Latin America Headlines

Venezuela: PDVSA Tanker Undergoing Repairs After Striking Sandbank

A PDVSA tanker is undergoing repairs at a shipyard in the Bahamas after colliding with a sandbank. The Yare, an Aframax class vessel that was delivered to Venezuela's state oil company just over a year ago, is in the city of Freeport more than a week according to sources familiar with the matter, and will be in dry dock for around 40 more days. Steel plates will be attacted to the Yare's hull, which did not breach or leak any oil during the incident. 


Brazil: Petrobras Set to Announce Divestments in Coming Quarters

The Chief Financial Officer of Petrobras, Almir Barbassa (pictured), has said that the state-run oil firm will announce specific asset sales from a $13.6bn divestment programme "in coming quarters". In a conference call with analysts, Barbassa said that the company's management "are working on a plan" for selling assets internationally.


Argentina: Government to Face Legal Action on YPF

Repsol has confirmed that it will seek more than $10bn in compensation from Argentina for its seizure of YPF. The company notified the President, Cristina Fernandez de Kirchner, of a dispute under the Treaty for Investment Promotion and Protection agreed between Spain and Argentina, and that it will seek arbitration at the World Bank's International Center for Settlement of Investment Disputes (ICSID).

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