During the first half of this year, countries in the region imported petroleum oils for $5.122 million, 23% more than in the same period in 2017.
Figures from the information system Market of Petroleum Oils and Bituminous Mineral in Central America, from the Trade Intelligence Area of CentralAmericaData: [GRAFICA caption="Click to interact with graphic"]
The current national accounts methodology could be causing an underestimation of the value and potential of an industry that has become a success.
In his article in Ca-bi.com, Paulo de León objects to the failure to update the Guatemalan national accounts system, resulting in an underestimation of the weight of the sector in the Guatemalan economy, as that system does not incorporate the shift in the energy matrix towards renewable energy.
Moody's is warning that countries with oil deals with Venezuela face risks if this country reduces or eliminates its financial support to the block.
A report by the rating agency notes that "In the countries of Central America and the Caribbean, the "most vulnerable" are Nicaragua and Jamaica, while less exposed are Honduras and Guatemala."
Moody's reached this conclusion after analyzing data from the current account balance of each member country, its dependence on oil imports, particularly on crude oil from Venezuelan.
The Mexican state oil company PEMEX has announced investments of $1,4 billion in pipeline for natural gas, propane gas and gasoline, and logistics and port facilities in the Isthmus of Tehuantepec, 200 km from the border with Guatemala.
From a statement issued by PEMEX:
Pemex presents its Marketing Strategy for the Transístmico Energy Corridor
Nicaragua published a map offering ocean areas for hydrocarbon exploitation while Costa Rica claims ownership over some of these sea territories.
In a protest note sent by the government of Costa Rica to Nicaragua, Costa Rica states that "it does not acknowledge or recognize any right or effect or product of any concessions granted in the past or in the future by Nicaragua ...
The conditions in Petrocaribe will never be the same: the new government of Venezuela will change preferential credit terms for the purchase of oil.
This was explained by the Vice President of Guatemala Roxana Baldetti, who has already met with representatives of Petrocaribe. "Back then, the conditions were the sale of up to 20 thousand barrels per day, of which 40% of the value would be paid in 90 days and the remainder within 25 years, with a rate of 1%. Same as offered to Honduras, reported Laprensa.hn.