Energy in Latin America: Production, Consumption, and Future Growth

By Kang Wu; Cynthia Obadia | Go to book overview

ing, is being revised. While the new administration of President Itamar Franco does not favor the privatization of Petrobrás, it is expected that changes will be made that will allow some private and foreign company participation in the upstream and downstream hydrocarbons sector, given the large amounts of investment needed to increase the country's hydrocarbon production and refining capacity. For the time being, the majority of the Petrobrás's budget (60-70%) is being provided by the government, and the rest is being raised on the international fmancial markets.


NOTES
1
See Culver-Hopper et al. ( 1992), p. 21.
2
See EIU ( 1993b and 1994b) for details.
3
See Petroleum Intelligence Weekly, March 18, 1993; Oil & Gas Journal, March 14, 1994.
4
See Culver-Hopper et al. ( 1992), p. 23.
5
See World Oil Trade ( 1993).
6
See Petroleum Intelligence Weekly, March 8, 1993.
7
Only three Latin American countries have a higher hydroenergy utilization ratio than Brazil: Uruguay (74%), Paraguay (28%), and El Salvador (25%). The hydroenergy potential of both Uruguay and El Salvador is under 2,000 MW, and that of Paraguay is 23,000 MW.
8
See OLADE ( 1993).
9
See Escofet ( 1992).
10
Unless otherwise specified, alcohol fuels for automobiles, which averaged 200,000 b/d in 1991 and 1992, are not included in Brazil's petroleum product or oil consumption in this study.
11
See IDB ( 1993).
12
See Oil & Gas Journal, October 26, 1992.
13
See Platt's Oilgram News, March 23, 1993.
14
See Platt's Oilgram News, February 19, 1993.
15
The results of the referendum showed that the Brazilian people still prefer the presidential type of government to a parliamentary type of government or monarchy.

-78-

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