Latin America’s oil companies are too consumed by old challenges to deal with the new ones
often noted, can bring a country both wealth and woe. In Venezuela, by some measures home to the world’s largest proven oil reserves, it has mostly been the latter of late. Petróleos de Venezuela saw production peak in 1998, when Hugo Chávez was elected president. In the years that followed the left-wing tribune and his authoritarian successor, Nicolás Maduro, purged’s professional staff, strong-armed its international partners and raided its coffers.
Some politicians and executives also used the companies as personal piggy banks—the second common problem. Corruption scandals rocked Petrobras, Petroecuador and Pemex, as well as. Petrobras took a particular nosedive when it emerged that construction firms paid Brazilian politicians billions of dollars in bribes in exchange for padded contracts to build refineries and other infrastructure.
Still, Petrobras remains vulnerable to political undulations. Last year the government reintroduced petrol subsidies to appease angry lorry drivers. Mr Parente resigned and Petrobras shares took a knock. Jair Bolsonaro, Brazil’s new president, appointed Roberto Castello Branco, a well-regarded economist who had served on the company’s board and looked set to continue Mr Parente’s market-friendly policies.
Latin America’s other state oil champions are minnows next to Petrobras and Pemex. But their experiences are nevertheless instructive. In Argentina, the oil industry has been scarred by the decision in 2012 by the then president, Cristina Fernández de Kirchner, to renationalise 51% of, privatised 19 years earlier. Ms Fernández’s market-friendly successor, Mauricio Macri, has made it easier for foreign firms to invest in the country.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
This Band Blends Bluegrass and Latin Roots Music to Poeticize ProtestThis band blends bluegrass and Latin roots music to create bold protest tunes. Hear Che Apalache's new song 'The Dreamer':
Read more »
Chick Corea Looks Back on His Long History With Latin JazzOn the surface, legendary jazz pianist Chick Corea is an Italian guy from Boston. But since his start at Birdland on the bandstand of Latin jazz icon Mongo Santamaria, the Grammy-winning keyboard visionary has always harbored a deep love for the rhythms emerging from the neighborhoods of Spanish Harlem and the Upper West Side of New York City.
Read more »
Viva Friday: New Latin Jams by Becky G with Myke Towers, Raquel Sofía and MoreViva Friday is a compilation of the best new Latin songs, albums and videos recommended by the Billboard Latin editors
Read more »
Listen to Latin Superstar Sofia Reyes' 'Dance, Beach & Summer'-Themed #TBT MixtapeThe Latin Grammy nominee put together this week's throwback mix for your summertime dance party needs, and featuring cuts by ROSALIA, C. Tangana, Karol G, J Balvin and more.
Read more »
Conquistador Series ‘Hernan’ Snagged by Azteca TV and History Channel Latin AmericaIn the wake of its streaming rights acquisition by Amazon Prime, epic series “Hernan” has sold to Mexican broadcaster Azteca and pan-regional pay TV network, The History Channel, which have jointly…
Read more »
Conquistador Series ‘Hernan’ Snagged by Azteca TV and History Channel Latin AmericaIn the wake of its streaming rights acquisition by Amazon Prime, epic series “Hernan” has sold to Mexican broadcaster Azteca and pan-regional pay TV network, The History Channel, which have jointly…
Read more »