Argentine Economy Minister and presidential candidate Sergio Massa warned oil companies that unless the fuel shortages are solved by Tuesday, they would not be allowed to ship any exports abroad, it was reported.
Argentine authorities said Friday that more fuel will be imported to guarantee supplies to the pumps as the ongoing crisis is set to drag on for weeks, potentially affecting the Nov. 19 presidential runoff between Economy Minister Sergio Massa and Liberal Congressman Javier Milei, it was reported in Buenos Aires.
Due to fuel shortages in several parts of Argentina, some pumps were forced to sell only up to a quota per customer while others simply closed their activities on Thursday, it was reported in Buenos Aires.
Chevron Corporation (NYSE: CVX) announced on Monday that it has entered into a definitive agreement with Hess Corporation (NYSE: HES) to acquire all of the outstanding shares of Hess in an all-stock transaction valued at US$ 53 billion, or US$ 171 per share based on Chevron’s closing price on October 20, 2023. Under the terms of the agreement, Hess shareholders will receive 1.0250 shares of Chevron for each Hess share. The total enterprise value, including debt, of the transaction is US$ 60 billion.
Agriculture officials in the Falkland Islands have announced that biosecurity measures have been stepped up in anticipation of the imminent arrival of avian influenza, which is likely to come from a sick bird.
Fuel shortages have been reported on both ends of the River Plate. But while supply is expected to be back to normal before the end of this week in Montevideo, Argentine rural producers are concerned that the lack of diesel might impact their activity shortly.
Chile's first intercity bus powered by green hydrogen was launched Wednesday. According to those behind the initiative, these units generate water and heat as their only waste, thus eliminating polluting emissions en route to reducing the carbon footprint, the state agency Corporación de Fomento de la Producción (Corfo) and the company Foton, said.
The European Union has been proactive in pressuring its trading partners to adhere to its domestic greenhouse gas emissions reduction goals, primarily rooted in protectionism. First, with the imposition of the Deforestation Law last June. Now, with the adoption of the Carbon Border Adjustment Mechanism (Cbam), Brussels subjects imports of seven inputs to surcharges of 20% to 35% if production exceeds its environmental limits. Brazil is among the top ten potentially most affected exporters, especially in the iron and steel sectors.
Oil prices started to gradually recover during July, from a depressed second quarter, with the OPEC+ production cuts and the additional one million bpd reduction from the Saudi Arabia wells.
The oil and gas exploration company with interests in the Falkland Islands, Rockhopper Exploration PLC, declared a pretax loss in the six months ended June 30 of US$ 2.6 million, from USD749,000 a year prior, as administrative expenses jumped 40% to 2.1 million pounds.