Central America


Oil & Gas

United States studying new visa limitations, oil sanctions on Venezuela amid post-election standoff

The U.S. government is studying. really carefully the possibility of imposing additional sanctions. on individuals in Venezuela along with prospective withdrawing. licenses for oil companies working in the South American. nation, in response to what it calls a deceptive election, a. senior authorities stated on Friday. Brian Nichols, U.S. assistant secretary of state for Western. Hemisphere affairs, made the remarks during a webcast instruction. with press reporters. Using either specific sanctions or the. cancellation of licenses related to sectoral sanctions are. something that we're studying extremely carefully, said Nichols, after. being asked about the possibility of imposing new visa. constraints...







Oil & Gas

Fossil Fuels

Fossil Fuels

Judge guidelines Mexican steelmaker AHMSA is bankrupt

A Mexican judge has stated local steelmaker Altos Hornos de Mexico is bankrupt, ruling that the firm will need to be offered and those funds utilized to pay back debt, following years of crisis connected to corruption allegations, court files revealed on Thursday revealed. Its previous president, Alonso Ancira, was detained in Spain in 2019 in connection with an examination into paying kickbacks to authorities at Mexico's state energy company Pemex in order to offer a fertilizer plant at an inflated cost. According to the court judgment, the personal bankruptcy was stated after the due date for a resolution in...

Power Markets

Mexican Senate votes to provide constitutional choice to state power business

Mexico's Senate voted to modify the country's constitution late on Wednesday to provide dispatch choices to state electrical power company CFE, cementing the national power generator's preferential status above foreign or personal rivals. The initiative passed the upper chamber of Congress with 86 votes to 39, fulfilling the requirement of two-thirds support to alter the constitution. The constitutional reform will need national grid operator Cenace to prioritize power created from the CFE's. power plants, even if it is more costly than power provided by. private producers. The proposal currently passed the lower house of Congress last. week, with support from...

Fossil Fuels

Financial Times - Oct 9

The following are the top stories in the Financial Times. Reuters has actually not verified these stories and does not guarantee their precision. Headings - Abu Dhabi crosses out 9.9% stake in Thames Water - ENRC drops media leakages suit as SFO gets away paying damages - Activist Elliott says its long-term view on Anglo American is 'very much undamaged' - Europastry's 'frozen croissant' IPO delayed a 2nd time - Kering names former Louis Vuitton executive as Gucci CEO Overview - Abu Dhabi's sovereign wealth fund, one of the largest shareholders in Thames Water, has written off its nearly 9.9%....

Fossil Fuels

Sheinbaum sworn in as Mexico's very first lady president

Claudia Sheinbaum was sworn in as Mexico's very first woman president on Tuesday, taking the reins at a time the country is fighting with violence from arranged crime and a large deficit in Latin America's No. 2 economy. Sheinbaum, the 62yearold scientist and previous mayor of Mexico City, was inaugurated in a ceremony in Mexico's Congress for a. sixyear term lasting till 2030. Her supporters shouted President! President! and Long. live Mexico! after Sheinbaum took the oath of office in front. of legislators. Political watchers and experts forecast Sheinbaum will urgently. aim to calm investors following the passing of a...

Fossil Fuels

MercadoLibre, Latam's Amazon.com competitor, rides high with AI, loans, drones

When Wagner Dias and his other half Mariana needed a loan to grow their children's clothing organization, the Brazilian entrepreneurs turned to Argentina's MercadoLibre Inc, the online platform they use to offer their items. MercadoLibre, which is making a push into a progressively congested regional fintech and credit market, currently had the data it required to green-light the loan. The Amazon.com of Latin America has actually used developments like that to cement its status as the area's most important company with a market capitalization exceeding $100 billion. Because they had access to all my app history as a seller and...

Fossil Fuels

Two killed in fire from waste overflow at leading Pemex oil refinery in Mexico

2 employees died and another was hurt after a fire broke out over the weekend at the most significant domestic refinery owned and operated by Mexico's. state oil company Pemex, a company authorities said on Monday. The fire broke out on Saturday at the Salina Cruz refinery. in southern Oaxaca state, plant supervisor Arturo Recio informed. press reporters, explaining that a storm triggered the drains filled with. oily waste to overflow into the sidewalks inside the complex. A 21-year-old lady and 26-year-old guy working for Pemex. professionals died, and another man was hospitalized,. Recio stated. He said that work at...

Refined Products

Mexico's new oil refinery to cover 20% of fuel requires in weeks, president says

Production at a brand-new refinery owned and operated by Mexico's staterun oil business Pemex will fulfill a fifth of the nation's motor fuel needs within two weeks, President Andres Manuel Lopez Obrador said on Monday. Production from the Olmeca refinery, situated at the Gulf Coast port of Dos Bocas, has been delayed several times considering that its symbolic inauguration in 2022. The center, a signature facilities project of Lopez Obrador, has actually been pitched as vital to the outgoing president's drive to make Mexico self-sufficient in gas and diesel. The refinery's expense has more than doubled to nearly $17. billion....

Oil & Gas Exploration

Mexico's Pemex agrees to 5% wage hike with oil workers union

Mexican state oil company Pemex said on Tuesday it accepted a 5% salary hike and a 2%. increase in benefits with the STPRM oil employees union, saying in. a declaration the boost will apply from August through. next July. Pemex and the STPRM reaffirm their commitment to labor. well-being for the advantage of the oil neighborhood and the. fortifying of the organization, Petroleos Mexicanos, as the. business is officially known, said in a statement. In a different declaration, STPRM stated the increase would. likewise use to pensions and that the agreement reflected STPRM's. determination to reach agreements that permit the...

Oil & Gas Refining

BP green lights 6th production center in Gulf of Mexico

BP said on Tuesday it has offered the goahead for the sixth run center, Kaskida, in the U.S. Gulf of Mexico, with oil production slated to start in 2029. The new center features a brand-new drifting production platform with the capacity to produce 80,000 barrels of petroleum per day from six wells in the very first phase, BP said. The London-listed business found the Kaskida field in 2006 and last year restored strategies to establish it. The business said it plans to take advantage of its existing platform and subsea equipment designs that can be reproduced in future jobs to...

Fossil Fuels

Venezuela's sovereign, PDVSA bonds drop after contested election outcome

Venezuela's bonds and those of state oil firm PDVSA fell deeper into distressed area on Monday, after both President Nicolas Maduro and opposition rival Edmundo Gonzalez claimed election victory. The majority of Venezuelan bonds were down a minimum of one cent in rate, with the 2019 and 2038 maturities down 1.75 cents each, according to LSEG information. The PDVSA 2022 was bid at 14.6 cents on the dollar, down more than two cents on the day. Venezuela's national electoral authority stated early on Monday that Maduro had won a third term in power with 51% of the vote regardless of...

Oil & Gas Equipment

Mexico's Pemex swings to $14 bln quarterly loss on lower sales, currency losses

Mexico's stateowned oil business Pemex swung to a 256 billion peso ($ 14 billion). secondquarter bottom line on Friday, red ink the energy giant. chalked up to lower sales, a greater expense of sales and large. currency exchange losses. The quarterly loss compared to a net revenue of more than. $ 25.4 billion in the same period of in 2015. Pemex stated the loss would have been even higher if not for a. lower tax expense and a slower rate of wear and tear of fixed. possessions, according to a filing with the Mexican stock market. Revenue for among the...

Refined Products

Declining Mexican crude output might shatter energy self-reliance dream

Mexico's inbound President Claudia Sheinbaum will likely face a new challenge fulfilling the imagine energy independence that led her predecessor to invest $17 billion on a new refinery: a shortfall in domestic unrefined supply. The nation is a major crude manufacturer however output from the nation's older oil fields, mostly in the Gulf of Mexico, has plunged to more than a four-decade low. Without considerable spending on exploration and production, Mexico might find itself importing crude to feed its broadened refinery capacity in the next decade, an as soon as unheard-of modification of direction for the key worldwide exporter. For...

Environment

Environment

US, Mexico reach agreement on Rio Grande water deliveries amid dry spell, shortages

A contract focused on ensuring more routine water from Mexico to the United States has been reached, both federal governments stated on Saturday, following a. extended period of stress over a decadesold treaty. A brand-new step of the International Boundary and Water. Commission, which supervises the 1944 U.S.-Mexico water treaty,. will offer Mexico with tools and flexibility to deliver water. previously in the five-year cycle, a statement by the IBWC said. The neighboring countries have tussled over the 1944 treaty,. which was designed to assign shared water resources. Mexico is. required to send 1.75 million acre-feet of water from the...

Pollution

What Trump 2.0 would mean for trade, migrants, climate modification and electric cars and trucks

A Donald Trump governmental election success would have substantial implications for U.S. trade policy, climate change, the war in Ukraine, electric lorries, Americans' taxes and prohibited migration. While a few of his proposals would need congressional approval, here is a summary of the policies he has actually stated he would pursue in his 2nd four-year term in workplace: MORE TARIFFS Trump has drifted the concept of a 10% or more tariff on all items imported into the U.S., a move he says would get rid of the trade deficit. However critics say it would lead to higher prices for American...

Environment

Flujo de operación mexicana Cemex cae en 3er trim, lower guía para resto del año

La cementera mexicana Cemex, una de las mayores del mundo, dijo el lunes que su flujo de operación (EBITDA) disminuyó un 9% interanual en el tercer trimestre, golpeado principalmente por afectaciones climáticas. Cemex, con operaciones en América, Europa, África, Asia y Medio Oriente, reportó un EBITDA de 747 millones de dólares, con un declive en sus ventas netas de un 3%, a 4,090 millones de dólares, frente al periodo julio-septiembre de 2023. Los menores ingresos fueron arrastrados por una caída de un 5% en sus ventas en México y de un 4% en Estados Unidos, sus dos principales mercados, que...

Mining

Mineral Resources

Mineral Resources

Chile's Codelco promotes October as finest production month this year

Chile's staterun copper business Codelco registered its finest production of the year in October, Chairman Maximo Pacheco said on Thursday. The world's leading copper miner has actually been struggling to lift output after hitting historical lows in the last 2 years. Recently, the company reported its production through September had actually fallen 4.9% compared to the exact same period a year earlier. Pacheco did not information how much production totaled up to in October, however stated it surpassed the exact same month in 2015. October was the best month in the year so far, he said in a statement. We...

Mineral Resources

Reserve banks stay keen purchasers of gold, agents inform bullion conference

Reserve banks stay eager purchasers of gold to diversify their reserves for financial or strategic factors, agents of 3 central banks told the London Bullion Market Association's annual conference in Miami on Monday. Raised need for gold from reserve banks underpinned the rate of the non-yielding gold when the worldwide interest rates were high in 2022-2023 and after that decreased with this year's 28%. spot gold price rally. China's reserve bank kept back on buying. gold for a 5th straight month in September. In spite of the gold rally, representatives of reserve banks of. the Czech Republic, Mongolia and Mexico...

Mineral Resources

First Quantum expects feasibility studies for Peru mine by 2028, manager says

Canadian miner First Quantum Minerals expects upgraded drilling results for its Peru copper task La Granja in the 2nd half of next year, and expediency studies by 2028, project development supervisor Steven Lewis stated on Thursday. The drilling is advancing well, it's at 35%, and we expect to have the lead to the 2nd half of next year, Lewis stated on the sidelines of a mining market conference. About the feasibility studies slated for completion by 2028, he said: We're working to satisfy this due date. First Quantum last year bought a 55% stake in the job, which is co-owned...

Mineral Resources

Proposal to ban open-pit mining advances in Mexican Congress

A committee in Mexico's. lower home of Congress approved two constitutional reforms that. would prohibit openpit mining and fracking, along with restrict. using genetically customized corn. The propositions, handed down Wednesday, will be taken up for. discussion by the full lower home after lawmakers return to. session in September. The modifications would also avoid the exploitation of water in. areas with water scarcity, with the exception of extraction in. inhabited areas for domestic use, according to a statement. launched Wednesday night. The modifications are part of a bundle of constitutional reforms. provided in February by President Andres Manuel Lopez Obrador,....

Mineral Resources

Barrick CEO states open to being a partner on the Cobre Panama mine

Barrick Gold stands ready to be a partner on the Cobre Panama copper mine once the Panamanian federal government picks the disputed property's future, Mark Bristow, CEO of the gold and copper mining company, said on Monday. The mine, owned by First Quantum Minerals, has been under dispute since November in 2015 when large public demonstrations caused its closure. The new government led by President Jose Raul Mulino, who took charge in July, has stated the future of the mine - which accounted for about 1% of worldwide copper output and 5% of Panama's GDP - will only be decided...

Mineral Resources

'El Mayo,' declared Mexican drug kingpin, appears in US court in wheelchair

Ismael El Mayo Zambada, the infamous alleged cofounder of the Sinaloa Cartel, appeared in an El Paso, Texas courtroom in a wheelchair on Thursday after pleading innocent last week to drug trafficking charges following his dramatic arrest. Zambada wore a navy sweatshirt that read carpe diem ( take the day) above a picture of a soccer ball to his very first status conference before U.S. District Judge Kathleen Cardone. At the 10-minute hearing, Cardone informed lawyers she had designated the case as complex - which extends the timeline for trial - and set the next status conference for Sept. 9....

Mineral Resources

Peru 2024 GDP development ought to go beyond 3.1%, president states

Peru's economic development this year must surpass the 3.1% rate formerly estimated, President Dina Boluarte said in a speech on Sunday, another sign of enhancement as the nation recuperates from an economic crisis last year. Peru's central bank in June projection gdp development at 3.1% for this year, after the economy contracted 0.6%. in 2023. This strong efficiency reflects the durability of the. Peruvian economy. We committed to recovering our growth capacity. and we are on that path, Boluarte said in a speech to Congress. For years among South America's leading performers, Peru's. economy struggled last year in the aftermath...

Mineral Resources

First Quantum copper mine not on federal government program this year, Panama's Mulino states

Panamanian President Jose Raul Mulino stated on Thursday the government will not attend to problems around a significant shuttered First Quantum copper mine until the early 2025. The profitable Cobre Panama mine, one of the world's top sources of copper, was closed down in November hours after the nation's Supreme Court declared its contract unconstitutional. Panama had actually offered First Quantum a 20-year mining right with an option to extend for another twenty years, in return for $375 million in yearly revenue to Panama. Critics state the contract was too generous, and environmental protests versus the mine have actually changed...

Mineral Resources

First Quantum CEO does not see Cobre Panama mine re-opening this year

First Quantum CEO Tristan Pascall stated on Wednesday that he did not see Panama's Cobre Panama copper mine reopening this year. The Cobre Panama mine is not in production considering that November in 2015 when the Panama government ordered the mine shutdown due to public protests over environmental concerns. Nevertheless Panama's freshly elected President Jose Raul Mulino, who took charge this month, suggested a possibility of re opening the mine for its safe closure. We are open and devoted to a discussion with the new administration in creating a framework around which we can have those discussions, Pascall stated. The...

Mineral Resources

China's Ganfeng files arbitration versus Mexico over lithium deposit

China's Ganfeng and 2 of its units aiming to establish a lithium job in Mexico registered an arbitration case against the Mexican federal government over the mining concession, according to the World Bank's. conflict settlement center. The post by the lending institution's International Centre for Settlement. of Financial Investment Disagreements (ICSID) on its website was dated Friday,. and lists the case, submitted by Ganfeng International Trading,. Bacanora Lithium and Sonora Lithium, as pending. Shanghai-based Ganfeng is a leading global battery maker and. lithium miner. The case centers on Mexico's most sophisticated lithium mining. job, located in northern Sonora state, and...

Mineral Resources

ANALYSIS-Along Peru's mining passage, Big Copper deals with a snarl of trucks

Rising copper rates this year have brought stunning growth in the number of trucks bring copper from unlawful mines in Peru, jamming roadways, causing mishaps and creating harmful conditions specifically after dark along the Andean country's secret mining passage highway, market sources told . With copper demand skyrocketing as the world quickly approaches electric lorries and clean energy, unlawful mining has actually been growing. Trucks linked to artisan and unlawful mining operations have actually been crowding vehicles from mines like Chinese-controlled MMG Ltd's Las Bambas, Hudbay's Constancia and Glencore's Antapaccay. Mining sources told about worrying growth in delays and stoppages...

Mineral Resources

Panama president-elect develops business-friendly cabinet

Panama President-elect Jose Raul Mulino on Thursday pulled magnate and an economic expert into his ranks, the very first cabinet selections in what Mulino has guaranteed will be an administration friendly to the economic sector. Mulino, whose federal government will begin the transition procedure next month, tapped magnate Felipe Chapman for the economy and financing minister post and economist Javier Martinez-Acha as foreign minister. The project is over, from here on out it's our job to lead the nation with the very best people possible, Mulino stated. Chapman is the kid of former Planning Minister Guillermo Chapman. His appointment is...