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review.
A cable
from September 2007, reveals some US serious concerns about the fact
that Exxon-Mobil and other multinationals were indirectly forced to
abandon Argentina under Nestor Kirchner administration.
The
letter is particularly revealing because it also shows that Argentina
was trying to oust foreign big interests and put the energy sector
under state and domestic private control. It also shows that the
Leftist governments in Latin America at the time were trying to
cooperate in the energy sector by using the state-controlled big
companies at the expense of foreign multinationals and, apparently,
for the benefit of their people.
Key
parts:
Energy
sector players in Argentina observe that the Kirchner administration
has made a strategic decision to promote expanded direct state and
private Argentine participation at the expense of foreign
multinationals. To "encourage" foreign multinationals
to cede control of energy assets, they say, the GoA [Government of
Argentina] has used its formidable regulatory oversight powers and
heavy-handed market interventions to limit these companies' freedom
of action and profitability. Over the past two years alone, energy
majors CMS, Total and Electricite de France have departed the
Argentine market, selling their assets cheaply to local interests.
Local
energy analysts are watching developments closely and will take any
low-balling of Exxon's asset value as a sign of overt GoA
interference. Many question the wisdom of allowing local players with
no experience in the highly technical refining sector to take over
one of Argentina's most important refineries. One possible outcome
could be a purchase of Exxon assets by recently created state-owned
energy company ENARSA. Given ENARSA's burgeoning cooperation with its
Venezuelan counterpart PDVSA, another scenario could involve the
Chavez administration seeking to purchase Exxon's assets in a joint
venture with ENARSA as a means to gain a quick and strong retail
presence in the Argentine market. Recetly, considerable media
attention has focused on Brazil's Petrobras as an interested bidder
on Exxon assets. Since Petrobras already has a refining presence
in Argentina, GoA anti-trust approval could be a possible barrier to
such a bid.
Exxon's
96-year presence in Argentina has made its local "Esso"
brand emblematic of this nation's highly developed automobile
culture. Rumors that Exxon is shopping its Argentine assets, after
having braved almost century's worth of Argentina's extreme economic
volatility, have raised many eyebrows. Beatrice Nofal, head of the
GoA's investment promotion entity, Prosper-AR, privately acknowledged
a possible Exxon departure as "an Argentine investment climate
public relations nightmare." A near-term Exxon departure from
Argentina would be widely viewed as a no-confidence vote in the
economic policies of a likely incoming Christina Fernandez de
Kirchner administration.
Since
2004 the GoA has variably curtailed natural gas exports to Chile, a
direct consequence of a GoA domestic energy pricing policy that makes
domestic natural gas consumption considerably cheaper than
alternative liquid fuels. Exxon notes that such unilateral GoA export
restrictions have created conflicts with Exxon's Chilean customers,
put Exxon in legal jeopardy, and damaged the company's reputation as
a reliable supplier.
Full
cable:
As has
been mentioned,
ten years ago, most of Latin America was governed by Center-Left
progressive or even Leftist governments. For example, Cristina
Fernandez in Argentina, Evo Morales in Bolivia, Rafael Correa in
Ecuador, Fernando Lugo in Paraguay, Daniel Ortega in Nicaragua,
Manuel Zelaya in Honduras, and Lula da Silva in Brazil, just as an
example. And Hugo Chavez, of course, in Venezuela. Since then, the
so-called 'pink tide' has receded quite dramatically.
Of these
10 governments that were Left of Center, only four remain. Nicolas
Maduro in Venezuela, Morales in Bolivia, Vazquez in Uruguay, and
Daniel Ortega in Nicaragua. What happened? Some would argue that the
US played an important role in at least some of these changes.
This
cable provides another evidence for the real reason behind US efforts
to wipe out the Leftist governments in Latin America. It is certain
that the big oil lobby is spending millions of dollars to buy
politicians in the US and abroad, in order to rebound in Latin
America with the help of right-wing puppet regimes.
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