Latin America Headlines

Columbia: Imports of Fuel Made to Combat Black Market

Columbia imported 27.8m gallons of PDVSA-produced gasoline and petrol in 2011 as part of ongoing efforts to stamp out black market sales of fuel. PDVSA confirmed that it exported the fuel to the northern region of Santander de Colombia, noting also that the exports consisted of 14.4m gallons of diesel and 13.6m gallons of gasoline. However, the company did not furnish details on the average prices paid for either product.


Venezuela: Chavez Says Government Will Not Comply with World Bank Ruling

Venezuela’s President Hugo Chavez has said that his Government will not comply with any decision from the World Bank in relation to its seizure of Exxon Mobil assets in 2007. Exxon Mobil, which last week was awarded $747m in compensation from the International Chamber of Commerce, said it would also be presenting the case to the World Bank next month.


Argentina: Government May Impose Fuel Discounts – Report

Buenos Aires daily El Cronista has claimed that Argentina’s Government is prepared to force companies to sell fuel for a substantial discount if shortages occur. The newspaper, which did not say how it obtained the information, said that marketers could be forced to sell premium fuel for the same price as lower-quality fuel, representing an 18% discount. 

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