Brazil’s Petrobras on Tuesday revealed plans to sell its stake in an African oil exploration venture as part of a wider divestment plan. The state managed oil company is looking to sell its 50% stake in Petrobras Oil & Gas BV, or Petrobras Africa.
Finland's UPM and the Government of Uruguay have signed an investment agreement, which outlines the local prerequisites for a potential pulp mill investment. The agreement details the roles, commitments and time-line for both parties as well as the relevant items to be agreed prior to the final investment decision, reported the Finnish company in a release on Tuesday.
Chinese grains trader COFCO International has agreed to sell its crop seeds business to Swiss-based Syngenta AG as it overhauls its activities following a series of major overseas acquisitions The deal to sell Nidera Seeds, which operates in Latin America, was announced by COFCO International and Syngenta in a statement on Monday.
Mexico’s national oil company Pemex has made its biggest onshore oil discovery in 15 years with a find in the eastern state of Veracruz, President Enrique Peña Nieto announced. Pemex made the discovery by drilling its onshore Ixachi well, near the municipality of Cosamaloapan and the overall field is believed to hold some 350 million barrels of proven, probable and possible reserves.
Argentina finalized its foreign bond sale plan for 2017 on Thursday, selling 2.75 billion Euros in three bonds in an offering that was more than four times oversubscribed, the Finance Ministry said in a statement.
Argentina hopes to attract US$26.5 billion in infrastructure investments through 2022 in the form of public-public private partnerships (PPPs), government officials told a gathering of construction and finance executives this week.
Argentina plans to cut corporate income taxes to 25% by 2021 for companies that reinvest profits, it said on Tuesday, part of a wide-reaching tax reform bill intended to accelerate investment in Latin America's no.3 economy. The bill, which would slash taxes for companies willing to reinvest in Argentina from 35%, will be sent to Congress in the coming days, Treasury Minister Nicolas Dujovne said.
Canada has urged the World Trade Organization to block attempts by Brazil to trigger a detailed investigation of its aerospace industry to buttress its case that subsidies to Bombardier caused “serious prejudice” to Brazil’s Embraer. The procedural move by Canada comes a month after the WTO agreed to set up a panel to investigate Brazil’s claim that Canada provided harmful aid to the CSeries jet.
Argentina's state-controlled energy company YPF has unveiled a US$ 30bn five-year investment plan to boost oil production and sharpen its focus on electric power generation. Some US$21.5bn will come from YPF's own coffers, with the remainder to be sourced from its project partners, the company said in a statement on Wednesday.
Saudi Crown Prince Mohammad Bin Salman announced plans to build a new city on the Red Sea coast, promising a lifestyle not available in today’s Saudi Arabia as he seeks to remake the kingdom in a time of dwindling resources.