Following seemingly endless power cuts in the Buenos Aires area, Federal Economy Minister Sergio Massa ordered the intervention of suppliers Edesur and appointed Jorge Ferraresi as the company's new controller for a period of 180 days.
Oil prices continued their slide on Wednesday after another banking fallout unsteadied the market further. WTI plunged 4.21% on Wednesday, falling below US$ 70 for the first time since December 2021 to US$ 68.33 per barrel ET. Brent Crude fell over 3.94% to US$ 74.40, for a loss of US$ 3.05 per barrel.
UN Secretary-General Antonio Guterres accused oil and gas companies of making excessive profits from the energy crisis sparked by the war in Ukraine, calling it immoral. Guterres, releasing a UN report on the consequences of Russia's invasion of Ukraine, urged governments to tax the companies' earnings.
Residents of the Autonomous City of Buenos Aires (CABA) took to the streets Wednesday after days without electricity amid sweltering heat with no end in sight to their plight.
Argentina has secured a US$ 840 million loan from the Development Bank of Latin America (CAF), which will be largely allocated to the construction of the President Néstor Kirchner gas pipeline, it was announced Tuesday.
About 40% of Argentine households were reported to have been left powerless Wednesday afternoon amid unprecedented heat following several failures in the interconnected system stemming from a fire that disturbed a 500 kw high voltage line that connects Campana with General Rodríguez in the province of Buenos Aires, according to local media.
A report released Tuesday by Uruguay's Electricity Market Administration (ADME) showed that energy imported from Argentina and Brazil made up over 50% of the South American country's supply.
The European Parliament approved the draft regulation ending the sale of new petrol- and diesel-powered vehicles by 2035, it was reported Tuesday. The measure was passed by 340 votes in favor, 279 against, and 21 abstentions.
Uruguay's state-run oil company Ancap will lose US$ 72 million due to the remodeling of the La Teja Refinery to be carried out between September and December this year, during which time fuel will need to be imported, it was reported in Montevideo.
The Bolivian government has rejected predictions that the country will cease to be an exporter of natural gas and become a net importer by 2030. The government has said it has plans to invest some US$ 325 million in exploration and extraction in new wells by the country's hydrocarbons company, YPFB, Yacimientos Petroliferos Federales de Bolivia.