EXCLUSIVE Mexico presents first draft of oil reform
Proposal allows private involvement in the oil industry, but maintains Pemex’s monopoly
Mexican President Enrique Peña Nieto took on Mexico’s political “third rail” on Monday, proposing a long-awaited reform to the country’s energy sector. But while the reform does not go as far as some investors and the Mexican political right would have liked, analysts consulted by Latin Business Chronicle said it is a pragmatic first step with a high chance of passing.
Chilean presidential favorite studies mining policy changes
Plan includes royalties and funding mechanisms for state company Codelco
Chilean Presidential frontrunner Michelle Bachelet said she is studying potential changes to mining policy in the world's number one copper producer. Bachelet is expected to easily elections in Novermber. Major global miners BHP Billiton, Anglo American and Glencore Xstrata, as well as state-owned Codelco, own some of Chile's massive deposits, Reuters reports.
Maduro names new central bank head
Analyst: "move is a sign of institutional weakness"
Venezuela President Nicolás Maduro appointed the third central bank president this year as Latin America’s biggest oil exporter seeks to rein in the fastest inflation among the world’s major economies. Eudomar Tovar (left), a former central bank vice president and head of state currency board, was nominated by Maduro and approved by the National Assembly, Bloomberg reports.
Isagen surges as Colombian government announces sale of stake
Potential buyers include U.S.-based Duke and France's GDF Suez
Isagen, the operator of Colombia’s largest hydropower plant, rose to a record after the governnment said it was courting buyers for its majority stake in the electricity company. Colombian Finance Minister Mauricio Cardenas said the government will auction off its 57.6 percent Isagen stake for some $2.4 billion, Bloomberg reports.
Mubadala in talks with Eike Batista to purchase $1 billion in assets
Negotiations include stakes in oil, mining and ports operations
Mubadala Development, the Abu Dhabi sovereign-wealth fund, is in talks to buy some of the assets of former Brazilian billionaire Eike Batista for about $1 billion. Batista’s AUX gold business in Colombia is already being used as collateral for $1.5 billion he owes Mubadala after the fund converted an investment in EBX Group into debt last month, The Wall Street Journal reports.
Brazil's OGX gets environmental license for Martelo oil field Wall Street Journal
Chile's CFR jumps after posting 89 percent profit gain Bloomberg
Pacific Rubiales scouring for Colombia acquisitions Washington Post
Peru's Graña y Montero announced new Chile acquisition Wall Street Journal