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WHEN THE U.S. SNEEZES, MEXICO CATCHES COLD

Posted by Gilmour Poincaree on December 31, 2008

December 30, 2008

by Elisabeth Malkin

PUBLISHED BY ‘THE INTERNATIONAL HERALD TRIBUNE’ (USA)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE INTERNATIONAL HERALD TRIBUNE’ (USA)

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Posted in BANKING SYSTEM - USA, BANKRUPTCIES - USA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES - USA, INDUSTRIAL PRODUCTION, INDUSTRIAL PRODUCTION - USA, INDUSTRIES, INDUSTRIES - USA, INTERNATIONAL, MEXICO, RECESSION, THE FLOW OF INVESTMENTS, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, USA | Leave a Comment »

CONGRESO AUTORIZA ENDEUDAMIENTO POR US5,000 MILLONES EN 2009 – BM ABRE LA CARTERA PARA MÉXICO; PONE A DISPOSICIÓN US3,000 MILLONES

Posted by Gilmour Poincaree on December 12, 2008

11 Diciembre, 2008 – 17:16

APR

PUBLISHED BY ‘EL ECONOMISTA’ (Mexico)

El Banco Mundial (BM) está dispuesto a otorgar a México hasta 3,000 millones de dólares en financiamiento para 2009, anunció el director de la institución para México y Colombia, Axel Van Trotsenburg.

En rueda de prensa conjunta con funcionarios de la Secretaría de Hacienda y el Banco Interamericano de Desarrollo, destacó que la cifra supera los 2,400 millones de dólares que en total prestará este año al país, de los cuales 400 millones canalizará la próxima semana.

“El Banco Mundial tiene una relación privilegiada con México en el último año y medio”, situación que permite al organismo multilateral definir su relación con países medios.

Por su parte, el titular de la Unidad de Asuntos Hacendarios Internacionales de la Secretaria de Hacienda, Ricardo Ochoa, informó que el Congreso autorizó para 2009 un endeudamiento externo neto por 5,000 millones de dólares.

Esos recursos se utilizaran para el desarrollo de infraestructura, vivienda, medio ambiente y programas sociales, precisó.

Ochoa recordó que el nivel de endeudamiento externo aprobado para el presente año fue de 1,500 millones de dólares.

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PUBLISHED BY ‘EL ECONOMISTA’ (Mexico)

Posted in BANKING SYSTEMS, CENTRAL BANKS, CONSTRUCTION INDUSTRIES, ECONOMIC CONJUNCTURE, ECONOMY, EDUCATION, ENVIRONMENT, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INTERNATIONAL, MEXICO, RECESSION, THE FLOW OF INVESTMENTS, WORLD BANK | Leave a Comment »

PARA CONSTRUIR EDIFICIO PARA PROYECTO DE LEARJET 85, BOMBARDIER INVERTIRÁ US250 MILLONES EN QUERÉTARO PARA PROYECTO LEARJET (Mexico)

Posted by Gilmour Poincaree on December 12, 2008

11 Diciembre, 2008 – 19:44

APR

PUBLISHED BY ‘EL ECONOMISTA’ (Mexico)

El vicepresidente de Operaciones Bombardier Aerospace México, Réal Gervais, informó que durante la primera mitad del
próximo año, iniciará la construcción de un edificio para el proyecto Learjet 85.

El proyecto contempla una inversión por 250 millones de dólares, generará entre 600 y 700 nuevos empleos y se ubicará en el parque Aeroespacial en el municipio de El marqués.

Aclaró que este Learjet es diferente a los modelos que recientemente tuvieron problemas y causaron los accidentes aéreos; la nueva inversión complementa los 200 millones de dólares que se anunciaron con la llegada de esta empresa a Querétaro en octubre del 2005.

‘El proyecto Learjet 85 es muy importante para Bombardier, es totalmente nuevo para la empresa, es un avión totalmente nuevo de hecho, es muy importante también porque utiliza la última tecnología a partir de materiales compuestos para la elaboración de fuselaje y otras piezas, es totalmente distinto a los otros modelos Lear’, dijo.

La manufactura de la estructura de materiales compuestos de Learjet se realizará en la entidad y la terminación de interiores, los vuelos de prueba y la entrega final al cliente se llevarán a cabo en Estados Unidos.

Réal Gervais indicó que la empresa es muy cuidadosa con las inversiones frente a las condiciones económicas que se esperan para el próximo año, por lo que extremará la vigilancia ‘sobre todo en el primer cuarto del 2009’.

Hasta el momento no hay afectaciones, toda vez que el registro de órdenes de compra de Bombardier asciende a 26.1 millones de dólares y no hay cancelaciones extraordinarias de trabajo.

La empresa espera que para el 2010 se llegue a 2,000 empleados, toda vez que ahora se cuenta con 1,200 trabajadores de los que 150 son del área administrativa.

‘Los planes de la empresa no han cambiado en términos de lo que se está produciendo en Querétaro y actualmente 500 personas se dedican a la parte de ensambles de arneses eléctricos y más de 500 personas están dedicadas al ensamble de diferentes componentes estructurales’, detalló.

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PUBLISHED BY ‘EL ECONOMISTA’ (Mexico)

Posted in AIR TRANSPORT INDUSTRY, CONSTRUCTION INDUSTRIES, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INDUSTRIAL PRODUCTION - USA, INDUSTRIES, INDUSTRIES - USA, INTERNATIONAL, MEXICO, RECESSION, THE FLOW OF INVESTMENTS, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, THE WORK MARKET, THE WORKERS, TRANSPORT INDUSTRIES, USA | Leave a Comment »

AUNQUE SE DESACELERA 0.48% CON RESPECTO A AGOSTO – Inversión fija bruta sube 7.6% en septiembre: INEGI (Mexico)

Posted by Gilmour Poincaree on December 12, 2008

11 Diciembre, 2008 – 15:53

APR

PUBLISHED BY ‘EL ECONOMISTA’ (Mexico)

La inversión que hicieron las empresas en México subió un 7.6% en septiembre frente al mismo mes del año pasado, dijo el instituto de estadísticas, por arriba de lo esperado por el mercado.

Analistas consultados por Reuters esperaban un alza del 5.59% en la inversión para septiembre, según el promedio de un sondeo MEX17 entre 13 especialistas. La mediana de la encuesta había sido del 7.0 por ciento.

La inversión en maquinaria y equipo creció un 21.1% en septiembre a tasa anual, pero en la construcción cayó un 1.6%, según el reporte del Instituto Nacional de Estadística y Geografía (INEGI).

En cifras desestacionalizadas, la inversión fija bruta cayó un 0.48% en septiembre con respecto a agosto.

El año pasado, la inversión se expandió un 6.7%, mientras el Producto Interno Bruto (PIB) creció un 3.3 por ciento.

Para este año, tanto el Gobierno como el Banco de México (central) esperan una expansión de la economía del 2.0 por ciento.

En el 2009, el banco central pronostica una desaceleración hasta un nivel de entre 0.5 y 1.5%, mientras que el Gobierno prevé una expansión del 1.8 por ciento.

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PUBLISHED BY ‘EL ECONOMISTA’ (Mexico)

Posted in AGRICULTURE, BANKING SYSTEMS, CENTRAL BANKS, COMMERCE, CONSTRUCTION INDUSTRIES, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INDUSTRIES, MEXICO, RECESSION, THE FLOW OF INVESTMENTS | Leave a Comment »

SIEMENS FINANCIAL SERVICES INC. HAS ACQUIRED 30% STAKE IN THE TORP TERMINAL LP, IN HOUSTON, TX

Posted by Gilmour Poincaree on December 11, 2008

Monday, December 10, 2008

Distributed by Press Release

PUBLISHED BY ‘THE EXAMINER’

ISELIN, N.J., Dec. 10 /PRNewswire/ – Siemens Financial Services, Inc. (SFS Inc.), the U.S. financing unit of Siemens AG, has taken a 30% equity interest in TORP Terminal LP. TORP Terminal LP, with headquarters in Houston, TX, is a limited partnership owned by TORP Technology Inc., TORP Technology AS, and SFS Inc.

TORP Technology AS has developed the award winning technology, the HiLoad LNG Regas, which will be applied at the Bienville Offshore Energy Terminal, to receive and re­gasify liquefied natural gas (LNG). TORP Terminal has filed an application for a license under the Deep Water Port Act to build, own and operate the terminal in the Gulf of Mexico.

The Bienville Offshore Energy Terminal will be located 63 miles south of Dauphin Island, Alabama, in 450 ft of water, and will utilize TORP’s proprietary HiLoad Technology in an environmentally sound way for cost­effective offloading of LNG carriers offshore.

Lars Odeskaug, CEO of TORP Technology AS, explained: “The HiLoad Technology enables us to safely dock onto any LNG carrier, unload and re­-gasify the LNG at very attractive rates. TORP selected the site offshore Alabama for the terminal due to its strategic location downstream of Henry Hub and with high takeaway capacity to some of the best gas markets in the U.S. We are pleased that Siemens has arrived at the same conclusion, both with respect to technology and location, and we look forward to move the project forward with Siemens as a strong partner.”

“Siemens thrives on innovation and we recognized in this project another opportunity to invest in an innovative technology” says Johannes Schmidt, Head of Equity & Project Finance. “At SFS, we see ourselves as enabler of business expansion that understands the challenges its customers face and creates customized financial solutions to help solve them.”

About Siemens Financial Services (SFS)

Siemens Financial Services (SFS) is an international provider of financial solutions in the business­to­business area. With about 1,900 employees and an international network of financial companies coordinated by Siemens Financial Services GmbH, Munich, we support Siemens as well as non-­affiliated companies, focusing on the three sectors of energy, industry and healthcare. We finance infrastructure, equipment and working capital and act as a competent manager of financial risks within Siemens. By leveraging our financing expertise and our industrial know­-how we create value for our customers and help them strengthen their competitiveness. For more information see: www.siemens.com/finance.

Siemens Financial Services, Inc. (SFS Inc.) is a leading provider of business­-to-­business financial services in the United States. SFS is a committed business ally that combines deep industry expertise with integrated financing solutions to enhance the efficiency, productivity, and competitiveness of its customers. The company, based in Iselin, NJ, enables business expansion for thousands of customers in the healthcare, energy, and industrial sectors by providing customized solutions that range from equipment financing and working capital to project and export finance, and insurance solutions. Further information on Siemens Financial Services in the United States: www.usa.siemens.com/financial.

About Siemens

Siemens AG (NYSE: SI) is a global powerhouse in electronics and electrical engineering, and operates in the industry, energy and healthcare sectors. For more than 160 years, Siemens has built a reputation for leading­-edge innovation and the quality of its products, services and solutions. With 428,000 employees in 190 countries, Siemens reported worldwide sales of $116.6 billion in fiscal 2008. With its U.S. corporate headquarters in New York City, Siemens in the USA reported sales of $22.4 billion and employs approximately 69,000 people throughout all 50 states and Puerto Rico. For more information on Siemens in the United States, visit www.usa.siemens.com.

About TORP Terminal LP

TORP Terminal LP is based in Houston, TX. The company is a limited partnership owned by TORP Technology Inc., TORP Technology AS (Stavanger, Norway) and Siemens Financial Services Inc. The company has the rights to utilize the HiLoad LNG Re-­gasification technology at the Bienville Offshore Energy Terminal. The HiLoad LNG Re­-gasification unit is a floating L-­shaped terminal that docks onto the LNG carrier using the patented friction based attachment system (rubber suction cups) creating no relative motion between the carrier and the terminal. The HiLoad LNG Re­-gasification unit is equipped with standard re­-gasification equipment (LNG loading arms, pumps and vaporizers) and can accommodate any LNG carrier without the use of any special equipment. The terminal uses air for heating the LNG, saving fuel costs. For more information on TORP Terminal LP, go to http://www.torplng.com.

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PUBLISHED BY ‘THE EXAMINER’

Posted in COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, GERMANY, INDUSTRIAL PRODUCTION, INDUSTRIAL PRODUCTION - USA, INDUSTRIES, INDUSTRIES - USA, INTERNATIONAL, MEXICO, NATIONAL WORK FORCES, NATURAL GAS, RECESSION, STOCK MARKETS, THE FLOW OF INVESTMENTS, THE WORK MARKET, THE WORKERS, USA | Leave a Comment »

ALGERIA URGES RUSSIA, NORWAY, MEXICO TO JOIN OPEC – Energy minister calls on three countries to join cartel or cut their output to show solidarity to group

Posted by Gilmour Poincaree on December 3, 2008

First Published 2008-12-02 – Updated 2008-12-02 16:05:18

PUBLISHED BY ‘MIDDLE EAST ON LINE’

ALGIERS – Algerian Energy Minister Chakib Khelil, the current president of OPEC, on Tuesday urged Russia, Norway and Mexico to join or cut their crude production to show solidarity with the group.

“What we really want is for these countries to become members of OPEC,” Khelil said on the sidelines of a conference of the Organization of the Petroleum Exporting Countries in Algiers, according to APS news agency.

“I don’t see why Russia can’t be a full-fledged member of the organisation. It’s the best way to express solidarity,” he said.

If the three countries refuse to join OPEC, they should reduce oil production, Khelil said.

“We don’t need an agreement to stand by countries that share the same goal. If they have problems (joining OPEC), they should just apply their intended reductions.”

Russia, a top world oil producer, is not a member of OPEC, but has held regular consultations with the organisation.

Russian Deputy Prime Minister Igor Sechin last week said Moscow had prepared a draft memorandum on cooperation with the 13-member cartel.

OPEC secretary general Abdalla Salem El-Badri said Monday the cartel may decide on a “major” output cut when it meets in Oran, Algeria, on December 17.

OPEC has already slashed output twice this year by a total of two million barrels per day in response to plunging prices but fears remain that a global recession could ravage demand for energy.

Oil prices have fallen under 50 dollars a barrel.

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PUBLISHED BY ‘MIDDLE EAST ON LINE’

Posted in ALGERIA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, MEXICO, NATURAL GAS, NORWAY, OPEC, PETROL, REFINERIES - PETROL/BIOFUELS, RUSSIA | Leave a Comment »

UNCERTAINTIES BEDEVIL PLANS TO KEEP WORLD TRADE FLOWING

Posted by Gilmour Poincaree on November 29, 2008

28/11/2008 1:00:00 AM

PUBLISHED BY ‘THE CANBERRA TIMES’ (Australia)

Trading nations around the world are saying the right things about preventing a surge of protectionism that would choke Pakistani investors monitor the index at Karachi Stock Exchangeglobal trade when it needs to be boosted to help pull economies out of their slump. But amid fears of a deepening recession stretching beyond 2009, will governments act in conformity with their promises?

Leaders of the 21 economies in APEC, the Asia Pacific Economic Cooperation forum, hit the right notes when they issued a statement during their summit in Lima, Peru, last weekend. To counter calls to shield countries and industries from competition by restricting imports, the APEC leaders, who oversee half the world’s economic activity, said that in the next 12 months they would not raise new barriers to investment or to trade in goods and services, impose new export restrictions, or implement measures inconsistent with the World Trade Organisation, including those that stimulate exports.

This was an endorsement of the free trade section of a declaration issued by the summit of the Group of 20 advanced and emerging economies in Washington on November 15. The G20 accounts for about 90 per cent of global economic activity and 80 per cent of trade. Australia, Canada, China, Indonesia, Japan, Mexico, Russia, South Korea and the US are members of both APEC and the G20. So the combined words of leaders of these two groups should carry weight.

Yet two days after Russia’s President, Dmitry Medvedev, put his name to the G20 declaration, his Deputy Finance Minister, Dmitry Pankin, announced that Moscow would raise tariffs on imported cars to protect Russian producers.

Russia has also announced a general review of trade agreements that may lead to a further increase in import duties and a cut in quotas for allowable imports. Russia says these measures were planned in advance of the G20 meeting. ”No one said that anyone should scrap existing barriers or go back on existing decisions,” Mr Pankin explained.

China, which is anxious to help exporters hit by falling demand in the US and Europe, took a somewhat different tack. Three days before the G20 summit it raised export tax rebates paid on more than 3700 types of goods almost 28 per cent of the total sold overseas. Yet China has a huge trade surplus and has been criticised by economists who argue that the export sector receives too much favorable treatment from the government, which should instead stimulate domestic demand.

So far there has been no reneging on APEC and G20 free trade pledges. But these are early days. It will take resolute national leadership and continuing international consultation to resist protectionism as economic woes get worse and cries for help by affected industries become louder.

Fredrik Erixon, director of the European Centre for International Political Economy, a free-trade think-tank in Brussels, is concerned that the APEC and G20 pledges still leave scope for countries to impose anti-dumping duties on imports deemed to be below the cost of production, and to provide emergency state aid to politically sensitive industries. Indeed, he says that such measures are supplanting permanent import tariffs as the main method of protectionism and were not covered by either the APEC or G20 statements.

Still, APEC went somewhat further than the G20 in supporting an early resumption of WTO negotiations to liberalise international trade. These negotiations collapsed last July after seven years because of disagreements between the US and India, backed by China, over the extent to which agriculture in developing countries should be shielded from foreign competition.

China’s President Hu Jintao said in Lima that Beijing believed reviving the WTO talks and bringing them to a successful conclusion should be a top priority. APEC leaders directed their trade ministers to meet in Geneva next month to try to advance the WTO negotiations. Prime Minister Kevin Rudd said a successful outcome would be a ”huge shot in the arm for the global economy” and to confidence.

If the world trade deal stalls again, there is another option for Pacific Rim nations. They could forge a trans-Pacific free trade agreement. The Bush Administration in the US, Australia and Peru announced recently that they would join Brunei, China, New Zealand and Singapore in talks to try to build the core of a free trade area of the Asia-Pacific. The first round of negotiations will be held in March in Singapore.

However, the Obama factor is looming over all these issues. Barack Obama, the US President-elect who takes office in January, outlined a potentially protectionist agenda during the election campaign. He said he would renegotiate the North American Free Trade Agreement with Canada and Mexico and a pending bilateral deal with South Korea, rebalance economic ties with China to reduce the huge US trade deficit, challenge unfair trade in the WTO and elsewhere, and discourage US companies from outsourcing work to countries such as India and the Philippines.

If Obama, backed by a Democratic majority in Congress, takes up these cudgels, the prospects of success in both the WTO and trans-Pacific trade liberalisation negotiations will recede while the likelihood of a slide into wider tit-for-tat protectionism will increase.

The International Chamber of Commerce pointed out recently that parallels are being drawn between the financial and economic crisis of today and the Great Depression of the 1930s. ”Almost 80 years ago, many nations reacted to the Great Depression by raising border tariffs and ended up making matters worse for themselves included. Beggar-my-neighbour protectionism ended up beggaring everyone. That is one of the most unambiguous lessons of the 1930s,” the chamber said.

Obama and the leaders of other major economies and trading nations should bear this in mind as they consider policies for 2009 and beyond.

The writer, a former Asia editor of the International Herald Tribune, is a visiting senior research fellow at the Institute of South-East Asian Studies in Singapore.

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PUBLISHED BY ‘THE CANBERRA TIMES’ (Australia)

Posted in AGRICULTURE, AUSTRALIA, BANKING SYSTEMS, CANADA, CENTRAL BANKS, CHINA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL MARKETS, G20, INDONESIA, INTERNATIONAL, JAPAN, MEXICO, PERU, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RUSSIA, STOCK MARKETS, THE FLOW OF INVESTMENTS, USA, WORLD TRADE ORGANIZATION | Leave a Comment »

PAN AMERICAN SILVER CUTS 500 JOBS (Canada)

Posted by Gilmour Poincaree on November 14, 2008

November 13, 2008 at 9:21 AM EST

The Canadian Press

VANCOUVER — Pan American Silver Corp. is cutting 500 jobs, rolling back executive salaries by 10 per Silver and gold jewels and other itemscent and reducing exploration and capital spending to deal with weaker finances and a drop in prices of silver and zinc, its key metals.

The Vancouver company said Thursday the streamlining was required to cope with weaker metals prices, a 10 per cent drop in revenues and sharply lower profits in the latest quarter.

“These are challenging times for the global mining industry,” president and CEO Geoff Burns said in a release.

“We have responded by retooling our business plans to reduce costs and adjust to the new pricing environment. We have managed our business conservatively over the past couple of years and enter this difficult period in solid financial health, with no debt and with the skills and the experience to adapt and thrive without compromising our growth.

“There are many reasons to be optimistic about future silver and gold prices. Government bailouts and debts worldwide have reached epic proportions and will, in my opinion, eventually undermine the very value of the paper currencies and the economies those same governments were charged with protecting. This should benefit gold and silver prices and Pan American Silver.”

In its financial report, Pan American said its net earnings for the third quarter ended Sept. 30 fell to $6.4-million (U.S.) or eight cents a share, from $23.9-million, or 31 cents a share for the same 2007 period.

Sales fell 10 per cent to $79.5-million, said the company, which reports its finances in U.S. dollars.

Pan American has seven operating mines in Mexico, Peru and Bolivia. An eighth mine in Argentina is scheduled to start up this month.

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PUBLISHED BY ‘THE GLOBE AND MAIL’

Posted in ARGENTINA, BOLIVIA, CANADA, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, GOLD, INTERNATIONAL, METALS, MEXICO, NORTH AMERICA, PERU, PRECIOUS METALS, SILVER, THE FLOW OF INVESTMENTS, ZINC | Leave a Comment »

ZAGREB 1 DRILLING FOR PEMEX

Posted by Gilmour Poincaree on October 30, 2008

10/29/2008 6:11:13 PM GMT

Filed from Houston

MEXICO: Crosco Integrated Drilling & Well Services semisubmersible Zagreb 1 is drilling for Mexican Zagreb 1, a Pentagone design semi built in 1977national oil company Pemex in the Gulf of Mexico. Services for Pemex are being provided in cooperation with the Croatian drilling contractor’s local Mexican partner, GOIMAR.

Zagreb 1 is testing and completing the well Pox-1 as part of an 18-month drilling and services contract, which began in early June.

Zagreb 1 underwent an upgrade and refurbishment prior to commencement of the Pemex contract. The rig is capable of drilling in water depths of up to 1,500 feet (457.2 m).

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PUBLISHED BY ‘ENERGY CURRENT’

Posted in COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ENERGY, INDUSTRIAL PRODUCTION, INTERNATIONAL, MEXICO, NATURAL GAS, NORTH AMERICA | Leave a Comment »