Page 6 - LatAmOil Week 32

LatAmOil
M E X I C O
LatAmOil

e cost of sales reached $44mn, from $25.8mn in the second quarter of 2018, while SG&A hit $32.17mn, from $15.5mn. New Fortress raised $274.9mn in its IPO. New Fortress agged up opportunities in the sector, given low prices. is allows the company to cover its remaining supply needs, it said.
One area of opportunity for New Fortress
is the provision of LNG to data centre clients. Similar to thermal power plants (TPPs), such customers require a constant supply of fuel and availability.
e company is also working on a plan for LNG supplies to Shannon, in Ireland. A com- mitment is expected in early 2020, with rst gas in the third quarter of 2021.™
Cuba prepares to battle ExxonMobil in US federal court
CUBA’S government has indicated that it intends to contest a lawsuit led earlier this year by the US super-major ExxonMobil.
The government-owned entities targeted in the suit – Cupet, the national oil company (NOC), and Cimex, a retail fuel operator – intend to do battle with ExxonMobil, Cuba’s state television channel said last week. It stated that Cupet and Cimex had both “taken formal steps, through their lawyers, to defend them- selves” in the US federal court system.
As of press time, neither company had con- rmed the report.
ExxonMobil launched the legal action against Cupet and Cimex in early May of this year. It did so shortly a er the administration of US President Donald Trump took a new approach to enforcement of certain provisions of the legislation underpinning sanctions on Cuba – namely, Title III of the Helms-Burton Law. is title states that parties who saw their assets seized a er Fidel Castro took power in 1959 have the right to le suit in the US fed- eral court system against Cuban individuals
and businesses that pro ted as a result of the expropriation.
Trump’s act served to reverse a policy that has remained in place for more than 20 years. e Helms-Burton law took e ect in 1996, but Washington has repeatedly declined to enforce Title III. It has adopted this path in the hope of avoiding criticism from allies such as the Euro- pean Union, which has complained that the Cuban sanctions regime should not allow the US government to apply penalties to non-US entities.
e policy shi gave ExxonMobil a green light to proceed with its suit against Cupet and Cimex. e US giant has alleged that the Cuban companies have been engaged in “unlawful traf- cking” of its assets. One of the assets in question is an oil re nery that Standard Oil, the com- pany from which ExxonMobil emerged, built in Havana prior to 1959. Cuba’s government nationalised the plant in 1960 and assigned it to Cupet. Cimex distributes the re ned fuels that Cupet produces via its network of lling stations. ™
CUBA
americateve.com
P6
w w w . N E W S B A S E . c o m Week 32 14•August•2019