Brazil - 03

Brazil: Oil Union Salary Raise: A Major Political Victory for Parente

The FUP, which comprises 13 different unions in the oil sector, accepted an offer of an 8.57% salary increase last week, to be paid retroactively back to September. The unions and Petrobras management had been in negotiations over salary adjustments since September, and a brief strike in late December (that was called off after three

Mexico - 04

Mexico: Pena Nieto’s Foreign Policy: Inconsistency and Criticism

On 23 January President Enrique Pena Nieto delivered a press conference on what his office called “Mexico’s Position on Foreign Policy,” a series of principles to guide the country in the short term. Pena Nieto established two foreign policy priorities and five guidelines to negotiate with the US as a result of President Donald Trump’s

South Africa - 01

South Africa: Sasol’s Joint CEOs Outline Strategy

Sasol joint CEOs Bongani Nqwababa and Stephen Cornell have been relatively quiet since they were appointed in July 2016. However, they attended the World Economic Forum in Davos together and gave a joint media interview there that was released on 21 January, giving some insight into their working relationship and the potential direction that Sasol

Kazakhstan - 02

Kazakhstan: Power Transition: Nazarbayev’s Cautious Plans

On 25 January President Nursultan Nazarbayev attended the working group he had established on the transition of power within the government, announcing the initial steps for the transfer of some presidential functions to the cabinet and the Mazhilis (parliament). Nazarbayev stated that the presidency will still retain its strategic functions and act as an arbiter

Mozambique - 01

Mozambique: Sovereign Default Rejected by Creditors

As a result of Mozambique’s default on 16 January (see our 19 January Latest Analysis), Standard and Poor’s has predictably downgraded Mozambique’s rating to SD/D, the lowest rank on its grading scale. D means that the debtor has defaulted on one or more payments. Fitch has warned of an “extended period of uncertainty” ahead, but

Russia - 06

Russia: Sechin Renews Attacks on Gazprom and Transneft

Rosneft CEO Igor Sechin has started the new year in the same combative style that defined his conduct in 2016. In the last few weeks, Rosneft challenged two major state-controlled oil and gas firms, Gazprom and Transneft. In the first case, Sechin has formally requested President Vladimir Putin’s permission to export pipeline gas; in the

Argentina - 01

Argentina: New Year, New Cabinet Members

President Mauricio Macri chose the holiday break between Christmas and New Year’s Eve to request the resignation of his finance minister, Alfonso Prat Gay. Macri also announced that the portfolio managed by Prat Gay would be restructured and split into two ministries, with former Finance Secretary Luis Caputo taking the Ministry of Finance portfolio and

Indonesia - 05

Indonesia: Gross Split PSCs: Improved Transparency in the Oil and Gas Sector?

Last week Minister of Energy and Mineral Resources Ignasius Jonan issued Regulation No. 08/2017 regarding so-called gross split PSCs. Offshore North West Java (ONWJ) block will be the first to replace cost recovery with this new framework. Under the gross split PSC, the Indonesian government will own any and all natural resources until the point

Kazakhstan - 01

Kazakhstan: Signs of Unrest in the Succession Process

Over the last week, new details have emerged about the recent arrest of Baglan Mailybayev, the first deputy head of the Akorda, and his aide Nikolai Galikhin. (Mailybayev was replaced by former ambassador to Russia Marat Tazhin on 12 January.) Soon after his dismissal, Mailybayev and his aide were arrested by the National Security Committee