Climate Investment Funds Board backs $1 billion Turkey grid upgrade project
Climate Investment Funds, a multilateral lender, has announced that it will provide an initial investment of $1 billion to support a plan to upgrade Turkey’s electricity grid to handle more renewable energy. The CIF board approved a $70million investment from its Renewable Energy Integration Investment Platform (REI), with the goal of attracting an additional $790million to expand and upgrade transmission infrastructure, and $330million for technology.
T/S Nate Kills 22 in Central America, Bears Down on U.S. GoM
Tropical Storm Nate killed at least 22 people in Central America on Thursday as it pummeled the region with heavy rain while heading toward Mexico's Caribbean resorts and the U.S. Gulf Coast, where it could strike as a hurricane this weekend. In Nicaragua, at least 11 people died, seven others were reported missing and thousands had to evacuate homes because of flooding, said the country's vice president Rosario Murillo.
U.S. GoM Energy Producers Evacuating Ahead of T/S Nate
Oil and natural gas producers began evacuating staff at U.S. Gulf of Mexico platforms on Thursday ahead of Tropical Storm Nate, the second storm in as many months to threaten Gulf Coast oil and refining facilities. Nate, which has already killed three people in Costa Rica, according to local authorities, is forecast to scrape past Honduras and Mexico, enter the Gulf and strengthen into a hurricane before making landfall early on Sunday in Louisiana…
Climate-threatened Nations Aim for 100% Renewable Energy
A group of the countries most at risk from climate change said they would strive to make their energy production 100 percent renewable "as rapidly as possible", as part of efforts to limit global warming to below 1.5 degrees Celsius. The Climate Vulnerable Forum (CVF), which numbers 48 nations, also committed to update their climate action plans submitted as part of the U.N. climate pact agreed in Paris last year and prepare low-carbon development strategies for mid-century…
SSL, Streamlines Join Forces in Nordic, Baltic Regions
StreamLines, a specialist carrier between Europe and the Caribbean and from the Caribbean, Colombia and Costa Rica to Europe, has appointed Scandinavian Shipping & Logistics as its agent in Norway, Denmark, Finland, Estonia, Latvia and Lithuania. The two companies have been working together in Sweden since January 2014 and now expand the cooperation and partnership to a much wider range of countries.
US Refiners Dominate Western Hemisphere Markets
The United States is fast becoming the major refining hub for the entire western hemisphere as plentiful crude at home and superior efficiency enable U.S. refiners to grab market share across the region. U.S. refiners now supply almost a quarter of the rest of the hemisphere's daily fuel demand, up from less than 10 percent a decade ago. U.S. refiners are exporting more than 4 million barrels of gasoline…
Costa Rica to Lower Electricity Rates due to Renewables Rise
Costa Rica will lower its electricity rates an average of 12 percent from April because it has met demand this year almost entirely with renewable energy, the state utilities regulator said on Thursday. A total of 1.5 million households and businesses in the Central American country will receive discounts of between 7 and 15 percent in their power bills next quarter, depending on the company they use.
Petrobras Sheds Some Gains in Wake of Rally
Latin America markets were giving back some gains Wednesday as Brazilian names led by state-controlled oil company Petrobras widened alongside broader markets. After asset sale plans spurred a significant rally yesterday, Petrobras bonds were some 2bp-5bp weaker today amid headlines that Congress was pushing back against President Dilma Rousseff's austerity measures. The news has soured…
Petrobras Spreads Blow Out After Moody's Downgrade
Brazilian state-run oil company Petrobras' international bonds widened by as much as 50bp early on Wednesday after Moody's stripped the company of its investment grade rating. Citing increasing concerns about a corruption investigation and liquidity pressures that might result from delays in the release of audited financial statements, Moody's lowered its rating on Petrobras by two notches to Ba2 from Baa3.
PDVSA and Petrobras Outperform in Weak Session
Brazilian state-owned Petrobras and Venezuela bucked the trend in an otherwise weaker Latin American credit market Monday as rebounding oil prices provided support for oil names. However, most of the Brazilian corporate space suffered steep losses amid continued concerns over a widening investigation into corruption at Petrobras and at a number of its contractors. After beginning the session wider in spread terms, Petrobras 2024s ended some 3bp tighter at 550bp-545bp.
Venezuela Seeks Oil Talks with Mexico
Venezuelan President Nicolas Maduro wants to meet with his Mexican counterpart Enrique Pena Nieto to discuss a slump in crude oil prices when they attend a summit in Costa Rica at the end of January, a diplomatic source said on Friday. Maduro is wrapping up a tour that took him to China, Russia Iran, Qatar, Saudi Arabia and Algeria, in what OPEC delegates described as a diplomatic push by Venezuela and Iran for an OPEC oil output cut.
Yara Completes Acquisition of OFD Holding
Holding Inc. (OFD) allowing the integration process to start. The OFD operations comprise production facilities in Cartagena, Colombia and distribution companies across Latin America. Regulatory approvals have been obtained in almost all jurisdictions, including commitments which are not expected to materially impact the profitability of the acquisition. "We welcome the approvals from…
Chile is first South American Country to Tax Carbon
President Michelle Bachelet of Chile enacted new environmental tax legislation on Friday making the country the first in South America to tax carbon dioxide (CO2) emissions. Part of a broad tax reform, Chile's carbon tax will target the power sector, particularly generators operating thermal plants with installed capacity equal or larger than 50 megawatts (MW). These installations will be charged $5 per tonne of carbon dioxide (CO2) released.
Recope Tenders to Buy Two Fuel Oil Cargos
Costa Rica's refining company Recope has launched a tender to buy two 90,000-100,000 barrel cargos of fuel oil for delivery from September to December at Port Caldera, according to a document seen by Reuters on Friday. Previously this month, Recope bought three 25,000 barrel cargoes of MTBE, a component to oxygenate gasoline. The company, which operates the 25,000 barrel per day (bpd) Puerto Limon refinery, supplies most fuel for the Costa Rican domestic market.
Japan, Mexico Sign Carbon Trade Deal
Japan and Mexico have signed a deal for Japanese companies to earn carbon credits by investing in technology to cut greenhouse gas emissions in Mexico - in Japan's 12th bilateral carbon agreement. The program, known as the Joint Crediting Mechanism (JCM), lets companies in Japan, the world's fifth-biggest greenhouse gas emitter, use lower-cost emission cuts abroad to help meet domestic targets. "The objective ...
Japan, Mexico Sign Carbon Trade Deal
Japan and Mexico have signed a deal for Japanese companies to earn carbon credits by investing in technology to cut greenhouse gas emissions in Mexico - in Japan's 12th bilateral carbon agreement. The program known as the Joint Crediting Mechanism (JCM), lets companies in Japan, the world's fifth-biggest greenhouse gas emitter, use lower-cost emission cuts abroad to help meet domestic targets. "The objective ...
Recope Tenders to Buy Three Fuel Oil Cargos
(Reuters) - Costa Rica's refining company Recope launched a tender to buy three 165,000 cargos of fuel oil to be received from mid-April to October at Port Moin, according to an invitation seen by Reuters on Monday. The state-run company has increased imports of fuels since 2013, while planning the upgrade of its 25,000 barrel per day (bpd) refinery in Moin, next to Port Limon in the Caribbean. In recent months, it awarded a contract to U.S.
