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Suncor CEO: Despite government's oil-friendly stance, Suncor is not ready to accelerate output growth.
Suncor Energy's CEO said on Wednesday that the company is not ready to increase production plans, despite the large-scale reforms promised by the Alberta and federal governments to boost growth in Canada's petroleum industry. These comments highlight the uncertainty surrounding whether the federal government’s more friendly stance towards the energy sector will translate to increased company investment and a higher output for Canada, the fourth largest oil producer in the world. Suncor's outlook is unchanged since its investor day in March, Rich Kruger, CEO of Suncor, said during a conference call. He added that there's still work to be done to convert last month's Memorandum of Understanding between the oil-sands industry, and government, into legislation. Kruger stated that it is still unclear how the agreement will affect his plans. Kruger and other oil sands CEOs signed a nonbinding agreement with Alberta and Canada in July to set out the conditions for the development of the 'Pathways' carbon capture and storage project. This would reduce greenhouse gas emissions from oil sands. Mark Carney, the Canadian Prime Minister, has endorsed Alberta’s vision for a new pipeline that would export 1 million barrels per day to the Pacific Coast. However his support depends on whether the Pathways project is implemented. Carney's government has been working to mend relations with the Canadian oil industry for a number of years. The industry had fought many of Justin Trudeau's environmental policies. Carney has reversed or diluted many of these policies and promised to accelerate the permitting process for major energy projects. Many of the?proposed policy changes are not yet drafted into legislation. Enbridge, the Canadian pipeline operator, announced last week that it would 'postpone' a planned expansion of Mainline by 250,000 bpd due to oil producers unwillingness to commit significant production increases. Kruger stated that while the tone of the 'Canadian Government is more positive than in the past decade, the company wants to take its time before making any commitments to accelerate their growth plans. Suncor announced in March that it expected to increase its upstream production from 840,000 to 870,000 barrels per day (bpd) by 2028. Kruger stated that Suncor has the option of ramping up more quickly if so desired. He said, "We haven't changed to this mode at all. But we do have flexibility." (Reporting from Amanda Stephenson, Calgary; editing by Nia William)
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Iran Ministry: Iran and Oman have reached an agreement on the coordinates of the route through Hormuz
Esmaeil baghaei, spokesperson for the Iranian Foreign Ministry, said that Iran and Oman had'reached an agreement on the geographic coordinates of a shipping route across the Strait of Hormuz. A joint announcement is being finalised if certain third parties do not interfere. Baghaei said that such an agreement between Iran and Oman, would not guarantee the security of this strategic waterway. A senior Iranian official and two regional officials told reporters on Wednesday that the proposed deal between Oman and Iran would give Tehran control of ships entering the 'Gulf via the Strait of Hormuz. This is one of the biggest concessions made to Iran yet. Sources rebutted claims by U.S. president Donald Trump, that a deal to reopen the Strait of Hormuz was imminent. They said important details had to be agreed. Esmaeil baghaei, spokesperson for the Iranian Foreign Ministry, described the negotiations between Tehran and Muscat as being "professional" in nature and "moving ahead", saying that "the two sides had reached a mutual understanding on the geographic parameters of the route discussed". Baghaei said that, "if third parties don't obstruct this process, then the joint statement between these two countries, which contains the?"main considerations" and "key points of understanding", is in the final stages. Reporting by Elwely Elwelly, Menna ala El Din and Alison Williams. Editing by Ros and Alison Williams.
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Increased Black Sea attacks put pressure on global commodity flow
The Black Sea region is the latest strategic trade chokepoint that has been hit by an escalating conflict. The Black Sea is an important route for grain, crude oil and refined products. The waters of the Black Sea are shared between Russia, Ukraine, Bulgaria, Georgia and Romania. In recent weeks, both Russia and Ukraine have intensified their attacks on the other's agricultural export vessels and facilities in the Black Sea region. Kyiv also increased its attacks on Russian oil tankers. The latest escalation creates another pressure point on commodity markets, already dealing with disruptions in major shipping routes across the Middle East. Kayoko Gotoh, a U.N. representative, told the Security Council last week that "the consequences... are already evident in global agricultural markets." "We cannot allow this dangerous spiral to continue." The U.S./Iran conflict has disrupted oil flows through the Strait of Hormuz, and a maritime ban imposed by Houthis in Yemen who are aligned with Iran on Saudi Arabian ports & ships has increased risks for Red Sea shipping. GRAIN EXPORTS STRAINED According to the Infrastructure Ministry, Ukraine reported 35 attacks in July on vessels in port, 22 at sea, and 67 strikes?on port infrastructure. Ukraine is estimated to have targeted dozens tankers that are involved in the Russian oil trade. Already, the escalation has affected trade flows. FESCO, a Russian shipping company, said 'this week that it has suspended new orders for shipments via the Black Sea following a drone attack on one of its ships. Russia has intensified its strikes on civilian vessels and the port infrastructure in southern Odesa, Ukraine. Through this hub, more than 90% Ukraine's agricultural products are exported. Both Russia and Ukraine claim that they only target military targets. More than four years after the end of the war, agricultural products are still Ukraine's main source of export revenues. Kyiv seeks alternative export routes. However, Agriculture Minister Taras Voysotskyi said this week that they will not reach their full capacity until August. They would also only handle about half of the volume normally shipped via Black Sea ports. Trade sources reported that since July 10, shipping activity in the Sea of Azov which leads to the Black Sea has been restricted. This has affected activity at Taman, the main Russian grain port. The export of grain from Novorossiysk and Tuapse continues, but at a lower rate than before. Oil exports have also been affected. In July, Ukrainian tanker attacks damaged several vessels. This forced the temporary suspension of loading operations in Novorossiysk as well as the Caspian Pipeline Consortium terminal (CPC), the main outlet for Kazakh crude. In a report published this week, shipbroker BRS stated that the CPC system was a vital?export route in Kazakhstan. It handles roughly 80% percent of the country's oil exports. Any disruption could have a negative impact on regional supply. Ambrey, a British maritime security company, advised clients that vessels continuing to call at Black Sea port should carry out comprehensive voyage threat assessment and that crews should remain within designated safe muster areas during drone attacks. Stephen Cotton, General Secretary of the International Transport Workers' Federation, a leading union of seafarers, said: "The killings of innocent civilian seafarers are?unacceptable. They cannot be considered 'collateral damages' in order to achieve military goals - this is an immoral precedent and a very dangerous one." BLACK SEA WAR INSURANCE JAMMERS Shipping costs are also increasing due to rising security risks. According to market estimates, the average daily Black Sea oil tanks costs have increased from $200,000 to more than $300,000. According to insurance sources, war insurance costs for port visits to terminals in the Black Sea have increased to 2% of ship value, up from 1% just two weeks ago. Insurance sources say that even small increases can add up to hundreds of thousands in extra costs for each voyage. Niels Rasmussen is the chief shipping analyst at shipping association BIMCO. He said that if the Black Sea volumes continued to be reduced as they have been over the last two weeks, the global dirty (crude) oil tanker volume could fall by 3%. (Reporting and editing by Ros Russell; Additional reporting by George Abbott of The Insurer & Bureaus, with additional reporting from Jonathan Saul)
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Gulf oil exports stable in July but still 40% below prewar level
Shipping data showed that the Gulf countries' crude and condensate oil exports remained largely stable in July, and were about 40% lower than pre-war levels. However, signs of a decline emerged in the second half as fighting intensified in the region. The relatively stable levels of exports have eased concerns over a more severe disruption in supply and offset the drawdown in global inventories. Tanker traffic in the Strait of Hormuz, and Bab el-Mandeb, two of the most important Middle Eastern waterways, remained below the levels seen before the U.S./Israeli war against Iran started on February 28. Kpler reports that crude and condensate oil exports from Saudi Arabia, the United Arab Emirates (UAE), Iraq, Kuwait, and Iran increased by just 2% in July compared to June, averaging 10.7 million barrels a day. Kpler data and Vortexa showed that exports peaked between 12 and 13 millions bpd during the first half of this month, before dipping as the fighting between the United States and?Iran resumed. Iraq's exports doubled from June. Kuwait and Iran contributed to the increase, but Saudi Arabian and UAE shipments declined. George Morris, Vortexa analyst, said that nine additional very large crude carriers loaded in July boosted Iraqi Exports. However, flows through Hormuz are slowing as the fighting intensifies. In July, the International Maritime Organization received reports from at least 14 vessels in the region. This is up from 8 in June. Exports are up, allowing some producers to increase production. Kuwait increased crude production in July to 1.971 mbpd from 1.65 mbpd, according to a source familiar with the situation. Saudi Aramco CEO Amin Nasser said on Tuesday that the world has lost over 2.6 billion barrels since the war began. Rebuilding inventories would take 18 months, at a rate 2.1 million bpd. RED SEA EXPORTS SLOPING Last month, Yemen's Iran-backed Houthis stepped up their attacks near the Bab el-Mandeb strait. This caused Saudi crude exports - from the Red Sea port at Yanbu - to slow down. According to Energy Aspects, the Yanbu loadings dropped to 3 million BPD after July 20, from 3.8 millions BPD in April-June. Richard Bronze, co-founder of Energy Aspects, said that many tankers load?at Yanbu without their Automatic Identification Systems transponders on. Others are rerouting through the Suez Canal, and using the SUMED pipe connecting the Red Sea to the Mediterranean in order to avoid the Bab el-Mandeb. Reporting by Enes Tunagur and Ahmad Ghaddar, London. Editing by Tomasz Janovski)
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Increased Black Sea attacks put pressure on global commodity flow
The Black Sea region is becoming the latest strategic 'trade chokepoint' to be affected by an escalating conflict. The Black Sea is an important route for the shipment of?grains,?crude oils and refined products. The waters of the Black Sea are shared between Russia, Ukraine, Bulgaria, Georgia and Romania. In recent weeks, both Russia and Ukraine have intensified their attacks on the other's agricultural export vessels and facilities in the Black Sea region. Kyiv also increased its attacks on Russian oil tankers. The latest escalation creates another pressure point on commodity markets, already dealing with disruptions in major shipping routes across the Middle East. Kayoko Gotoh, a U.N. representative, told the Security Council last week that "the?consequences... are already evident in global agricultural markets." "We cannot allow this dangerous spiral to continue." The U.S.-Iran war has disrupted oil flows through the 'Strait Of Hormuz, and a maritime ban imposed by Houthis in Yemen who are aligned with Iran on Saudi Arabian ports as well as ships has increased risks for Red Sea shipping. GRAIN EXPORTS STRAINED According to the Infrastructure Ministry, Ukraine reported 35 attacks in July on vessels in port, 22 on sea, and 67 strikes against port facilities. In 2025, the vessels were only attacked 14 times. Ukraine is believed to have targeted dozens oil tankers that are involved in the Russian oil trade. Already, the escalation has affected trade flows. The Russian shipping group FESCO announced this 'week that it has suspended new orders for shipments via the Black Sea following a drone attack on one of its ships. In the meantime, Russia has intensified its strikes against civilian vessels and the port infrastructure in the southern Ukrainian hub of Odesa. Through this port, more than 90% Ukraine's agricultural products are exported. Both Russia and Ukraine claim that they only target military targets. Even after four years of war, Ukraine's top export source is agricultural products. Kyiv seeks alternative export routes. However, Agriculture Minister Vitaliy Kval said this week that they will not reach their full capacity until August. They would also only handle about half of the volume normally shipped through Black Sea ports. Trade sources reported that since July 10, shipping activity in the Sea of Azov which leads to the Black Sea has been restricted. This has affected activity at Taman, the main Russian grain port. The export of grain from Novorossiysk continues, but at a slower rate than before. Oil exports have also been affected. In July, Ukrainian tanker attacks damaged several vessels. This forced the temporary suspension of loading operations in Novorossiysk and the Caspian Pipeline Consortium terminal (CPC), the main outlet for Kazakh oil. In a recent report, shipbroker BRS stated that the CPC system was a vital export route for Kazakhstan. It handles roughly 80% percent of the country's oil exports. Any disruption could be a concern for regional supply flows. BLACK SEA WAR INSURANCE JAMMERS Shipping costs are also increasing due to the rise in security risks. According to estimates, the average daily Black Sea oil-tanker cost has risen to more than $300,000 per day, up from just under $200,000 per day a week earlier. According to insurance sources, war insurance costs for port visits to Black 'Sea terminals has risen from around 1% to 2% of the value of the vessel. Even small increases can add up to hundreds of thousands in extra costs per trip. Niels Rasmussen is the chief shipping analyst at shipping association BIMCO. He said that if the Black Sea volumes continued to be reduced as they have been over the last two weeks, the global dirty (crude) oil tanker volume could fall by 3%. (Reporting and editing by Ros Russell; Additional reporting by George Abbott of The Insurer & Bureaus, with additional reporting from Jonathan Saul)
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Tewolde Gebremariam is appointed as the new CEO of Air India
Air India appointed former Ethiopian Airlines Chief Tewolde Gebremariam to its 'CEO' post on Wednesday. The Indian airline is currently struggling with persistent losses, and increased regulatory scrutiny after a fatal crash last year. Gebremariam succeeds New Zealander Campbell Wilson. Wilson was a former Singapore Airlines executive who was appointed in 2022 as the new leader of Air 'India after it had suffered years of decline under state ownership. Air India reported that Wilson had informed Chairman N Chandrasekaran of his intention to step down in this year 2024. The 'Tata Group owned airline is suffering heavy losses, not only because of a heightened regulatory scrutiny following the '2025 crash but also as a result of operational disruptions caused by a conflict in the Middle East. These have increased costs and compounded effects from Pakistan banning airspace.
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Sources say that gasoline and diesel exports to Russia from Belarus reached a new record in July.
According to industry sources, and calculations, Belarusian gasoline and diesel supplies to Russia reached a monthly record in July. Fuel shortages were caused by unplanned outages at Russian oil refineries after months of relentless 'Ukrainian drone attacks. According to industry data and calculations, the Russian gasoline production had dropped early in July, to around 65% the average seasonal consumption. Diesel production had also fallen to the same level as domestic demand. The?Russian Government, in response to rising fuel prices at retail and wholesale, banned diesel exports. However, it allowed exemptions under previous contracts and intergovernmental agreements. Export restrictions for gasoline and jet fuel had already been implemented. Source data shows that gasoline shipments by rail from Belarus to Russia increased 13% from June to 212,000 tons. Diesel deliveries also doubled, reaching 162,000 tons. The total amount of jet fuel delivered from Belarus to Russia in July was 13,100 tonnes, compared with 16,100 tons in June. Belarus provides fuel to Russia from its two refineries that process Russian oil. They have a combined capacity of 24,000,000 tons per year or 480,000 barrels a day. In the first seven months of this year, the total amount of gasoline shipped by rail from Belarus into Russia increased 25-fold compared to the same period in 2025. Diesel deliveries also increased almost sevenfold, to 418 tons. According to industry sources, Russia has also begun importing gasolines from India, Kazakhstan, and Morocco.
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CPC oil loadings fail due to safety concerns and tanker shortages
The Caspian Pipeline Consortium suspended operations several times this week due to safety concerns and a shortage of tankers. This is because the main export route for Kazakh crude has been hit by drone attacks. Since the middle of the last month, the loadings of the pipeline have been disrupted. The pipeline carries around 1.8% of the global oil supply, from Kazakhstan to Russia’s Black Sea Coast. This adds to the supply disruptions linked to the U.S. and Israeli war against Iran. Sources said that the pipeline was only temporarily reopened this week and closed on Wednesday. Shipowners are reluctant to embark on CPC voyages due to the possibility of drone attacks. On Tuesday, the Russian group FESCO halted operations in the area. A CPC Blend seller said it took multiple attempts to find a ship to load a cargo during recent weeks. The Russian Foreign Ministry accused Ukraine on Monday of attacking oil tankers at the terminal for the Caspian Pipeline consortium in Novorossiysk and claimed that Kyiv is trying to destabilise oil markets worldwide. Kyiv did not claim responsibility for the incident or make any comments on why they may have expanded their campaign against Russia by targeting a pipeline which carries crude oil mainly produced by U.S. majors and European oil companies. No one of the eight people we spoke to was able to be identified because they were not authorized to speak in public. The Energy Ministry of Kazakhstan said that it was not considering a total shutdown of CPC operations and that everything was under control. On Wednesday, the ministry still had not responded to a?request for comment. CPC declined to comment. Kazakhstan is a landlocked country that relies heavily on Russian ports for exporting crude oil by sea. This means that disruptions to the pipelines and loading can cause?production reductions. When attacks on tankers increased in July, Kazakhstan's oil production?fell 14% compared to June. Sources said that Tengizchevroil intends to export 100,000 metric tonnes of oil by rail in August to Georgia's Black Sea Port of?Batumi. CPC Blend?differentials are weaker due to disruptions. CPC blend cargoes for August loading were sold at a price nearly $4 per barrel lower than dated Brent last week. This is compared to the premium that was paid a few short weeks ago. Reporting by Robert Harvey, LONDON; and MOSCOW reporters; Editing by Barbara Lewis
South America's electric vehicle market is booming -- even without Tesla
Luis Zwiebach, a Peruvian green-energy entrepreneur, flew to California 4,000 miles away to test drive Tesla Model 3 sedan. Tesla did not have an official importer, and Zwiebach was unable to navigate Peru's complicated vehicle import regulations.
He did not give up. Zwiebach explained that a man had imported one already and was looking to sell it. "So I went and saw it, and bought it."
The Tesla was initially difficult to charge at a friend's beachhouse outside Lima. He said that the car would not charge because it lacked a grounding device. "We stuck a fork into the ground to create a ground, and the car started charging."
It's easier than ever to buy an EV today in Peru. Tesla does not have a showroom, but Chinese manufacturers like BYD and GWM are selling electric vehicles at about 60% less than a Tesla. They also sell models by Toyota, Kia, and Hyundai. Tesla has not responded to a comment request.
Chinese automakers are expanding their footprint in South America, both with traditional cars and electric vehicles. According to Peru's automotive association EVs still make up a tiny portion of the 135,394 cars sold there in the nine-month period ending in September. However, they are growing. In that time period, hybrid and electric vehicle sales reached a record of 7,256 units. This is a 44% increase on the previous year.
China has increased its sales since opening the Port of Chancay north of Lima last year. The Chinese megaport has cut trans-Pacific shipping time in half, just as Chinese companies face increasing barriers to entry into the United States and increased trade restrictions in Europe. BYD, which produces EVs, hybrids, and combustion engines, plans to open a new dealership in Lima before the end of the year. Chery and Geely already have over a dozen locations in Peru.
Zwiebach, a Lima resident, said that the electric car was doing well in Lima. "More than two cars are sold each day."
He said that the growing demand for renewable energy had led him to expand his business. He now offers EV chargers, solar panels, and regenerative lifts to clients from Lima and Arequipa including real estate developers and universities.
Zwiebach said, "A property developer told him he would buy the penthouse if it had a car charger." So we did. "You just plug it into your home like a telephone."
Chinese automakers are facing a price war that is destroying their profits at home, and an increasing surplus of new vehicles coming off the factory lines of China. According to Felipe Munoz, global automotive analyst at JATO Dynamics, a large portion of this surplus is shipped overseas, mainly to the Middle East and Central Asia, as well as Latin America.
Martin Bresciani is the president of Chile's Automotive Business Chamber, CAVEM. He said that China has "carved out a space" for both petrol and electric cars. "The Chinese have already shown that they meet global standards in terms of quality."
In the first quarter this year, Chinese brands accounted for 29.6% all new passenger cars sold in Chile.
The Chinese firms are on the rise in Latin America
In its Global EV Outlook, published in 2025, the International Energy Agency stated that EV penetration will double in Latin America by 2024, to around 4%. This growth is boosted both by government incentives as well as an influx affordable Chinese models. According to the latest figures, the EV market share reached 10.6% in Chile in September. In Brazil, it was 9.4%, while in Uruguay, the figure was 28%. These are all records, according local car associations and consulting firms. By mid-2025, Europe and China will have half their new cars be EVs (56% vs 51%). In Japan and America, rates were closer to 2% or 10%. Even in Argentina where trade barriers and economic headwinds are high, EV sales continue to rise from a low baseline. BYD launched its first car in Argentina in October. BYD is already the leader in electric vehicle sales in Brazil and Colombia.
Seven dealerships in Peru, Chile and Uruguay said that part of China's success was partnering with local importers who offer models more affordable, tailored to regional tastes.
This shift is most evident in Uruguay where BYD, behind General Motors Chevrolet and Hyundai, is the third largest seller of all types of vehicles. China's share of the market in Uruguay has doubled since 2023, and now stands at 22%.
Gonzalo Elorriaga, a luxury car dealer in Uruguay's glamorous beach resort city of Punta del Este began displaying BYD vehicles a few year ago. BYD is now the most popular brand, even though he still sells European brands and Japanese ones.
Elgorriaga spoke from his Stars Motors showroom overlooking Mansa Beach.
He said that Chinese brands are now well-known and have a large market. The banks offer prize draws and credit lines in collaboration with the brands. Their appeal is also based on their competitive prices. BYD's battery electric vehicles start at $19,000 in Uruguay.
I can buy three Chinese pickups for the same price as two traditional brands. Federico Guarino, another Uruguayan auto dealer, said that the difference was huge.
NEW MEGAPORT OPENS UP CONTINENT FOR CHINA Chancay's megaport, built in Peru under China's Belt and Road Initiative (BRI), has replaced the restaurants that once welcomed weekend tourists to the sleepy fish town. Gonzalo Ros, the deputy manager of Cosco Shipping (the port operator), said to journalists in October that "each ship brings between 800 and 1,200 vehicles". Cosco anticipates that the total number vehicles arriving from China will reach 19,000 before the end of this year. The vehicles that arrive in Peru are not the only ones. Cosco Shipping has completed its first boat-based vehicle transshipment in September. It sent 250 cars to Chile where Chinese brands accounted for 33% of the total car market in July. Last week, a second trans-shipment of hybrids and electric vehicles to Chile was in progress.
Rios stated that Cosco also sent shipments to Ecuador, and Colombia in order to make Peru a regional hub for the distribution of hybrid, electric, and conventional Chinese vehicles. Chery of China, which had less than 2% share in the Peruvian EV market as of September, has already used the corridor to speed up deliveries across the continent. Customs data from Peru show that 3,057 vehicles arrived in the port in July, compared to 839 in January. Peru doesn't have a large car industry that can complain about Chinese sales, but it has caused tension elsewhere, including in Brazil. Some Chinese companies are investing in Brazil's factories, where the tariff barriers encourage local production. BYD started assembling EVs at Ford's old plant in Bahia in October and Great Wall Motors launched partial production at a repurposed Mercedes Benz facility in August.
Ricardo Bastos is the director of Institutional Affairs for GWM Brazil, and President of the country's EV Association, ABVE. He said that the company anticipates exporting vehicles to the region from its Brazil factory by 2027, or possibly earlier, leveraging favorable trade agreements between Mexico, Chile, and the South American trading bloc Mercosur.
Bastos stated in an interview that "Brazil is the third country after Russia and Thailand to receive a factory (GWM). It's a strategically sound decision, demonstrating the strength Latin America has." Brazil is also importing large quantities of Chinese vehicles. Calculations show that the largest ship in the world, which carries around 22,000 cars, docked earlier this year at Brazil's Itajai Port. Brazilian labor and industry groups claim that China is using the temporary low tariffs for EVs on South America's biggest car market in order to increase its exports, rather than invest to build Brazilian factories and to create jobs. BYD was also criticized for reports about poor working conditions at its Bahia factory. Since then, the government has moved to reimpose import duties. The government has since re-imposed import duties on foreign EVs.
Brazil may soon be able to match Chancay's role as a regional hub. Vitoria, on Brazil's southeast Atlantic coast, is currently the leader in vehicle imports. Stephen Deng, BYD Argentina's Country Manager told the media in October that BYD was expecting Brazilian arrivals in 2027. Deng stated, "I believe Argentina could adopt the same EV prices as Brazil in the future."
Bresciani said that South America still has a long way to go before EVs are adopted, citing the lack of charging stations and distances.
Zwiebach stated that it is difficult to travel along the entire coast of Peru from Tumbes all the way to Tacna.
"But it costs less to operate and you never need to visit the service garage."
(source: Reuters)