by Editor | May 25, 2021 | World
Mexico City : Mexican President Enrique Pena Nieto has announced that the national oil company, Pemex, had made the country’s biggest onshore oil discovery in 15 years.
Pena Nieto made the announcement during a visit to Pemex’s Tula refinery on Friday, saying that drilling the onshore Ixachi well had revealed the field which could have as many as 350 million barrels of 3P (proven, probable and possible) oil, reports Xinhua news.
“This is the most important onshore find Pemex has made in the last 15 years,” said the President, adding that extraction of oil at the site should begin soon, due to the low cost of exploiting the well using nearby infrastructure.
Located in the eastern state of Veracruz, the new oil and gas field is in the region of Cosamaloapan.
“This is very good news…Pemex becomes richer because of this find,” he added.
—IANS
by Editor | May 25, 2021 | Business, Investing, Large Enterprise, World
Lima : Peru’s Foreign Affairs Ministry presented the “Pacific Alliance Business and Investment Guide 2017/2018” which seeks to promote regional integration, as well as attract more and better investments into Chile, Colombia, Mexico and Peru.
Crafted by EY Peru, the guide —available in Spanish and English— contains attractive and relevant information on Pacific Alliance’s initiatives regarding trade and integration, as well as services and capital.
Likewise, the publication highlights the Latin American Integrated Market (MILA), which reached a total negotiated volume of US$152.208 billion at the end of 2016.
It also features a summary of Pacific Alliance member countries, as well as their production and export figures.
Additionally, it includes essential information on the rules governing investment, plus legal, tax and regulatory requirements to enter any of the four markets.
In this sense, the report guides investors —from around the world— in making decisions for business and investment development in each country, part of the regional mechanism.
Pacific Alliance Created in 2011, the Pacific Alliance has consolidated as the world’s eighth-largest economy, with a contribution of US$1.770 billion to accumulated gross domestic product, which represents over 38% of Latin America and the Caribbean’s GDP.
For 2017, an average growth rate of 2.3% is projected among its member countries, higher than the estimated growth for Latin America (1.1%).
The bloc attracts 41% of Foreign Direct Investment (FDI) allocated to the region, which amounted to US$42 billion in 2016.
—NNN-ANDINA
