Skip to main content

VENEZUELA EXPLORES ENERGY MARKETS IN CHILE

(May 18, 2006) Petróleos de Venezuela (PDVSA), Venezuela’s state oil company plans to open new offices in Chile in 2006. The oil company would like to supply Chile with crude oil and natural gas as well as use Chile as a regional base to distribute diesel.

The announcement follows on the heels of Argentina’s statement that they will not be able to continue supplying Chile with the natural gas it needs to generate electricity. The possibility of reaching an agreement with PDVSA would help solve many Chile’s mid and long-term energy problems.

PDVSA is the fourth largest oil producer in the world. In 2005 the company grossed US$85.6 billion and recorded net profits of US$4.7 billion. Venezuela’s President Hugo Chavez has used his country’s wealth to promote his political agenda in Latin America. His plan uses “petro-diplomacy” to provide Latin American countries with low-cost oil, attempting to shift the region’s traditional balance of power away from the United States.

Examples of this petro-diplomacy include preferential loans to poor countries like Haiti that was granted a 20-year loan at 1 percent interest for the sale of Venezuelan oil. President Chavez also subsidizes oil sales to Cuba and offered several low-income neighborhoods in Massachusetts and New York a 40 percent discount on oil last year.

President Chavez is also trying to gather support for the construction of an 8,000 km gas duct that would supply South American companies with natural gas from Venezuela. The project is estimated to require investments of at least US$10 billion.

Venezuela currently possesses the largest petroleum and gas reserves in South America, nearly tripling Bolivia’s proven natural gas reserves. The company estimates that it will be able to produce 5,847,000 barrels of crude oil daily by 2012.

SOURCE: EL MERCURIO

Comments

Popular posts from this blog

Moving to the Suburbs: Reducciones in Recent Latin American Historiography

In 1503, the Spanish monarchy issued its first decree for the resettlement of indigenous groups in the Caribbean so that they would “live together” and “not remain or wander separated from each other in the backcountry.”[1]

As the European conquest spread to North, Central, and South America, these new settlements – known as reducciones and congregaciones in Spanish and descimentos in Portuguese – became sites of forced labor, evangelism, experimental agricultural, and refuge. Through a series of imperial policies decreed over the next decades and centuries of colonial rule, Spanish and Portuguese officials attempted to reshape the New World, including its human and natural landscapes. How colonial historians explain this process and indigenous peoples’ reactions to it is the focus of this essay.

In a review of the recent historiography of reducciones, several trends emerge that signal a shift in our understanding of the practice. As this paper will show, one common element is that …

77-Year-Old Wall Street Favorite to Face Fujimori in Peru Runoff

By Nathan Gill and John Quigley April 12, 2016 (Bloomberg) -- The victory by Pedro Pablo Kuczynski, a former finance minister, for second place in Sunday’s Peruvian president elections sets up a showdown between two business-friendly candidates, part of a regional backlash against left-wing politicians.
Kuczynski, a 77-year-old Oxford-trained political economist who’s spent more than 50 years championing debt control and free trade, won 21 percent of vote with 96 percent of the ballots counted, according to the electoral office. He will face Keiko Fujimori, who won 39.8 percent, in a second-round vote on June 5.
Click here to read the full story on Bloomberg News.

Greetings From Gringolandia

Bloomberg Businessweek, March 28 — April 3, 2016
Susan Lamy and her husband, Jean Pierre, owned a successful interior design business in Westport, Conn., but they still worried about how they would make ends meet in retirement. “Just paying for the basic necessities was killing us, and we could see that there was no way that we would ever be able to stop working,” says Lamy. 
The search for an affordable retirement spot led the couple to Cuenca, a Unesco World Heritage site in Ecuador’s southern Andes. They settled there in 2013 and now live in a spacious apartment with a terrace overlooking the Yanuncay River. Lamy says she and her husband enjoy a high standard of living in Cuenca for around $2,500 a month, paid for by their Social Security checks: “This seemed to be the best possibility for having a really terrific life on a fixed income.” 
The combination of a subtropical climate, well-preserved colonial architecture, and low cost of living has made Cuenca a magnet for North Ameri…