ISSUES....
Inside, confidential, off the record

 

Good bye Latam

Exxon's moves in Venezuela and now on Argentina, may be part of a Latam exit.
In Venezuela Exxon decided after selling all is downstream holdings and not negotiating with the government in various petrochemical and gas projects, that it was not going to accommodate Venezuela's strong man Chavez , over becoming a forced majority partner on his operations and simply sue Venezuela in the international arbitration for compensation over its assets. In Argentina Exxon is talking to selling its Argentine unit. It has set Monday as a deadline for offers for its Esso assets that include a refinery and a network of some 500 directly owned and franchised service stations. Esso will also sell its gas fields in the Argentine provinces of Neuquen and Salta. Reported in local newspapers are stories of Exxon wanted to sell Exxon Mobil assets in Brazil, Uruguay, Paraguay, and Chile. Those reports are in line with comments from an Argentine industry official who said "Esso doesn't just want out of Argentina, it wants out of Latin America." Exxon Mobil sold its 70-some service stations in Peru to Spanish oil company Repsol YPF last year.


Petroleumworld 09 26 07

 

ISSUES.... Is an independent journalist effort from Petroleumworld, on Inside, Confidential
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