Top stories this week are likely to include: impact of the Amuay refinery tragedy in Venezeula; aftermath in the Caribbean of Tropical Storm Isaac; YPF and Chevron move toward an alliance; fallout of a cabinet shift in Colombia; and Canada seeks to strengthen commercial ties with Southeast Asia.
Disaster at Amuay Refinery Continues: After Saturday’s deadly explosion at the Amuay oil refinery in Venezuela’s Falcón state, much remains up in the air. Flames were still burning as of this morning, and President Hugo Chávez has ordered an investigation and declared three days of mourning. However, as the death toll remains unpredictable—it already climbed to 41 from 39 overnight, with 20 of the dead belonging to Venezuela’s National Guard—pay attention to any developments in the aftermath of the worst accident in Venezuela in recent memory.
Isaac Causes Damage: Over the weekend, Tropical Storm Isaac slammed Hispaniola, killing 10 total—eight in Haiti and two in the Dominican Republic—and displacing thousands. Haiti’s Civil Protection Office reported 14,000 had fled their homes and another 13,500 were living in temporary shelters. How will the island rebound? And what lies in store for Isaac? It is picking up speed in the Gulf of Mexico and will likely turn into a hurricane early this week, with projected landfall near New Orleans, Louisiana, on Wednesday—six years to the day after Hurricane Katrina ravaged the coastal city. (Donate to the American Red Cross.)
YPF, Chevron in Advanced Talks for Alliance: YPF, Argentina’s state-controlled energy company, is mulling a strategic accord with Chevron, Latin America’s leading private energy investor. YPF CEO Miguel Galuccio held a meeting on Friday with Ali Moshiri, Chevron’s Latin America chief, and noted that YPF needs more experienced partners to help develop Argentina’s massive shale reserves, which are the world’s third largest. Of particular interest is the Vaca Muerta field in the Nequén province, and Chevron is already involved in three wells in Vaca Muerta. Galuccio will present a five-year plan this Thursday.
Cabinet Shakeup in Colombia: Having recently crossed the halfway threshold into his four-year term, Colombian President Juan Manuel Santos decided to reshuffle his cabinet last Thursday when he asked all 16 of his ministers to resign. Some posts have been reassigned; former mines minister Mauricio Cardenas has assumed the finance portfolio. However, Cardenas’ replacement, as well as other vacant posts, has not yet been named. This week will likely see movement in Santos’ cabinet.
Canada Seeks Increased Trade Ties in Asia: Canadian Trade Minister Ed Fast begins a trade mission today to Southeast Asia, where he will conduct official visits to Vietnam, Thailand and Cambodia followed by the first Canada-ASEAN Economic Ministers Meeting in Cambodia. Fast will then continue to Burma, marking the first time a Canadian trade minister has ever done so. In a statement, Fast said, “This year, as we celebrate the 35th anniversary of relations between Canada and the Association of Southeast Asian Nations, we are committed to moving our trade and investment relationship with ASEAN forward.”