Brazilian government managed oil and gas company Petrobras will freeze overseas investments as the company concentrates on its primary role to develop recently discovered offshore oil reserves, CEO Jose Sergio Gabrielli said Thursday.
Venezuelan President Hugo Chavez announced Wednesday that China will invest 16 billion US dollars to boost oil production in the country particularly along the Orinoco River, as part of a strategy to reduce dependence on the US market.
Argentina told the International Court of Justice Monday that Uruguayan pollution of a border river was a grave infringement of Argentinean rights. Argentina and Uruguay have been wrangling for years over a giant pulp mill sited on the Uruguay River, which divides the two South American nations.
Argentina begins Monday a round of public hearings before the International Court of The Hague and will be arguing against Uruguay’s alleged unilateral decision to allow the construction of a pulp mill on a jointly managed river and which has been at the heart of a long standing litigation between the neighbouring countries.
China has announced plans to build 42 new high-speed railway lines over the next three years. In a breakthrough, China has developed trains that can run on both high-speed and normal lines, said railway official Zhang Shuguang.
General Motors (GM) has announced that it has chosen the Canadian car parts manufacturer Magna to buy Opel and its sister company Vauxhall. The decision was welcomed by German Chancellor Angela Merkel, who said she was very pleased about it.
Desire Petroleum plc the exploration company focusing on the North Falkland Basin, has announced that it has exchanged a letter of intent with Diamond Offshore Drilling (UK) Ltd for the drilling unit the Ocean Guardian to undertake a four well minimum drilling campaign in the North Falkland Basin.
Spain’s oil corporation Repsol-YPF CEO Antonio Brufau praised Brazil for its stability and clear rules of the game for the hydrocarbons industry. Brazil which holds huge reserves of offshore sub-oil this week announced a plan to reinforce control over the new deposits.
United States not only increased its arms sales by nearly 50% last year but its share of world weapons sales also rose to more than two-thirds despite the global economic downturn, a newspaper reported Monday.
The Brazilian government officially established this week a maximum timetable of six years for the construction of the high speed train, HST, planned to link the country’s main populated corridor which includes, Sao Paulo, Campinas and Rio do Janerio.