Mexican state-run oil giant Petroleos Mexicanos will invest $105 million in the rebellious southern state of Chiapas, with most of the money going to improve security at the company´s installations. Pemex will build a new fuel storage and distribution facility in Tapachula and will spend an addition $16 million to finance road projects in the area.
Category: Regions
Posted inDaily Brief
Petrobras to Restart Wells
State-owned oil company Petroleo Brasileiro said it will reopen five of its six oil wells in the Gulf of Mexico within a week. Petrobras normally pumps 6,500 barrels of oil a day from fields off the US states of Texas and Louisiana.
Posted inDaily Brief
Fox Looks to Cut Debt
Mexican President Vicente Fox’s proposed spending plan for 2006 seeks to use revenue from record high oil prices to reduce the nation’s international debt to 6.8 percent of GDP, its lowest level in more than three decades. Foreign-currency debt represented 9.8 percent of GDP in June. Fox is proposing total government spending next year of $176 billion, about the same in real terms as what was approved by congress for this year.
Posted inDaily Brief
Crude Oil Falls
Brent crude oil for October settlement fell $1.21 to $64.85 a barrel on London’s International Petroleum Exchange Monday after producers resumed output in the Gulf of Mexico and the International Energy Agency pledged to release emergency reserves. BP’s Holstein platform in the Gulf has started production, while Royal Dutch Shell and Marathon Oil resumed processing at two refineries in Louisiana over the weekend.
Posted inDaily Brief
Southern Colombia hit by blackout
Nearly three million people in south-western Colombia were left without electricity after suspected rebel attacks. Officials said they believed bomb attacks on a number of electrical towers caused the blackout, which is affecting three provinces. Energy company Isa said it was trying to import power from neighbouring Ecuador.
Posted inDaily Brief
Deals
Bavaria Sells OutLondon-based brewer SABMiller is acquiring Colombian brewer Bavaria in a deal with the company’s controlling investors, the Santo Domingo Group. The sale of Bavaria is Latin America’s most […]
Posted inMagazine
Caribbean Dreams
Venezuela’s Petrocaribe aims to help the Caribbean cope with rising oil prices. But with payments deferrable for 25 years, someone’s going to be left holding the bag.
Posted inMagazine
On the Edge of the Abyss
The past two years have seen two presidents run out of office in Bolivia. Will next year bring the overthrow of another?
Posted inMagazine
Heading Downstream
Soaring oil and gas prices are pounding Caribbean economies. But Trinidad & Tobago, the region’s largest producer of gas and oil, is flying high.
Posted inMagazine
Deals Sep 2005
Bavaria Sells Out London-based brewer SABMiller is acquiring Colombian brewer Bavaria in a deal with the company’s controlling investors, the Santo Domingo Group. The sale of Bavaria is Latin America’s […]