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Why Jeb Bush Is a Serious Candidate

December 17, 2014

by John Parisella

With 2014 drawing to a close, speculation will soon turn to the 2016 Presidential race in the United States.  The Republicans will hold control over both houses of Congress come January, and will offer a wide array of potential candidates lining up for a White House run.  With President Barack Obama leaving the White House, Republicans see the strong possibility of winning the presidency in 2016.

Attention has suddenly peaked towards the GOP race now that former Florida Governor Jeb Bush has announced his intention to explore a White House bid—raising the prospect of another member of the Bush family facing expected Democratic nominee Hillary Clinton.  The former two-term governor has been coy about his intentions for the past year, occasionally criticizing his party as being less hospitable to candidates like his father, former Republican President George H.W. Bush, and Ronald Reagan.

How serious is a potential Jeb Bush candidacy?  In one word: serious.  The current prospective field includes: Florida Senator Mark Rubio, New Jersey Governor Chris Christie, former Texas Governor Rick Perry, Kentucky Senator and libertarian Rand Paul, Tea Party favorite Texas Senator Ted Cruz, 2012 vice-presidential contender Paul Ryan, and, possibly, a third run by 2012 nominee Mitt Romney.  None of the above candidates are without liabilities, and no one is dominant.  Bush’s announcement, therefore, shakes up the current field for both Republican primary voters and potential donors—he has immediate name recognition and has a reputation as a successful governor from a swing state.

The primary season is 13 months away and there will be a variety of forces at play in the Republican primaries. Social conservatives and Tea Party activists will not remain silent, and will play an active role on matters of policy and values.  This could radicalize some of the early primary battles, leading more polarizing figures, such as Rand Paul and Ted Cruz, to be eliminated early.  The more moderate Republicans, hungry for a White House victory after an eight-year drought, may choose a more classic conservative—Bush could emerge as the obvious choice.  And history may be on his side.

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Tags: Jeb Bush, Republican party, U.S. presidential elections

U.S. Senate Sanctions Venezuela on Human Rights

December 10, 2014

by AQ Online

The U.S. Senate approved a bill on Monday that would impose sanctions on Venezuelan officials found responsible for violating demonstrators’ rights during anti-government protests that left more than 40 dead and 800 injured since February. The Venezuela Defense of Human Rights and Civil Society Act authorizes sanctions that would freeze assets and ban visas of individuals that authorized, directed or otherwise assisted the government in infringing on “the legitimate exercise of freedom of expression or assembly” of protesters.

Senate Foreign Relations Committee Chairman Bob Menendez (D-NJ) introduced the bill, which was passed by a voice vote. “For too long, Venezuelans have faced state-sponsored violence at the hands of government security forces and watched their country’s judiciary become a tool of political repression,” said Menendez. The House passed a similar bill in May with a broader number of targets, but the Obama administration insisted sanctions would interfere with negotiations between the Venezuelan government and the opposition. Earlier this month, White House officials signaled they would be willing to move forward with additional sanctions.   

On Tuesday, Venezuelan President Nicolás Maduro blasted the “insolent imperialist sanctions” and accused the U.S. of meddling in his country’s affairs. The Maduro government has already faced international criticism for its heavy-handed response to the mostly peaceful demonstrations. In May, the United Nations condemned the violence and called for the government to adhere to its human rights obligations.

The new U.S. Senate bill comes as Venezuelan opposition leader Leopoldo Lopez continues to be held in prison, while Congresswoman Maria Corina Machado was recently accused of plotting to overthrow the Maduro administration. The Senate’s version of the bill must now be passed in the House, and signed by President Obama for it to become law.

Tags: Venezuela, Nicolás Maduro, Human Rights

On Silence, Solitude, and Solidarity in Light of National Tragedy

December 10, 2014

by Wendi Muse

There is little left to say about Ferguson. Protests continue across the nation and abroad, now heightened following the decision to not to indict the police officer responsible for Eric Garner’s death, but the expression of grievance appears to have reached its peak. It seems futile for me to add to the long list of thought pieces on the issue. But this feeling of futility and the silence it engenders can be a useful response, because it precipitates reflection—a glaringly absent component of the emotional recovery and social reconstruction needed to cultivate a sustainable society.

Silence, however, can also serve as a powerful weapon. Its reach is far more capacious and insidious than the violence of militarized police forces—whose acts disproportionately affect marginalized peoples from the United States to Mexico to Brazil—which we can more readily condemn. In response to tragedy, silence is lethal; if we do not fight against it, we are all its victims.

The response to racialized police violence in this country conforms to a disappointingly predictable script. Many react by employing respectability politics, blaming the victim or his or her community for being harmed. This diverts attention from those who committed the act of violence and places the victim on trial. There is a knee-jerk second-guessing, caused and reinforced by the belief that marginalized groups have no authority to express their own experiences. And worse, still, there are those whose lives have never depended on a revolution, but who insist on telling others how to conduct themselves in the midst of one. They want to school them on how to speak, behave and feel—a response akin to crashing a funeral and telling the bereaved family to cease their tears because “I TOO HAVE FELT LOSS.”  

But it is always the silence that hurts the most. The silence of which I speak is the deafening silence of legislative officials, who less than a month ago lamented with little irony that black and Latin@ voters had not shown their support at the polls. Or those who, upon surfacing for comment, do not make the connection between the use of weapons of war on America’s streets and those we use at our borders and throughout the world.

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Tags: Michael Brown, Ferguson, Eric Garner, Race relations

Monday Memo: Brazil Petrobras — Haiti Protests — LatAm Currencies — Guantánamo Prisoners —Mexico Missing Students

December 8, 2014

by AQ Online

This week's likely top stories: Brazilian prosecutor plans to indict at least 11 in the Petrobras scandal; Haitian protestors in Port-au-Prince demand long-overdue elections; Latin American currencies drop as U.S. job growth surges in November; U.S. releases six Guantánamo prisoners to Uruguay; Meixcan government identifies the remains of one of 43 missing students.

Brazilian Prosecutor to Indict 11 in Petrobras Scandal: On Saturday night, Brazilian Prosecutor General Rodrigo Janot announced his plans to indict at least 11 construction company executives arrested in mid-November on charges of bribery and money laundering in connection with the Petrobras graft scandal. “We are following the money and we will reach all of these perpetrators,” Janot said. The historic scandal has rocked the nation since former Petrobras executive Paulo Roberto Costa exposed the wrongdoing in a plea bargain after his arrest in March. An opinion survey released on Sunday by Datafolha showed that 68 percent of Brazilians hold President Dilma Rousseff, the former energy minister and Petrobras board chairwoman, responsible to some degree for the bribery scandal. In a country plagued by political corruption and impunity, Janot will be arguing at the helm of a landmark case that has the potential to inject much-needed accountability into Brazilian governance.

Haitians Turn Out in Strong Numbers to Demand Elections: On Friday, thousands of anti-government protesters took to the streets in Port-au-Prince to demand that President Michel Martelly and Prime Minister Laurent Lamothe resign from office. Haitians are enraged by President Martelly’s continuous postponement of midterm and senatorial and municipal elections since 2011—a stalemate allegedly caused by political differences between the ruling party and a group of opposition senators. Protestors called for the long-overdue elections to be held without delay as they clashed with police in Haiti’s capital. The last major demonstration took place in late October, when the National Assembly failed to pass an electoral law in time for the scheduled election date. 

Latin American Currencies Remain Weak after November U.S. Job Surge: The United States’ surprisingly robust addition of 321,000 jobs in November has set the U.S. economy on its fastest pace of job creation since the Clinton administration. However, this positive job growth in the U.S. has had a decidedly negative impact on Latin American currencies, since the Federal Reserve is likely to respond to November’s labor boost by raising interest rates sooner than expected. As a result of this possibility, the Mexican, Chilean, Argentine and Colombian pesos and Brazilian real stagnated at the week’s end, and are likely to remain weak against the U.S. dollar for the visible future. Analysts will not be able to fully assess the scale of short-term losses for Latin American economies until a scheduled release of a report on Friday that will evaluate the United States’ 2014 Producer Price Index for the 2014 fiscal year.

Guantánamo Prisoners Granted Refugee Status: Six prisoners—four Syrians, one Tunisian and one Palestinian—were released this weekend from the U.S. Guantánamo Bay detention center after 12 years, bringing the total number of detainees transferred from the prison in 2014 up to 16. The six arrived in Uruguay after President José Mujuica agreed to patriate the prisoners on humanitarian grounds in March, calling their detention for their alleged ties to Al Qaeda “an atrocious kidnapping.” There are currently 126 inmates eligible for transfer at the Cuban-based detention center who have not been released, due to instability in their home countries. The six detainees, now considered refugees in Uruguay, were never charged with a crime. Uruguay is the second Latin American country to receive former detainees from Guantánamo; El Salvador accepted two Chinese Muslim refugees in 2012.

DNA Links Charred Remains to One of Mexico’s Missing Students: Despite calls for caution from forensic experts, the Mexican government on Friday hailed the identification of the charred remains of Alexander Mora Venancio as confirmation that the 43 students abducted on September 26 after clashing with municipal police in Iguala were incinerated in a Cocula landfill by the Guerreros Unidos gang. The Argentine Forensic Anthropology Team insisted that the search for the missing students continue, stating that the evidence linking the site of the massacre with the site where the remains were found was largely based on witness testimony. The parents of the remaining missing students pledged to continue protesting until all of their sons have been found. Meanwhile, embattled Mexican President Enrique Peña Nieto unveiled a plan to disband municipal police forces, putting them under federal control through constitutional reforms late last month.

Tags: Petrobras Scandal, Governance in Haiti, Currency, Guantanamo Bay, Ayotzinapa

Perícia sobre morte de Goulart é inconclusiva

December 8, 2014

by Luís Henrique Vieira

Os resultados de uma perícia com o ex-presidente do Brasil, João Goulart, deposto em um golpe militar em 31 de março de 1964, foram divulgados no dia 1 de dezembro pela Comissão Nacional da Verdade. A comissão é uma iniciativa do governo brasileiro que tem como objetivo investigar possíveis violações de direitos humanos ocorridas entre 1946 e 1988.

Não foram encontradas substâncias que poderiam indicar envenenamento—hipótese levantada recentemente pela família de Goulart. Os exames, por outro lado, não revelararam sintomas de morte natural. A versão oficial diz que o ex-presidente sofreu um ataque cardíaco em 1976 durante seu exílio em Mercedes, Argentina.

Os peritos responsáveis pelos exames disseram em entrevista coletiva que ambas as possibilidades são factíveis, mas como a perícia foi realizada quatro décadas após a morte do ex-presidente, o corpo teria sofrido mudanças que inviabilizariam conclusões sobre a causa da morte.

"Um infarto agudo [...] pode ter sido a causa de morte […] assim como está registrado no certificado de óbito? Sim. Como poderia ter sido causada por outras patologias cardíacas ou até mesmo por patologias cerebrovasculares […] Inobstante a negativa dos resultados, não é possível negar […] um envenenamento," afirmou o perito da Polícia Federal Jeferson  Evangelista Corrêa.

Os exames foram realizados por três laboratórios: um no Brasil, outro na Espanha e um terceiro em Portugal com base na exumação realizada no corpo de Gourlart, em 2013. Foram testadas aproximadamente 700 mil substâncias.

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Tags: João Goulart, Brazil dictatorship, Truth Commission

Uruguay’s Frente Amplio Extends Rule to 15 Years

December 2, 2014

by Stephen Kurczy

For the third election in a row, Uruguayan voters flooded into the streets Sunday night to celebrate the win of the Frente Amplio (Broad Front—FA) party, a leftist coalition that has now extended its control of Uruguay’s parliament and presidential office to 15 years.

But as President-elect Tabaré Vázquez delivered his victory speech on a stage in downtown Montevideo before thousands of supporters holding giant flags, supporter Isabella Antonaccio had to admit that this was the smallest victory party that she’d seen in the past three elections.

“Ten years ago, the Frente Amplio’s win was a huge achievement,” she said Sunday night, celebrating despite being eight months pregnant. “It was so emotional, many people were crying.”

For a younger generation of Uruguayans, the Frente Amplio has dominated politics for as long as they could vote. The leftist party’s mix of financial and social policies strengthened the economy, reduced poverty, and won international applause with schemes like the world’s first-ever legal marijuana market.

But cracks are emerging. Vázquez, 74, and outgoing President José Mujica, age 79, are both unlikely to run again, meaning the party must groom a new leader over the next five years while also addressing education scores that are falling, petty crimes that are rising, and an economy that is slowing from 4.5 percent growth last year to 3.5 percent growth this year and on course for 2.5 percent in 2015, according to Gabriel Oddone of accounting and consultancy services firm CPA Ferrere.  Scotiabank, in its November outlook, forecasts GDP growth of 3.1 percent this year followed by 2.9 percent in 2015.

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Tags: Uruguay, Frente Amplio, Tabare Vazquez

Monday Memo: Peru COP20 — Uruguay Election — Colombia Peace Talks — Venezuela Oil — Cuba GDP

December 1, 2014

by AQ Online

This week's likely top stories: Global leaders gather in Lima for the COP20 Climate Summit; Tabaré Vázquez wins the runoff presidential election in Uruguay; With FARC hostages released, Colombian peace talks are set to resume in Havana; Venezuela braces for impact as oil prices hit rock bottom; Cuba misses the mark on economic growth in 2014.

Global Leaders Gather for COP20 Climate Summit in Lima: Thousands of government officials and environmental advocates will gather in Lima this week and next for the annual UN Climate Change Conference. The 20th annual session of the Conference of the Parties, or COP20, opens today and will conclude on December 12, bringing together delegates from 195 countries to draft an international agreement on reducing carbon emissions and global warming. Last month in Beijing, both China and the U.S. agreed to cut emissions by 2030, which could help advance the talks. If the talks in Lima succeed, a climate change agreement could be signed in Paris in late 2015.

Tabaré Vázquez Wins Uruguayan Election: Former Uruguayan President Tabaré Vázquez will return to the presidency after he easily defeated challenger Luis Lacalle Pou of the Partido Nacional (National Party—PN) in Sunday’s runoff election. Vázquez, of the governing Frente Amplio (Broad Front—FA) earned 52.8 percent of the vote to Lacalle Pou’s 41 percent. Vázquez pledged to continue outgoing President José Mujica’s controversial marijuana legalization policy, and to focus on education reform and crime reduction, two major concerns of Uruguayan voters. The Frente Amplio has been in power since 2005, when Vázquez was elected to his first presidency; it won a narrow majority in Congress in October’s elections.

Hostages Safely Home and Delegation Returns to Havana: With three FARC hostages released on Sunday, the Colombian government delegation will return to Havana, Cuba to meet with delegates from the Fuerzas Armadas Revolucionarias de Colombia (Revolutionary Armed Forces of Colombia—FARC) to discuss the resumption of peace talks. Pastor Alape, a FARC negotiator, traveled from Cuba to personally coordinate the release of General Ruben Dario Alzate Mora, as well as his two companions, who were kidnapped in mid-November. The release “contributed to restoring a climate conducive to continuing the talks” said Colombian president Juan Manuel Santos. A two-day meeting in Havana to evaluate recent events will begin Tuesday. Santos ordered the suspension of the peace talks on November 17, shortly after the kidnappings took place.

Oil Plummets to $65 Per Barrel, Rocking Caracas: The Organization of Petroleum Exporting Countries’ (OPEC) decision last week to maintain its current production ceiling of 30 million barrels per day caused oil prices to plummet to $65 per barrel—the lowest level since the global recession in 2008. Venezuela will be among those hit hardest by the recent price drop: according to an International Monetary Fund assessment, the country can only hope to break even with oil priced at about $120 per barrel. Already plagued by failing political and economic policies, Venezuela might be forced to avoid a default by pursuing any number of difficult choices: devaluing its currency, seeking a bailout from the Chinese, cutting imports, raising domestic energy prices, scaling back petroleum subsidies to PetroCaribe member nations, or even cutting the popular chavista social welfare programs. The decline in oil prices also dragged down other commodities, which sank to a five-year low as China’s demand for fuel and metals slows. The larger trend of stagnating commodity prices will cause stress on many national economies in Latin America which remain  dependent on commodity exports.

Cuban Economy Hoping for Substantial Growth in 2015:  In spite of the economic reforms instituted by President Raul Castro in 2014, the Cuban economy failed to reach its projected levels of growth this fiscal year. Before presenting Cuba’s budget and economic plan for 2015 at a cabinet meeting on Friday, Vice President and Minister of Economy Marino Murillo Jorge announced that the Cuban economy will grow by 1.3 percent instead of the state’s initial estimate of 2.2 percent. According to Murillo, the nation’s underperforming sugar and manufacturing sectors are responsible for the reduction in projected growth. By increasing capital investment in renewable energy production, infrastructure projects and food imports, and continuing to pave the way for expansion of its burgeoning non-state sector, the Cuban government is maintaining its  optimistic estimate that GDP will grow 4 percent in 2015.

Tags: UN Conference on Climate Change, Tabaré Vásquez, OPEC, Cuban economy, Colombia Peace Talks

Uruguay Elects Successor to Mujica

November 28, 2014

by Stephen Kurczy

It seems everyone in Montevideo has a personal story of crossing paths with Uruguay’s folksy sandal-wearing president, José “Pepe” Mujica.

Romina Tortorella recalled the time she looked out her Montevideo house window to see Mujica’s light-blue 1987 Volkswagen Beetle, which he recently refused to sell for $1 million to a wealthy sheik. Mujica was eating at a corner deli, so Tortorella, not wanting to disturb the presidential lunch, wrote him a small invitation to see her husband’s home construction work.

Soon the 79-year-old was standing in her parlor and saying he knew her father, who was also a former member of the left-wing urban guerrilla group, the Tupamaros.

“He has six bullets in his body,” Tortorella said of Mujica, who was shot six times while resisting arrest by Uruguay’s old military government, which would imprison him for 13 years. “He has no reason to fear. He is close to the people.”

Even the homeless now have tales of meeting Uruguay’s president. Just this week, during a television interview, Mujica was confronted by a panhandler. When Mujica gave the man a 100 peso bill ($4.25), the panhandler yelled: “I want you to be president forever!”

Mujica is constitutionally barred from seeking a second consecutive term in Uruguay’s presidential runoff election on Sunday (November 30). As Uruguayans go to the polls to elect a new leader, there’s already a sense of nostalgia for this portly flower-farmer who has become a global symbol of modesty and tolerance—even if he is criticized at home for failing to reform a flagging education system, reverse the rise of petty crime, or invest in much-needed infrastructure projects such as harbors and roads.

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Tags: Uruguay, José Mujica

Colombia: La paz y los militares

November 24, 2014

by Jenny Manrique

Aunque los cálculos políticos y militares anunciaban una pronta liberación del general del Ejército Rubén Darío Alzate Mora, secuestrado por las FARC en el Chocó, el hecho que provocó la suspensión del proceso de paz entre el gobierno colombiano y esa guerrilla por primera vez en dos años de diálogo, todavía lo tiene en vilo.

Las operaciones de rescate de la Cruz Roja Internacional, lideradas por los países garantes Cuba y Noruega e iniciadas el pasado 19 noviembre, podrían tomar más tiempo de lo esperado por la necesidad de cesar operaciones militares en el Chocó. Una versión del plagio habla de que el General y sus acompañantes, el cabo Jorge Rodríguez y la abogada Gloria Urrego, se subieron de manera voluntaria en una chalupa en el corregimiento de las Mercedes con dos guerrilleros vestidos de civil, y se fueron río abajo. Otra dice que los sujetos iban armados hasta los dientes y los obligaron a hacerlo.

Cuando se de la esperada entrega del general, vendrá por primera vez la rendición de cuentas de un ex secuestrado: al militar le espera una citación al Senado para que explique qué hacía vestido de civil y desarmado, en una zona roja de alta presencia guerrillera, que él mismo conoce como la palma de su mano. No en vano estaba allí al mando de una fuerza de Tarea Conjunta antiguerrilla, en uno de los departamentos más golpeados por la violencia de las FARC.

Las misteriosas circunstancias del histórico plagio de un General de la República, el hecho de que el ex-presidente Álvaro Uribe fue el primero en dar la noticia en su Twitter y el debate que el Congreso está dando sobre el proyecto del fuero militar, no son hechos aislados. Al contrario, ponen sobre el tapete la fuerte voz que quieren tener los militares y los sectores de ultraderecha en el proceso de paz, y la necesidad del gobierno—en particular a través de su ministro de defensa, Juan Carlos Pinzón—de hacerles sentir que nadie está claudicando en el terreno de la guerra. Que la moral de las tropas debe estar siempre en alto. Que las fuerzas militares, entregadas ellas mismas por 50 años a combatir al terrorismo, jamás serán equiparadas con los guerrilleros en términos de juzgamiento y condena—no importa cuántos excesos hayan podido cometer o con quién se hayan aliado para lograr la derrota de ese gran y único enemigo llamado FARC.

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Tags: Colombia Peace Talks, FARC, Juan Manuel Santos

Monday Memo: Colombia Peace Talks — U.S. Refugee Status — Petrobras Arrests — Cuba Tourism — Pemex Investments

November 17, 2014

by AQ Online

This week's likely top stories: Colombia’s peace talks suspended over kidnapping; U.S. will grant refugee status to select minors from Central America; Brazilian police arrest 27 in Petrobras corruption scandal; Cruise ship tourism is booming in Cuba; Pemex invests millions in hydrocarbon production and exploration.

Kidnapping Halts Colombian Peace Talks: Colombian President Juan Manuel Santos has suspended peace talks with the Fuerzas Armadas Revolucionarias de Colombia (Revolutionary Armed Forces of Colombia—FARC) after the rebel group kidnapped a Colombian army general this weekend. General Rubén Darío Alzate Mora—who was apparently dressed as a civilian when captured—and two other people were reportedly abducted on Sunday by the FARC’s 34th front in the western department of Chocó, making General Alzate the first general ever to be kidnapped by the guerrillas. Colombian Defense Minister Juan Carlos Pinzón deployed hundreds of troops to the area on Sunday. On Santos’ orders, Colombian government peace negotiators will not travel to Havana today to participate in the second round of the two-year-old peace talks with the FARC.

Some Central American Minors to Receive Refugee Status: Vice President Joe Biden announced on Friday that the U.S. government will grant refugee status to minors from Guatemala, Honduras and El Salvador if their parent is a legal U.S. resident. The program, to be launched next month, will permit immigrant parents to request refugee status for any children under age 21 living in any one of the three Northern Triangle countries. Upon arrival, the children will be eligible to work and will eventually be eligible for permanent residency and citizenship. Currently, a maximum of 4,000 Latin American immigrants per year from Colombia and Cuba only are eligible for refugee status in the United States. Biden’s announcement comes amid growing concerns about the surge of unaccompanied Central American migrant youth who entered the U.S. illegally this year. The Obama administration is expected to announce further reforms to the immigration system in the coming weeks.

Brazilian Police Arrest 27 in Petrobras Corruption Scandal: In response to mounting political pressure to resolve the Petrobras corruption scandal, Brazilian police made 27 arrests on Friday in connection with the investigation by order of federal prosecutors at the Ministério Público Federal (Federal Public MInistry). Those arrested included Renato Duque, the former director of engineering and services at the state-owned oil company, as well as nine executives from construction firms who signed fraudulent contracts with Petrobras. Authorities also froze $277 million in assets belonging to 36 suspects and three unnamed companies. Former Petrobras director Paulo Roberto Costa, arrested in March, first disclosed the details of the company’s alleged decade-long, $3.8 billion dollar kickback scheme to buy influence among the members of the ruling Partido dos Trabalhadores (Workers’ Party—PT). Responding to the arrests, President Dilma Rousseff, who chaired the board of Petrobras from 2003-2010 while serving as energy minister, commented that “This will change forever the relationship between Brazilian society, the Brazilian state and private companies.” Following Petrobras’ statement that it would delay the release of its third quarter earnings, the company’s stock fell five percent on the IBOVESPA exchange.

Hike in Cruise Ship Tourism Projected in Cuba: The state-run Cuban tourism agency, Cubatur, announced late last week that it is expecting the arrival of more the 200 cruise ships at ports throughout the island during the upcoming winter season, which ranges from late November to April. Tourism is the nation’s second largest source of income (after technical and medical expertise), and it brought 2.85 million visitors to the island in 2013. The resurgence of cruise ship tourism reflects the Cuban government’s attempt to diversify its tourist offerings. The cruise ship industry had been all but abandoned in Cuba since the Spanish firm Pullmantur was acquired by the U.S.-owned Royal Caribbean cruises in 2006 and subsequently shut down all operations to the island. The Cuban government has rejuvenated the cruise ship tourism sector by establishing joint operations with international companies. This was made possible by the Foreign Investment Law, inaugurated in 2014, which aims to attract foreign investment through concessions such as new tax breaks, more flexible labor policies, and a reinforcement of the offer of allowing 100 percent ownership.

Pemex to Invest Millions in Upstream Oil Industry: Petróleos Mexicanos (Pemex) announced to investors today that it is planning to invest up to $161.7 million between 2015 and 2019—or 78 percent of its available capital—to its upstream search for potential underground and underwater sources of hydrocarbons. Pemex’s investment may cover shale gas extraction from the Agua Nueva deposit in the Tampico-Misantla Basin and deep-water drilling across the Perdido Fold Belt in the Western Gulf of Mexico. By comparison, only $34.4 million will be rerouted back into downstream activities—such as refining, marketing and distribution—to increase the efficiency of oil refineries like the complexes in Tula, Salmanca, and Salina Cruz. Since peaking in 2004, Pemex’s crude oil production has fallen by nearly one million barrels a day. Moreover, this past October, the state-owned oil company posted its eighth consecutive quarterly loss. Against this grim background, the redistribution of capital resources into upstream projects represents Pemex’s long term objective of achieving national energy security by diversifying the national energy portfolio.

Tags: Petrobras, Colombia Peace Talks, Comprehensive Immigration Reform

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