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Argentina: Government Begins Probe of Five Companies in Fuel Market

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Argentina's Transportation Secretary, Juan Pablo Schiavi (pictured), has announced an investigation into the wholesale fuel market, alleging that inflated prices could have cost 3.5 billion pesos in the past year. Speaking at a press conference, Schiavi said that the CNDC, Argentina's antitrust agency, is acting on an accusation that five oil companies colluded or abused their strong market position to overcharge firms. 

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Columbia: Imports of Fuel Made to Combat Black Market

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Columbia imported 27.8m gallons of PDVSA-produced gasoline and petrol in 2011 as part of ongoing efforts to stamp out black market sales of fuel. PDVSA confirmed that it exported the fuel to the northern region of Santander de Colombia, noting also that the exports consisted of 14.4m gallons of diesel and 13.6m gallons of gasoline. However, the company did not furnish details on the average prices paid for either product.

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Venezuela: Chavez Says Government Will Not Comply with World Bank Ruling

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Venezuela’s President Hugo Chavez has said that his Government will not comply with any decision from the World Bank in relation to its seizure of Exxon Mobil assets in 2007. Exxon Mobil, which last week was awarded $747m in compensation from the International Chamber of Commerce, said it would also be presenting the case to the World Bank next month.

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