Bolivia announced this week foreign energy corporations have promised to invest more than 580 million US dollars in 2007, about three times more than last year. The announcement comes a month after President Evo Morales threatened the industry with ignoring contracts if they were not committed to investing in Bolivia.
Brazil' government managed oil corporation Petrobras announced international investments totaling 15 billion US dollars in the 2008/2012 period, most of which in exploration and production in the Gulf of Mexico, Argentina and Western Africa.
With global grain prices reaching record levels the idea of an international Grain OPEC is floating again in the air and under consideration in a Moscow conference. Russia is one of the world's leading producers and exporters of cereals.
The Organization of Petroleum Exporting Countries (OPEC) agreed to increase oil production by 500.000 barrels per day from November first, Qatar's Energy Minister announced at the 145th OPEC session Tuesday in Vienna.
United States president George Bush again pressed on his Chinese counterpart Hu Jintao the need for continuous steps to achieve a free floating Yuan, which would help to address the widening US trade deficit with China.
Canada's Methanex Corporation said Wednesday that the provision of Argentine natural gas for its methanol plants in the extreme south of Chile remains limited in spite of the fact that the technical problems alleged by suppliers have been solved.
ExxonMobil is working with J.P. Morgan to sell its assets in Argentina including hundreds of service stations and a 200 million US dollars refinery, according to reports in the Buenos Aires press. Fuel companies in Argentina are operating under heavy government intervention.
Argentine oil corporation Geopark Holdings Ltd announced Tuesday it had discovered gas in one of the several exploratory wells drilled in Chile's extreme south region of Magallanes.
Energy experts and government officials expect household electricity bills will rise twenty percent between now and November. If this estimate turns out to be true, it will represent the most dramatic increase in electricity bills since 2000.
Argentina's July industrial production grew 2.7% over the same month a year ago and actually declined 2.1% compared to June 2007 because of the energy crisis which forced many factories to reduce production, according to the latest release from the country's Statistics and Census Office, Indec.