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Energy & Commodities

This week’s likely top stories: BRICS leaders meet in Brazil; Argentina and Russia sign energy agreements; U.S. considers action on child immigrants; Colombian forces strike FARC; Argentine soccer fans riot.

President Bachelet’s administration faces an uphill battle with regards to Chile’s energy agenda. The HidroAysén project would have provided a major boost in addressing the country’s energy supply and costs.

After a three hour meeting on Tuesday, a committee of five ministers in Michelle Bachelet’s cabinet has rejected the HidroAysén project–a hydroelectric plan to build five dams in two rivers in Patagonia that would have generated 2,750-megawatts of energy and increased power generation in Chile by 10 percent.

A weak tax regime and a lack of transparency could cost Colombians more money than mining and hydrocarbon projects generate.

Mexican President Enrique Peña Nieto proposed new rules yesterday aimed at increasing oil production and boosting the economy.

The lower house of Argentina’s congress agreed to pay Spanish oil company Repsol $5 billion in bonds in compensation for its expropriation of the company’s 51 percent share of Argentine oil company Yacimientos Petrolíferos Fiscales (Treasury Petroleum Fields—YPF).

This week's likely top stories: a deadly fire ravages Valparaíso, Chile; French Foreign Minister Laurent Fabius visits Cuba; Glencore sells Las Bambas mine to Chinese consortium; Venezuela investigates abuses during protests; a shipwreck spills fuel off the coast of Colombia.

With production rates continuing at their current level Colombia will run out of oil within 6.9 years unless new, major oil fields are found.

Monday marked the conclusion of “Round Zero,” a yardstick in a process initiated as part of the Mexican energy reforms.

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