South America

Two sources said on Friday that Piergiorgio Peluso will be taking over as Chief financial officer at Telecom Italia. Peluso served as TIM CFO from 2007 to 2019. People said that he will return to the former phone monopoly in the next month. TIM and Autostrade per l'Italia spokespeople declined to comment. Sources previously said that TIM was looking for a replacement to the current CFO Adrian Calaza as he will be leaving the company at the end of this year. Calaza, a Brazilian national of Argentinean descent and former CFO at TIM's Brazilian division, will take on the role...

His lawyer stated on Friday that the former Greek owner of a cargo vessel, which was seized by Spain 2023 after it was found to have carried more than four tonnes of cocaine and coffee beans from Latin America into Europe, denied any connection to drugs. The Spanish authorities found cocaine worth approximately $200 million aboard the Blume vessel, which was then Greek-operated and Togo-flagged, when they intercepted it in January 2023 off the Canary Islands. This was one of Spain's largest cocaine hauls for that year. The crew was arrested and Blume, the ship that had left Brazil to...

Three people with knowledge of the investigation confirmed on Thursday that Greece had arrested three individuals linked to a cargo vessel seized in 2023 by Spanish authorities near the Canary Islands for transporting more than 4.5 tonnes of cocaine from Latin America into Europe. Blume (a Togo-flagged vessel operated by Greece) had arrived from Brazil with a cargo of 200 tonnes, which was far less than its capacity. This raised suspicions. The Spanish authorities seized the drugs, worth hundreds of millions, and arrested the entire crew on January 18, 2023. They then took the ship to Santa Cruz, Tenerife, where...

On Tuesday, commodity traders said that they are in a race against time to sell as much Brazilian coffee into the United States as possible before Trump's new tariff of 50% on Brazilian products takes effect on August 1. The cost of Trump's tariffs was being passed onto consumers, and this included coffee cups. Some traders divert vessels mid-journey and cancel stops in other port so that containers full of Brazilian coffee can be entered U.S. ports with no tariff. Some send the Brazil-origin beans they had in Canada or Mexico that were meant to be used there instead, on...

Mexican officials announced on Tuesday that they want to increase state and military control of the country's aviation system, and include increased subsidies and investment in order to boost regional airports which have been neglected for a long time. Claudia Sheinbaum, the president of the United States, has redoubled her efforts to follow the path of Andres Manuel Lopez Obrador who, as her mentor and predecessor, handed control of several public airports over to the military, and revived the bankrupt airline Mexicana. David Sandoval is the deputy director at Grupo Mundo Maya - a military-run airport operator. He said that...

The Brazilian courts are seeking to overturn the competition rules that prevent global shipping groups from taking part in the first round bidding for a new major container terminal to be built at Latin America's biggest port. This is due to happen later this year. According to a document obtained by, the Danish shipping company Maersk sued Brazil's marine transportation authority (Antaq) and its general manager on Monday in Sao Paulo. The lawsuit demanded "procedural corrections to ensure a fair procedure" for the assignment of the Tecon 10 Terminal at the Port of Santos. The Brazilian federal audit court, TCU,...

Blueberry bushes as tall as two meters stretch to the horizon in Peru's Pisco Desert before giving way to dunes. Genetic innovations have allowed varieties such as Eureka Sunset to grow in this type of arid terrain, some 250 km (155 miles south of Lima). Since more than a century, the healthy berries are being shipped north to U.S. grocery shelves. But there's a new competitor in town: China. The United States is fighting a trade war with other countries, and Peruvian growers are seeking new markets to sell their products. Their best customer, America, has been increasing the tariffs...

Brazilian rail operator Rumo has terminated a 2024 deal to sell a part of the terminal at Latin America’s largest port, to U.S. commodities traders Bunge and to a subsidiary from Japan’s Zen-Noh Group. Rumo stated in a filing with the Securities Commission that the conditions of the agreement for a 50% stake in the XXXIX Terminal, located in Santos Port, had not been fully met before the deadline. It did not give any further details. The parts were Announcement of the Deal Rumo reported that the agreement would be worth 600 million reais ($107.44 millions) in May 2024. Bunge...

Casa dos Ventos, a wind farm developer in Brazil's northeast, has received regulatory approval for a 300 megawatt project. The company had been discussing an investment of a large data center with TikTok owner. Casa dos Ventos reported on Friday that the Brazilian national grid operator (ONS), has given the green light for the project to be connected at the Pecem Port Complex in Ceara. Casa dos Ventos said that the total investment for infrastructure and equipment in the data centers will be 50 billion reais (8.7 billion dollars). A person with knowledge of the negotiations stated that the ONS...

Simone Tebet, Minister of Planning in Brazil, said that Brazil and China are in discussions to build a railroad connecting the Chinese-built Chancay mega port in Peru with Brazilian regions. Tebet, a local journalist for Carta Capital, said in an interview that "they are very interested in supporting Brazil and crisscrossing Brazil with railways". The Chinese President Xi Jinping was present at the inauguration of deepwater port, which took place in November. Beijing's $1.3 billion Chancay Project is its largest investment in South America, and part of a push to expand trade across the continent. Tebet's team said it met...

China's Guangzhou Port opened a direct shipping route to Chancay Port in Peru on February 2, according to state broadcaster CCTV. The move, it reported, would reduce logistic costs and boost trade with Latin America. Chancay, located north of Lima and offering non-stop trips to Asia, is now open for business. It can accommodate the largest vessels along South America's Pacific Coast. Beijing announced the announcement as it aims to strengthen its relationship with Latin America, a resource-rich region, amid trade tensions between the United States and China. CCTV reported that on Tuesday the 300-metre COSCO Volga vessel was loading...

Three people with knowledge of the matter said that ByteDance is considering a large investment in a Brazilian data center to harness the abundant wind power on Brazil's northeast coast. Two sources, who requested anonymity in order to discuss confidential negotiations, said that the company was in discussions to partner with renewable power producer Casa dos Ventos in developing a facility at the Pecem Port Complex in the state Ceara. Discussions are taking place as Latin America’s largest economy tries to position itself as the global hub for a fast-growing industry of data centers, by leveraging its abundant renewable energy....

The massive seizure of mercury by Peru shows the widespread use of toxic metal Mercury used in gold mines destroys Amazon rainforest Gold prices soar in Amazon, fuelling illegal mining By Dan Collyns According to a report from the Environmental Investigations Agency, SUNAT (Peru's Customs Agency) found illegal mercury in Lima’s Callao port district, four metric tons. "This SUNAT action has prevented this chemical having a severe impact on the health of people and the environment as can be seen by several areas of the nation devastated by illegal mercury use and illicit activities," SUNAT stated in a press release....

Enagas, the Spanish gas grid operator, announced on Tuesday that it had made a profit of 176 millions euros ($205.66) during the first six months of the year. This was after it suffered a loss of capital on the sale an asset in America last year. The swing was also influenced by gains from a sale and the revision upward of the amount awarded in arbitration for an investment in Peru. Enagas recorded a net loss in the first six months of 2024 of 211 millions of euros, due to a capital loss of 360 million of euro on the...

Unknown actors have bombed Colombia's Cano Limon - Covenas Oil Pipeline, said Cenit on Sunday. This has led to the suspension of oil pumping between the oil fields located in Colombia's northeast, and the Caribbean Coast, where oil is exported. According to Cenit (a subsidiary of Ecopetrol, the majority state-owned oil company), the attack took place in a rural part of Saravena in Arauca. No injuries or fatalities were reported. Cenit, the company that owns the pipeline, stated that the bombing activated a contingency planning to control spills, and contamination of the environment. Cenit has not attributed the attack to...

The company stated that Ecuador's OCP Heavy Crude Pipeline suspended pumping Monday just hours after it resumed operations. This was done as a precaution because of the erosion in the Quijos River, according to a Tuesday statement. The OCP pipeline has been suspended for the second time in the last month. The previous suspension was due to erosion on the Loco River in Ecuador's Amazon region. Since 2020, erosion along the Coca River has spread, damaging oil infrastructure, roads, and now the Coca Codo sinclair hydroelectric facility, the largest one in Ecuador. Official data shows that Ecuador's crude production fell...

The head of Ecuador's state oil company Petroecuador announced on Thursday that all operations, including crude imports, were suspended after two pipelines important to the company's operation stopped pumping. Heavy rains in Napo, a province of the Amazonian region, have accelerated erosion and threatened infrastructure. The SOTE and OCP pipelines owned by the state suspended pumping this week. Leonard Bruns, Petroecuador's chief executive officer, said: "Force majeure was declared to allow (Petroecuador), to act with all of the necessary tools." Due to the suspension of transport operations, the company said that it has also begun closing down oil wells. According...

Casa dos Ventos, a wind farm developer in Brazil's northeast, has received regulatory approval for a 300 megawatt project. The company had been in discussions with TikTok owner about a large data center investment. Casa dos Ventos reported on Friday that Brazil's national grid operator has given the green light for the project to be connected at the Pecem Port complex in Ceara. The company said that the total investment for infrastructure and equipment in the data centers will be 50 billion reais (8.7 billion dollars). A person with knowledge of the negotiations said that the regulatory approval would speed...

The main Colombian oil, gas and energy service companies' guild proposed several measures on Tuesday to reduce the decline in exploration and production of oil (E&P) and to tackle the natural gas shortage in South America. Campetrol proposes a number of measures, including declaring offshore gas projects essential for future supply, adjusting contract terms to encourage increased production, as well as maximizing project lifespan. Why it matters The guild has warned that blockades, extortion and labor regulations have increased operating costs, which are compromising sector competitiveness. This is a threat to the short-term self-sufficiency of the country. The Colombian gas...

Sources say that some tankers Chevron chartered this month to transport crude oil from Venezuela to the U.S. are now being sold for spot contracts in other countries after the state company PDVSA cancelled loading permits and ordered them to return the cargoes due to payment uncertainty associated with sanctions. Chevron's marketing for the vessels suggests that it does not expect all of its cargoes to be loaded in one month, even if the dispute with PDVSA is resolved. Agelef Maritime Services was marketing the Tanker Sea Dragon that discharged Venezuelan Boscan heavy oil in Philadelphia. Two sources familiar with...

Sources say that some tankers Chevron chartered in order to transport crude oil from Venezuela to the United States last month are being sold for spot contracts on other markets after the state company PDVSA cancelled loading permits and ordered them to return the cargoes due to payment uncertainty resulting from sanctions. Chevron's marketing for the vessels suggests that it does not expect all of its cargoes to be loaded in one month, even if the dispute with PDVSA is resolved. Agelef Maritime Services was marketing the Tanker Sea Dragon that discharged Venezuelan Boscan heavy oil in Philadelphia. Two sources...

T otalEnergies exported for the first-time gas from Argentina's Vaca Muerta shale to Brazil's Matrix Energia, Matrix announced in a statement on Tuesday. Sources familiar with the situation claim that 500,000 cubic metres of gas were exported via the Bolivian pipeline Tuesday. The statement from Matrix stated that the objective of this unprecedented operation was to ensure the technical viability and stability of the logistics networks. It also added that it involved many different parts of supply chains, as well as the signing of two natural gas import contracts for a three-party operational agreement. Over the past year, companies from...

An internal document obtained by revealed that the Venezuelan state-run PDVSA would cut its office hours. This was in response to an order from the government, which was issued amid an intensifying power crisis, to conserve energy. On Sunday, the administration of Nicolas Maduro declared that all government offices will reduce their working hours by half due to longer power outages in certain regions caused by reduced hydroelectric generation and lack of fuel for thermoelectric plants. PDVSA, as part of the plan by the government, told its employees on Friday that they should work in administrative offices only three days...

In a recent statement, Ecuador's National Disaster Management Agency said that the rupture of Ecuador's SOTE oil pipeline spilled more than 25,000 barrels. The spill affected three rivers, wildlife, and at least 5300 people. Petroecuador, in a separate press release on Tuesday, confirmed the magnitude of the spill and stated that they had collected 30,257 gallons of crude oil mixed water prior to a separation procedure. Petroecuador, the state-owned oil company, was forced to declare force majeure after a rupture caused by an avalanche. The pipeline was shut down for six days. The company resumed the export of Oriente crude,...