex Chequer, a partner with Tauil & Chequer Advogados and co-leader of Mayer Brown's Global Energy Group.

Chequer made his comments during Mayer Brown's Global Energy Conference, held on Wednesday in Houston.

The scandal exploded after suspects began cooperating with investigators.

They alleged that Petrobras executives inflated the value of the company's contracts so they could receive kickbacks from the contractors, according to lawsuits filed in the US by investors. The executives would then use the money to bribe politicians.

Those bribes would ensure that the politicians voted in line with the ruling Workers Party, the lawsuit alleged.

Lava Jato is expected to cost Petrobras hundreds of millions of dollars.

For 2014 alone, the company took a charge of reais (R) 6.2bn ($2.07bn) because of the scandal.

Lava Jato, though, extends well beyond Petrobras.

The state-owned energy company is considered the most important business in Brazil. It plays a key role in long-term investment projects, and problems with Petrobras can drag down the nation's economy.

Already, the scandal is having an immediate effect on Brazilian companies.

Because Brazilian contractors allegedly are linked closely to the scandal, Petrobras has blacklisted several of them. These contractors are among the largest and most prominent in Brazil, and they make up the major suppliers of Petrobras, Chequer said.

This blacklist, though, is providing foreign contractors with an opportunity to do business in Brazil, Chequer said. Already, Petrobras has invited foreign contractors to take on some of the work of the local companies on the blacklist.

Another opportunity awaits foreign companies. Petrobras plans to divest $13.7bn worth of assets in two years. These include the company's downstream assets, which will make up 30% of the divestments.

Brazil's represents the third or fourth largest fuel market in the world, and the divestments give outside companies a chance to enter this large market, Chequer said.

Brazil has also started to re-evaluate its energy policy, which could create more opportunities, he said.

Petrobras had been designated as the single operator of the pre-salt reserves off the coast of Brazil, Chequer said. The Brazilian government is realising that Petrobras is unable to make the large investments necessary to fully develop the pre-salt, one of the largest oil discoveries in decades.

In addition, the government may also revise the local-content rules for developing Brazil's energy reserves, he said. These rules required that local contractors provide a minimum percentage of the equipment and services needed for energy production.

Since many of these local contractors are blacklisted, there is growing consensus that the government needs to revise these rules, Chequer said. Brazil may make the requirements simpler, reduce the percentages or remove them entirely.

While the immediate effects of Lava Jato are harmful to Brazil, Chequer said Brazil will ultimately overcome the scandal and even get some benefits out of it.

The nation's institutions are investigating and prosecuting some powerful executives and politicians who were allegedly involved in the scandal, he said. "I believe it will be a good thing for the country."

Still, a multibillion-dollar-corruption scandal will not help an economy expected to fall into a deep recession.

Throughout the year, economists have lowered their forecasts for Brazil's GDP. Their most recent prediction shows that the economy will shrink by 1.20% this year.

During the recent Feiplastic trade show in Sao Paulo in May, executives acknowledged the rough economy. For many, slow growth emphasised the need to introduce new products.

"The idea is to grow by innovation," said Murilo de Barros Feltran, business manager for South American G-PM/PP-specialty plastics.

SoFTer Group, a plastics compounder, is releasing new products in Brazil, part of the company's plan to have each of its plants supply all of its lines.

Last year it began making polypropylene (PP) compounds, polyamide (PA) compounds and polybutylene terephthalate (PBT) compounds, as well as engineered thermoplastics, at its Brazil plant. These four families include about 3,000 products.

SoFTer also pointed to larger trends that should persist despite the current slowdown.

To improve fuel efficiency and to lower emissions, automobile producers have been replacing heavier metal parts with lighter ones made with plastics.

Brazil is one of the world's largest automobile producers, so this trend should have a large effect on plastics demand in the country.

Other companies expect Brazilians to adopt more middle-class lifestyles, which should increase demand for plastics used in packaging and polyurethanes used in insulation.

In Brazil, per-capita consumption of plastics and polyurethanes still lags behind that in developed countries. As Brazilians catch up with the developed world, plastics demand should rise.