Page 15 - LatAmOil Week 07 2021

LatAmOil NEWS IN BRIEF LatAmOil

“As a leader in offshore classification, with a long
track record of supporting industry innovations,
ABS is delighted to add this project from HHI
to that proud list. As the classification society of
choice for offshore production units, we are well-
placed to understand the challenges of operat-
ing these highly technical assets,” says Matt
Tremblay, ABS Senior Vice President, Global
Offshore.
“With these ABS certificates from the strin-
gent evaluation process, we are very confident
that HHI’s standard FSO design provides more
affordable CAPEX with more reliable system
stability and safety and a firm commitment to
compliance with Mexico Regulatory Require-
ment,” says Seon Mook Lim, Senior Vice Presi-
dent, Shipbuilding & Offshore Division at HHI.
“Further, our newly developed product provides
great value, helping to protect profitability from
engineering, procurement and construction polyduct network and is significantly increasing the main stages of divestments are disclosed to
project risks and enabling extension to condi- its share of bio-fuels. This press release contains the market in accordance with its Divestment
tions of the Gulf of Mexico environment, with statements relating to business prospects, esti- Guidelines, validated by the Federal Court of
minimal design changes,” Tremblay adds. mates of operating and financial results, and Accounts (TCU), which is based on Decree
ABS, February 11 2021 Ecopetrol’s growth prospects. All are projec- 9,188/17, and that these rules do not require the
tions, and therefore are based solely on manage- disclosure of internal schedules.
ment’s expectations of the company’s future and Petrobras, February 11 2021
INVESTMENT its continuous access to capital to finance its sales
plan. Achieving these estimates in the future
Ecopetrol signs exclusivity depends on its performance under given market MOVES
conditions, regulations, competition, the perfor-
agreement with the Ministry mance of the Colombian economy and industry, Canacol Energy appoints
and other factors; therefore, they are subject to
of Finance and Public Credit change without prior notice. Juan Argento to board of
Ecopetrol, February 16 2021
Ecopetrol reports that further to what was directors
disclosed to the market last February 8, 2021, Petrobras comments
regarding the acceptance by the Ministry of Canacol Energy is pleased to announce that
Finance and Public Credit of the Non-Binding on refinery sales Juan Argento has been appointed to the Board
Offer presented by Ecopetrol for the acquisition of Directors.
of 51.4% of the outstanding shares of Intercon- Petrobras, regarding a piece of news published Argento brings deep experience in energy,
exión Eléctrica (ISA), Ecopetrol and the Minis- on the media about the sale of the refineries, finance and capital markets to the Board of
try of Finance and Public Credit entered into an clarifies that the dates for the signing of the pur- Directors of Canacol. He is currently one of two
Exclusivity Agreement on February 12, 2021. chase and sale agreement and for their effective Managing Partners at Horizon Capital. Horizon
Pursuant to this Exclusivity Agreement, the transfer to the buyers (respectively signing and was founded in 2004 as an advisory and princi-
parties will enter into preliminary non-binding closing) are merely internal estimates subject pal investment firm focused on the Latin Amer-
discussions on the terms and conditions of the to non-negligible risks of change, since they ican energy industry.
potential transaction. The exclusivity period depend on many variables and can change Prior to joining Horizon, Argento was an
is initially scheduled to end on June 30, 2021, according to the timeline of each project and the advisor to Millennium Global, a London-based
unless the parties mutually agree to extend it. evolution of the negotiations. hedge fund group. Argento advised Millennium
During this period, Ecopetrol will perform due It is worth clarifying that the signing of the with regards to investments in public and pri-
diligence activities on ISA and the Ministry of purchase and sale agreement for RLAM (Lan- vate markets. He was particularly active in oil
Finance and Public Credit is committed to nego- dulpho Alves Refinery), in Bahia, as well as for and gas, mining and agriculture. Prior to Mil-
tiate exclusively with Ecopetrol. all the refineries, is subject to the approval of lennium, Argento worked for Rubikon Partners,
Ecopetrol is Colombia’s largest firm and is Petrobras’ Board of Directors. As for the closing a mid-market private equity firm, focused on the
an integrated oil company that is among the 50 of the transactions, it is worth noting that their European market.
largest in the world and the four largest in Latin conclusion also depends on external approvals In 2000, Argento was the sole founder of Cir-
America. In addition to Colombia, where it gen- such as of the Administrative Council for Eco- culo Asegurador, one of the first online insur-
erates over 60% of the country’s production, it nomic Defence (CADE) and other regulatory ance brokers in South America, with operations
is active in exploration and production in Bra- bodies, as may be required. in Brazil and Argentina. Prior to that, in 1997,
zil, Peru and the United States (Gulf of Mex- Petrobras reaffirms its commitment to a Argento was an early recruit of Texas Pacific
ico). Ecopetrol operates the largest refinery in broad transparency of its divestment projects Group and worked for their Newbridge Latin
Colombia, most of the country’s oil-pipeline and and portfolio management and reinforces that America fund.

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