Energy & Oil

Energy & Oil
Friday, August 19th 2016 - 12:59 UTC

Argentina's Supreme Court rules gas rate increases must be rolled back

In a unanimous decision, the top court ruled the government must hold public hearings before implementing any rate increase for residential customers.

Argentina's Supreme Court on Thursday blocked President Mauricio Macri's move to slash natural gas subsidies, a much-hated policy that has sent customers' bills soaring. The ruling is the hardest blow yet to the business-friendly president's move to eliminate electricity, gas and water subsidies which he says are bloating the deficit and sapping the struggling economy.

Tuesday, August 16th 2016 - 06:56 UTC

Argentina reaches agreement with oil companies for temporary freeze of fuel prices

Oil producers in Argentina have long enjoyed above-market crude prices mandated by the government.

Argentina's government and leading oil companies hammered out a plan to gradually trim artificially high wellhead crude prices over the next three months in exchange for a temporary freeze on retail fuel prices.

Monday, August 15th 2016 - 07:28 UTC

Argentina's economy: a battle over utility bills is president Macri’s first big crisis

Macri, who succeeded Cristina Fernández de Kirchner said the energy crisis was the most complex of the “many bombs” she had left for him.

The following article from The Economist points out that the Argentine Supreme Court in the next ten days has to decide on tariff rises for gas and electricity blocked by lower courts. And president Macri cannot afford to lose sine the price increases are a vital part of his plan to restore confidence in an economy undermined by years of reckless spending.

Friday, August 12th 2016 - 07:08 UTC

Petrobras Q2 profit tumbles by a third; massive debt condition performance

Part of the problem is Petrobras' huge debt, Chief Financial Officer Ivan Monteiro told reporters on Thursday.

Brazil's Petrobras reported second-quarter profit that fell by nearly a third from a year earlier, missing expectations as oil prices fell and it took charges for layoffs and the impairment of a refinery. Petrobras said net income fell 30% to 370 million Reais (US$118 million) in the three months ended June 30 compared with a profit of 531 million Reais a year earlier.

Thursday, August 11th 2016 - 17:53 UTC

Falklands discards air links with Argentina and iterates London pledge to support hydrocarbons development

A copy of the letter sent by PM Theresa May to president Mauricio Macri as reported in the Argentine press

The Falkland Islands government has made a public statement pointing out that the UK Government has been open and transparent with FIG about how it would like to improve the bilateral relationship with Argentina but ”has made it clear that this will not include negotiations on the sovereignty of the Falkland Islands.”

Tuesday, August 2nd 2016 - 06:07 UTC

China's leading role in Argentina reviewed and confirmed by Macri

Argentina’s diplomatic relations with China were upgraded to “strategic integral alliance” status in the president Cristina Fernández de Kirchner administration

China’s role in Argentina’s foreign relations will be more balanced than during the Kirchner administrations, with a larger role played instead by the United States and European countries, the country’s ambassador to Beijing Diego Guelar said, claiming Chinese investment will have to be more competitive.

Wednesday, July 27th 2016 - 15:14 UTC

Argentina and Brazil celebrate 25th anniversary of accord which buried nuclear rivalry

ABACC, was the result of the nuclear energy peaceful use accord, signed by then presidents Carlos Menem and Fernando Collor, in Guadalajara, Mexico.

Argentina and Brazil commemorated on 18 July the 25th anniversary of the creation of the Brazilian-Argentine Agency for Accounting and Control of Nuclear Material, ABACC, which was the result of the nuclear energy exclusive peaceful use accord, signed by then presidents Carlos Menem and Fernando Collor, in Guadalajara, Mexico.

Tuesday, July 26th 2016 - 21:54 UTC

Petrobras announces plans to sell voting control of its distribution network

Petrobras is trying to sell BR Distribuidora, Brazil's largest fuels distributor, as part of a plan to sell US$15 billion of assets by the end of this year.

Petrobras announced it plans to sell voting control of Petrobras Distribuidora SA after a bidding round for a minority stake in the fuels retailer failed to attract bids that met the state-controlled oil company's needs.

Tuesday, July 19th 2016 - 05:40 UTC

CEO denies plan to privatize Petrobras: 'Brazilian society not mature enough to discuss the issue'

“I want to leave my opinion very clear, I don't believe Brazilian society is mature enough to even discuss privatization”, said CEO Parente

The Brazilian government has no plans to privatize state-run oil company Petrobras and is still deciding whether to sell its controlling share in several units to shore up its finances, the company's Chief Executive Officer Pedro Parente said in an interview with a local newspaper published on Monday.

Friday, July 15th 2016 - 06:35 UTC

Oil company pledges US$ 1.4bn in investments in Argentine Patagonia

PAE has pledged to invest US$ 900 million in Chubut US$ 300 million in Neuquen and US$ 70 million in Tierra del Fuego

Pan American Energy PAE, announced on Thursday investments of 1.4bn dollars in exploration and exploitation of conventional and non conventional hydrocarbons in the Argentine Patagonia provinces of Neuquen, Chubut and Tierra del Fuego.

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