Chevron To Buy Argentinean Oil Exporter
Chevron Corp. has announced its intention to buy the second largest oil exporter in Argentina to boost its exploration and production overseas. The companies did not disclose financial details of the deal, but industry sources had valued the privately-held Petrolera Argentina San Jorge at some $1 billion. "This transaction will have an immediate positive impact on earnings and cash flow," Dick Matzke, president of Chevron Overseas Petroleum Inc., said. The venture is Chevron's first exploration and production deal in Argentina. Privately held San Jorge produces about 78,000 bpd of oil and 40 million cubic feet of natural gas, Chevron officials said.
Liebherr Opens Buenos Aires Office
In March Liebherr-Argentina S.A. opened a new office in Buenos Aires, the capital of Argentina. From the subsidiary Liebherr is expanding activities in Argentina and Uruguay, primarily in the product areas of mining, mobile cranes and port and harbor cranes. With an area of 314 square meters, the office in the heart of the Argentinian capital offers space for current and future growth, primarily in the product areas port and harbor cranes and mobile cranes. Eleven of the 17 Liebherr employees working in Buenos Aires look after sales and service in the area of port and harbor cranes…
Argentina Refuses Entry to British Cruise Ships
Argentina refuses port entry to British cruise liners. According to Fox News Latino, port entry to British cruise liners Star Princess and Adonia was refused by Argentina Monday in an escalation in the dispute over the Falkland Islands (referred to by Argentina as the Malvinas).
River Levels Decreasing in Argentina
River levels in Argentina are currently decreasing and they are expected to continue over the coming week. The bottleneck remains in the River Plate access channel, where the maximum recommended sailing draft us 10.51 metres fw. Shippers are advised to check river levels and weather conditions before fixing and loading cargo to ensure that they sail with the maximum cargo/achievable draft.
China lends Argentina $7.5 bln for Power, Rail Projects
Argentina signed deals on Friday to borrow $7.5 billion from China at a time when the Latin American country cannot tap global capital markets because of disputes over unpaid debt. Among the deals signed, Argentine President Cristina Fernandez and her Chinese counterpart, Xi Jinping, agreed on a loan for $4.7 billion from the China Development Bank for the construction of two hydroelectric dams in Patagonia. China Gezhouba Group Corp and Argentina's Electroingenieria SA won contracts last year to build the two dams, which will have a combined generating capacity of 1,740 megawatts.
Supplying Fuel, Keeping the Fleet Afloat
The Argentine supply ship ARA Patagonia (B 1) participates in exercises alongside dock landing ship USS Pearl Harbor (LSD 52) to mark the beginning of UNITAS. Navies from Argentina, Brazil, Chile, Spain and the United States are participating in UNITAS Atlantic 48-2007 from May 2-13 off the coast of Argentina. UNITAS is a combined South American- and U.S.-sponsored annual exercise that incorporates forces from several participating nations. Argentina is hosting this year’s Atlantic phase. U.S. Navy photo by Mass Communication Specialist 2nd Class Lenny M. By Mass Communication Specialist 2nd Class (SW) Holly Boynton, U.S. Commander, Task Force Four Three (CTF 43) provided supply support to numerous U.S. and partner nation naval ships during a recent exercise off the coast of Argentina.
Argentina Reworks LNG Import Deals
Argentina is diverting or cancelling incoming shipments of liquefied natural gas (LNG) after mild late winter temperatures curbed fuel demand and forced state-run buyer Enarsa to rework some deals. South America's biggest LNG importer launched back-to-back tenders in June and July after a cold start to winter, lining up dozens of cargoes at bargain prices as global output continued to outpace demand. But a milder streak in August has undercut demand for heating fuel and left state-run LNG importer Enarsa juggling a supply overhang, according to trading sources. Enarsa and Argentina's energy ministry declined to comment. Stubbornly high stock levels at Argentina's two import terminals, Bahia Blanca and Escobar, also mean there are physical restrictions on any further imports.
Argentine Grain Worker Union in Wage Talks
Port workers who run Argentina's Rosario grains hub met on Monday with export companies for wage talks aimed at avoiding an open-ended strike that labor leaders had announced for Tuesday, a union official said. A strike at Rosario would slow soy and corn exports in the middle of Argentina's main harvesting and shipping season. Talks are complicated by Argentina's inflation rate, estimated by private economists at more than 25 percent. "We are at the ministry negotiating. Everything depends on that," Alberto Maldonado, an official with the San Lorenzo chapter of the CGT labor federation. The strike had been set to start at midnight (0300 GMT) on Tuesday, the CGT said over the weekend.
Flirting with Default, Argentina Enjoys Oil Drilling Boom
Holders of Argentina's defaulted debt and their supporters have warned the country risks being frozen out from international capital markets unless it finds a way to solve its legal problems by the July 30 deadline. But away from the bad-tempered litigation in U.S. courts, which has dominated the news about Argentina for months, the country is experiencing an oil drilling boom as international companies seek to cash on its huge shale resources. In June, there was an average of 107 rigs drilling for oil or gas in the country, the highest number operating since records began in 1982, and more than double the number at the start of 2012, according to oil field services company Baker Hughes (Chart 1). Most were hunting for oil rather than gas.
As Local Demand Slows, Argentina Reworks LNG Import Deals
Argentina is diverting or cancelling incoming shipments of liquefied natural gas (LNG) after mild late winter temperatures curbed fuel demand and forced state-run buyer Enarsa to rework some deals. South America's biggest LNG importer had launched back-to-back tenders in June and July after a cold start to winter, lining up dozens of cargoes at bargain prices as global output outpaced demand. But a milder streak in August undercut demand for heating fuel and left Enarsa juggling a supply overhang, the company and trading sources said.
Strike Paralyzes Argentine Grains Port for 2nd Day
Argentina's grains hub of Rosario was paralyzed on Thursday by the second day of pay strikes by unions representing stevedores and other workers needed to dock and load recently-harvested soy and corn, union and management spokesmen said. The work stoppages threaten to slow supply from grains powerhouse Argentina, putting upward pressure on world food prices. The country is the world's top exporter of soymeal livestock feed and its No. 3 supplier of raw soybeans. "All docking and loading services are shut down at every one of the 25 ports from the city of Rosario going north along the Parana River to Timbues," Edgardo Quiroga, spokesman for the CGT umbrella labor organization told Reuters.
Argentine Port Strike May Cut Soy Flow, Raise World Food Prices
Argentina's main grains port of Rosario was paralyzed at midday on Wednesday by an open-ended wage strike by boat captains needed to help dock incoming cargo ships, the country's port management chamber said. At a busy time of the year for exporters, smack in the middle of Southern Hemisphere soy and corn harvest season, the country's dock workers also threatened a work stoppage if their own pay demands are not met. The strikes threaten to slow supply from grains powerhouse Argentina, putting upward pressure on world food prices. The country is the world's top exporter of soymeal livestock feed, its No. 3 supplier of raw soybeans and a major producer of corn and wheat.
Prices Ease Though Argentine Demand Limits Losses
Argentina tenders for 19 cargoes. Asian spot prices for liquefied natural gas (LNG) eased under pressure from growing supplies though fresh demand from Argentina limited losses, traders said. LNG for May delivery in Asia eased to $4.50 per million British thermal units (mmBtu), down 5 cents from the previous week. Traders said prices were supported by Argentina's tender to buy 19 LNG cargoes for May to August delivery, following a large purchase earlier in the week. Traders said Argentina bought about 20 cargoes on Wednesday from companies including Trafigura, Statoil, BP, Gazprom, Glencore, Gas Natural and Petrobras, having tendered for 32. The cargoes sold for about $4.50 per mmBtu, they said.
Court Orders Argentine Tall Ship Detention
A Ghana court judge rejected plea to release the 'ARA Libertad' training ship, detained through complaint by a US hedge fund creditor. The sail training ship has been detained with more than 200 hundred crew members on board since 2, October 2012 in a port close to the West African port of Accra, reports Bernama. The ARA Libertad is a three-masted tall ship that stopped at Tema while training hundreds of Argentine navy cadets. The seizure of the flagship of Argentina's Navy stems from a complaint from a US hedge fund.
Argentine Grains Workers Threaten to Extend Strike
Grains inspectors who began a strike on Wednesday in Argentina's pivotal Rosario export hub will extend it for a second day if there is no progress on their demand for higher salaries, a senior union official said. Other unions are also threatening labor actions, risking disruptions in the shipping of grains from Argentina, the world's third largest exporter of corn and soybeans. The striking workers check the quality of grains before they are stored and then loaded onto ships. Strikes and labor disputes are common in Argentina, Latin America's No. 3 economy, which has one of the world's highest inflation rates and a depreciating currency that is eating into salaries. Argentine unions have hunkered down for a tough round of wage talks.
Argentine Grains Port Workers Return after Brief Strike
A one-day strike at the Rosario grains export hub in Argentina ended on Friday after the government compelled union and company officials to enter into wage negotiations for 15 days, a union leader said. The strike began at midnight local time and ended around noon after the union agreed to the government mandate for a "reconciliation" period to settle the dispute, said Edgardo Quiroga, an official with the CGT union's San Lorenzo branch. "Operations are back to normal," he said. Rosario handles about 80 percent of Argentina's grains exports. San Lorenzo covers the northern districts of the Rosario hub where multinational companies like Bunge Ltd, Cargill and Louis Dreyfus Commodities BV have crushing plants and ports.
APM Terminals Wins South America Calls on New Asian Service
Direct services between Asia and the East Coast of South America will begin port calls at APM Terminals Buenos Aires, Argentina, and APM Terminals Itajaí, Brazil. The joint service deployed by Hapag-Lloyd, NYK, ZIM, Hyundai and Hamburg Sud prefers their vessels call APM Terminals' facilities in Itajai (Brazil) and T4 in Buenos Aires (Argentina). The weekly Asian service, operated jointly with 13 vessels from Hapag-Lloyd, NYK, Zim, Hamburg Süd and Hyundai, will call the Asian ports of Kelang, Singapore, Qingdao, Shanghai, Ningbo, Hong Kong, Shekou and Busan.
Argentinian Ports Hit by Further Strike Action
Inchcape Shipping Services (ISS), a maritime services provider, is advising of a 24 hour general strike in Argentina on Tuesday 20th November. The strike will affect all transportation including ports, airports, trains and road transport. It is anticipated that all ships will remain at anchorage or berth, depending on conditions. Immigration, customs, health and agriculture staff will all be involved in the strike, as well as port administration employees. ISS Argentina has confirmed that as with previous strikes, main roads and highways will be blocked in Buenos Aires including key access routes to the city. Says Francisco Villagran…
WTO Rules Against Argentina Licensing Rules in Row with US, EU, Japan
A World Trade Organization (WTO) dispute panel ruled against Argentina on Friday in a 2012 case brought by the United States, European Union, and Japan against Argentine import licensing rules used to restrict imports. The three trade powers argued that Argentina did not grant licenses to importers automatically, as required under WTO rules, allowing it to shield its vulnerable economy. The case was part of a tit-for-tat trade war in which the government seized control of oil firm YPF from its Spanish parent Repsol. The panel of three independent arbitrators found that Argentina licensing rules violate GATT agreement and called on the government of Cristina Fernandez to bring them into line with international trade rules.
YPF Tenders to Buy Fuel Oil for June
State-run oil company YPF launched its second fuel oil tender in April, this time to buy two 50,000 metric ton cargoes (some 375,000 barrels each) to be received in June and supplied to domestic thermoelectrical companies, according to a document seen by Reuters on Thursday. The fuel will be delivered to Cammesa, Argentina's electricity market administrator, while the 90,000 barrel per day (bpd) Campana refinery undergoes a maintenance to its key operational plants, including crude distillation units, a delayed coker, a catalytic cracker and a reformer. YPF bought a previous fuel oil cargo earlier this month that will be received from May 26 to June 1.
Parana River Obstructed by Grounded Vessel
The navigation channel at km 287 of the Parana River is obstructed after a bulk vessel went aground on the right margin during the early hours of 13 May during her navigation to San Nicolas. The Coast Guard has allowed navigation for vessels with max draft of 7.40m only through the secondary channel. (For information about operations in Argentina, and elsewhere in the Americas, contact the GAC Houston Hub Agency Center at firstname.lastname@example.org) Source: AMI Argentina - GAC agent
Britain Investigates Report Of Port Blocking Falkland Ships
Britain's Foreign Office is investigating a report that an Argentine port authority had said it would bar ships registered in the Falkland Islands from docking. A yacht master reportedly informed authorities that after a brief stop in Ushuaia, on Argentina's southern tip, he was notified by port officials that they would not allow him to return because his vessel was registered in the Falklands. Argentina continues to claim the Falklands as its own territory and has only just begun to improve ties with Britain, nearly two decades after the two countries went to war in 1982 over the British-ruled south Atlantic islands.
Strike at Argentina's Customs Houses
A strike has been announced at Argentina's Customs houses between the hours of 1100 and 2400 tomorrow (31 July) and on Friday (1 August). For operations on Friday 1 August from 0000 to 0600 hours, overtime must be ordered before 0800 hours local time on Thursday. For operations from 0000 hours on Saturday 2 August until 0600 hours on Monday (4 August), overtime should be ordered before 0600 hours on Friday. For information about operations in Argentina, and elsewhere in the Americas, contact the GAC USA Hub Agency Centre at email@example.com