Mexico - 07

Mexico: Private Partnerships in 2017: Benefits for IOCs

On 26 October Pemex’s board approved the company’s business plan for 2017. The full contents of the document will not be available until Pemex officially releases it in two weeks’ time. However, Minister of Energy Pedro Joaquin Coldwell stated at an energy conference that same day that the new business plan contemplates launching more private

South Africa - 01

South Africa: Politics Overshadows Gordhan’s Budget

On 26 October Minister of Finance Pravin Gordhan presented his MTBPS, which sets out the budget framework for the next three years. General market sentiment toward the MTBPS appears to be largely positive in the context of weak economic growth projections and limited fiscal space. However, it is uncertain whether Gordhan’s proposed tax increases and

Russia - 05

Russia: Sechin Alleges Fraud at Bashneft

Barely a week after Rosneft acquired a controlling stake in Bashneft from the Russian government, Rosneft CEO Igor Sechin suggested that multi-million-dollar fraud has been identified at the company. While visiting Ufa on 19 October to discuss Bashneft’s future with Bashkortostan’s head, Rustem Khamitov, Sechin announced that Bashneft’s service subsidiaries were divested in 2013 at

Mozambique - 01

Mozambique: VTB Accuses Mozambican Government of Deception Over Debt

On 14 October Yuriy Soloviev, the head of VTB Capital and first deputy chief executive officer of VTB Group, stated that “the [Mozambican] government deceived us [VTB]”. VTB Bank is one of the banks along with Credit Suisse that provided loans totaling $2.2bn to the state companies EMATUM, ProIndicus, and Mozambique Asset Management. These loans

Turkey - 01

Turkey: The War Against ISIL, Competition with Russia and Turkey’s Role in Mosul

Since the failed coup attempt of 15 July, the Turkish military has undergone a profound purge, most notably in the colonel and brigadier general ranks, with a total number of 1,684 dismissals (1,068 Army, 154 Navy and 461 Air Force). The coup planning centered on the Air Force Academy and the Incirlik Air Force Base

Kazakhstan - 04

Kazakhstan: Kashagan and Tengiz Offer Relief from Negative News

In the last week, a number of news stories have raised concerns for investors in Kazakhstan. In a rather unusual move on 11 October, President Nursultan Nazarbayev’s press service announced that he would need to postpone two planned state visits to the Caspian region due to a cold. Two days later, his elder daughter Dariga

Mexico - 06

Mexico: Transport Auction Stalled: Delays at Pemex Logistics

Last week Horizon contacts reported that the process to design the initial terms for the auction to reserve transport capacity from Pemex Logistics, also known as “Open Season,” has run into a major roadblock. Energy Regulatory Commission (CRE) contacts explained that Pemex Logistics has failed to turn in a report containing key data such as