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3,100 | <s>[INST] Although hydropower can be one of the cheapest ways [/INST] to generate large amounts of electricity, large-scale schemes are expensive as well as environmentally sensitive. </s> |
3,101 | <s>[INST] They are also usually located [/INST] far away from the main electricity markets. </s> |
3,102 | <s>[INST] Gas fields, too, are often remote but the capital costs of building combined [/INST] cycle gas-fired power plants at main markets along the route of a pipeline are far less than the costs of a big hydropower scheme. </s> |
3,103 | <s>[INST] In addition, gas-fired plants are more flexible; [/INST] they can be built quickly and can be sized to match local demand. </s> |
3,104 | <s>[INST] Although gas export pipelines link Argentina with Chile, it is Brazil, [/INST] and especially the Sao Paolo area, which is the key to the long-term development of the region's most remote gas reserves. </s> |
3,105 | <s>[INST] Officials from Total, the French oil group, [/INST] speak of the "vacumn cleaner effect" of the Brazilian gas market. </s> |
3,106 | <s>[INST] Total has discovered large reserves off the tip of southern Argentina, but Daniel Valot, [/INST] Total's head of exploration and production, says it is "unlikely that you can take gas from the southern tip to southern Brazil with an acceptable netback". </s> |
3,107 | <s>[INST] But he also believes that the magnet of southern Brazil's [/INST] industrial economy will draw in Argentine gas now being used to satisfy domestic demand in Buenos Aires and elsewhere. </s> |
3,108 | <s>[INST] "It would then make sense for [/INST] our remote reserves to replace the gas moving into southern Brazil". </s> |
3,109 | <s>[INST] Even so, Mr Valot does not expect [/INST] an increase in regional gas trading to give a big boost to prices. </s> |
3,110 | <s>[INST] Argentine gas prices are among the lowest in [/INST] the world and any rise is likely to be "very slow and modest". </s> |
3,111 | <s>[INST] The important point, he says, is [/INST] to be able to get large volumes to growing gas markets. </s> |
3,112 | <s>[INST] Like Mr Barrett, Mr Vallon believes there is little alternative [/INST] to the long-term expansion of a regional gas grid: "The growth of hydropower is nearing its end. </s> |
3,113 | <s>[INST] The pace at which new pipelines emerge depends in large part on [/INST] how quickly demand develops for gas carried by the big Bolivia-Brazil pipeline, which has a capacity of 30bn cubic metres a year. </s> |
3,114 | <s>[INST] There are those who believe the Brazilian demand will be so [/INST] strong that little gas may be available at the end of the line at the coastal city of Porto Alegre. </s> |
3,115 | <s>[INST] Several schemes have emerged over the past year to pump Argentine [/INST] gas to Porto Alegre, in a development which would enhance the security of supply to the whole pipeline system. </s> |
3,116 | <s>[INST] Some industry executives believe Brazilian demand may [/INST] be such that two separate lines from Argentina could be required. </s> |
3,117 | <s>[INST] North-east Brazil offers another potential gas market for [/INST] regional producers, although it is increasingly seen as a possible customer for liquefied natural gas. </s> |
3,118 | <s>[INST] Trinidad, which is completing its first LNG plant, is especially keen to supply the [/INST] north-east Brazilian market, although it faces stiff competition from Nigeria, which will become the other Atlantic basin LNG producer when its new plant at Bonny is finished. </s> |
3,119 | <s>[INST] ___ Document 59 of 600 Havana Author: [/INST] Fletcher, Pascal Publication info: Financial Times [London (UK)] 23 Oct 1998: 07. </s> |
3,120 | <s>[INST] accountid=28034 Abstract: Argentina, Cuba's second biggest bilateral creditor, has presented a wide-ranging [/INST] proposal to the Cuban authorities that combines suggested repayment mechanisms for $1.68bn of Cuban debt with initiatives to boost trade and investment ties. </s> |
3,121 | <s>[INST] The package was presented yesterday to Francisco Soberon, Cuban central [/INST] bank president, by an Argentine delegation led by Jorge Campbell, secretary of state for international economic relations. </s> |
3,122 | <s>[INST] Argentina, whose President Carlos Menem has called for democratic change in [/INST] communist-ruled Cuba, has recently lagged behind other Latin American countries such as Mexico and Venezuela in its trade ties with Havana. </s> |
3,123 | <s>[INST] Argentine-Cuban trade in 1997 [/INST] totalled $132m, most of it Argentine exports. </s> |
3,124 | <s>[INST] Full text: Argentina, Cuba's second biggest bilateral creditor, has presented a wide-ranging [/INST] proposal to the Cuban authorities that combines suggested repayment mechanisms for $1.68bn of Cuban debt with initiatives to boost trade and investment ties. </s> |
3,125 | <s>[INST] The package was presented yesterday to Francisco Soberon, Cuban central [/INST] bank president, by an Argentine delegation led by Jorge Campbell, secretary of state for international economic relations. </s> |
3,126 | <s>[INST] "We are looking for mechanisms that will allow the debt to stop [/INST] being an obstacle to economic relations and will make it instead into a means of promoting such relations," Mr Campbell said. </s> |
3,127 | <s>[INST] The Argentine proposal contained "a menu of options" whose aim would be [/INST] to reschedule the Cuban debt, at the same time linking repayment to possible investment projects in Cuba and increasing two-way trade. </s> |
3,128 | <s>[INST] Argentina, whose President Carlos Menem has called for democratic change in [/INST] communist-ruled Cuba, has recently lagged behind other Latin American countries such as Mexico and Venezuela in its trade ties with Havana. </s> |
3,129 | <s>[INST] Argentine-Cuban trade in 1997 [/INST] totalled $132m, most of it Argentine exports. </s> |
3,130 | <s>[INST] Sergio Plasencia, a vice-president at the Cuban central bank, said Havana was [/INST] willing to talk with creditors about ways of finding "real solutions" to the island's hard currency foreign debt of more than $10bn. </s> |
3,131 | <s>[INST] Mr Campbell was encouraged by [/INST] the reception the Argentine proposal had received so far. </s> |
3,132 | <s>[INST] The Argentine initiative followed a debt rescheduling accord [/INST] agreed in March between Cuba and 182 companies from Japan, Cuba's single biggest creditor. </s> |
3,133 | <s>[INST] The March agreement spread repayment [/INST] of about $750m of Cuban debt over 20 years. </s> |
3,134 | <s>[INST] In total, Cuba owes some [/INST] $2bn in official and private-sector debt to Japan. </s> |
3,135 | <s>[INST] Cuba's $1.68bn debt to Argentina consists of [/INST] official bilateral debt, of which $1.2bn is principal and the rest interest. </s> |
3,136 | <s>[INST] Mr Campbell said he had also discussed with Cuban officials a Cuban request to join [/INST] the 11-member ALADI (Latin American Integration Association), which, if successful, could open the way for future negotiations on a possible trade agreement between Havana and the Mercosur trade group. </s> |
3,137 | <s>[INST] ___ Document 89 of 600 Breathing space won but worries remain [/INST] ARGENTINA $5.7BN DEAL MEETS IMMEDIATE NEEDS FOR FINANCE: Author: Warn, Ken Publication info: Financial Times [London (UK)] 12 Oct 1998: 03. </s> |
3,138 | <s>[INST] accountid=28034 Abstract: Argentina has won a valuable breathing space with the $5.7bn [/INST] (£3.3bn) financing package unveiled by Roque Fernandez, the economy minister, during last week's meetings of the World Bank and International Monetary Fund. </s> |
3,139 | <s>[INST] The funds are intended to cover Argentina's financing requirements between now [/INST] and the first quarter of next year, in the event of the country remaining shut out of the capital markets. </s> |
3,140 | <s>[INST] In the current global financial turmoil new bond issues [/INST] and syndicated bank loans have shuddered to a halt, for Argentina and the rest of Latin America. </s> |
3,141 | <s>[INST] It faces debt amortisations totalling $11.5bn next year, while [/INST] the 1999 fiscal deficit was last week forecast at some $2.65bn by Miguel Kiguel, financing undersecretary. </s> |
3,142 | <s>[INST] Full text: Argentina has won a valuable breathing space with the $5.7bn [/INST] (£3.3bn) financing package unveiled by Roque Fernandez, the economy minister, during last week's meetings of the World Bank and International Monetary Fund. </s> |
3,143 | <s>[INST] The funds are intended to cover Argentina's financing requirements between now [/INST] and the first quarter of next year, in the event of the country remaining shut out of the capital markets. </s> |
3,144 | <s>[INST] In the current global financial turmoil new bond issues [/INST] and syndicated bank loans have shuddered to a halt, for Argentina and the rest of Latin America. </s> |
3,145 | <s>[INST] It faces debt amortisations totalling $11.5bn next year, while [/INST] the 1999 fiscal deficit was last week forecast at some $2.65bn by Miguel Kiguel, financing undersecretary. </s> |
3,146 | <s>[INST] Without a relatively rapid resumption of commercial lending, helped along by [/INST] a convincing adjustment package in neighbouring Brazil, more funding will need to be found to bridge Argentina's financing gap. </s> |
3,147 | <s>[INST] The package unveiled by Mr Fernandez consists of: * [/INST] "Rapid disbursement" loans totalling $2bn each from the World Bank and Inter-American Development Bank (IADB). </s> |
3,148 | <s>[INST] The loans, agreed in principle, are [/INST] expected to be approved soon by the organisations' boards. </s> |
3,149 | <s>[INST] * The proceeds from a planned [/INST] series of 30-year bond issues aimed at domestic financial institutions. </s> |
3,150 | <s>[INST] The issues are expected to raise up to $1bn [/INST] by the end of the first quarter, with a further $1bn during the rest of 1999. </s> |
3,151 | <s>[INST] * Some $700m in funding agreed with [/INST] local and domestic commercial banks, whose identity officials have declined to specify. </s> |
3,152 | <s>[INST] In addition to the package, the World Bank and IADB staffs have recommended [/INST] approval of loans totalling $1bn to back the country's contingent "repo" facility, a line of credit which the central bank maintains with international banks. </s> |
3,153 | <s>[INST] While Argentine officials insist that the $5.7bn package is precautionary and that they [/INST] hope for an early re-entry into the capital markets, they are working overtime to line up further finance from a variety of sources. </s> |
3,154 | <s>[INST] They are believed to be pushing for a further $2.4bn from the multilaterals [/INST] - including the World Bank, IADB, and the US and Japanese Eximbanks - to extend financing cover to the middle of next year. </s> |
3,155 | <s>[INST] Conversations are also taking place with European governments, and Japan, [/INST] which could provide funding that would help push the crunch date forward towards the end of 1999. </s> |
3,156 | <s>[INST] Further forays could also conceivably be made into the domestic market, [/INST] although the government has always been reluctant to tap the domestic banks for funds and risk crowding out the private sector. </s> |
3,157 | <s>[INST] Some Argentine companies are already seeking bridging [/INST] finance from local and international banks to fund forthcoming borrowing maturities. </s> |
3,158 | <s>[INST] Other options include drawing down part of Argentina's $2.8bn extended [/INST] fund facility with the IMF, a move the authorities would be reluctant to make except in extreme circumstances. </s> |
3,159 | <s>[INST] "If Argentina uses up its credit lines with the multilaterals, and access [/INST] to external finance is not forthcoming, they have got to tighten further fiscally," said Alberto Ades, emerging markets currency economist at Goldman Sachs. </s> |
3,160 | <s>[INST] "Continuing constraint on access to international finance means sharp economic slowdown, [/INST] but at least as growth slows Argentina is going to see some relief on the current account front," he added. </s> |
3,161 | <s>[INST] There are already signs fresh cuts are being [/INST] planned on top of the $1bn lopped off proposed government expenditure earlier this year. </s> |
3,162 | <s>[INST] But returning to the capital markets remains crucial for the country, long [/INST] one of the most innovative borrowers in the bond markets, with a strong track record of exploiting niches and stretching out debt maturities. </s> |
3,163 | <s>[INST] It can be expected to be among the first [/INST] emerging market borrowers to tap the bond markets, if and when a semblance of stability resumes. </s> |
3,164 | <s>[INST] "If in a few months Argentina still can't access the [/INST] markets, then it's going to look real grim for all emerging market borrowers," said one local analyst. </s> |
3,165 | <s>[INST] ___ Document 111 of 600 Menem toasts victory but [/INST] markets fall Author: Tricks, Henry; Warn, Ken Publication info: Financial Times [London (UK)] 06 Oct 1998: 06. </s> |
3,166 | <s>[INST] accountid=28034 Abstract: The Argentine government yesterday reacted with [/INST] unconcealed satisfaction to the election victory of Brazilian President Fernando Henrique Cardoso on Sunday. </s> |
3,167 | <s>[INST] President Carlos Menem drank a toast in Mr Cardoso's honour on Sunday [/INST] night, according to the official news agency DyN, and regaled his fellow president with both a phone call and a telegram of congratulations. </s> |
3,168 | <s>[INST] The government of Latin America's [/INST] other big economy, Mexico, however, was more circumspect. </s> |
3,169 | <s>[INST] The office of President Ernesto Zedillo restricted its comment [/INST] to congratulations to President Cardoso for his success in winning the confidence of the Brazilian electorate. </s> |
3,170 | <s>[INST] Full text: The Argentine government yesterday reacted with [/INST] unconcealed satisfaction to the election victory of Brazilian President Fernando Henrique Cardoso on Sunday. </s> |
3,171 | <s>[INST] President Carlos Menem drank a toast in Mr Cardoso's honour on Sunday [/INST] night, according to the official news agency DyN, and regaled his fellow president with both a phone call and a telegram of congratulations. </s> |
3,172 | <s>[INST] The government of Latin America's [/INST] other big economy, Mexico, however, was more circumspect. </s> |
3,173 | <s>[INST] The office of President Ernesto Zedillo restricted its comment [/INST] to congratulations to President Cardoso for his success in winning the confidence of the Brazilian electorate. </s> |
3,174 | <s>[INST] The win was not enough to [/INST] lift the gloom in the financial markets of either country, however. </s> |
3,175 | <s>[INST] In Argentina shares fell in early trading [/INST] yesterday, pulled down by falls on Wall Street and in Sao Paulo. </s> |
3,176 | <s>[INST] The Merval leading share index was [/INST] off 2.7 per cent just after midday at 363.97. </s> |
3,177 | <s>[INST] While a victory by Mr Cardoso was widely discounted, [/INST] there was relief among Argentine officials that it looked like a second round would not be necessary. </s> |
3,178 | <s>[INST] That would have added to [/INST] the intense economic uncertainty in the region. </s> |
3,179 | <s>[INST] In Mexico, financial analysts said that the victory had been discounted beforehand by investors [/INST] and that they were now awaiting the announcement of a rescue package for Brazil as a step towards ending the turmoil in Latin American markets. </s> |
3,180 | <s>[INST] There were also concerns that the continued resilience of the left in [/INST] Sunday's poll could complicate Mr Cardoso's efforts to negotiate fiscal reform with Congress, considered a vital step for the disbursement of international aid. </s> |
3,181 | <s>[INST] "There is still no clear [/INST] view on Brazil," said Hector Velez, a Mexican economist. </s> |
3,182 | <s>[INST] Brazil's efforts to avoid a distressed devaluation [/INST] have plagued Mexican markets since August, but the concerns have now broadened. </s> |
3,183 | <s>[INST] According to Lars Schonander, head of analysis at Santander Investment in Mexico City, [/INST] investors are concerned about the impact of a drop in capital flows on Mexico's growth rate, as well as a slowdown in more industrialised economies. </s> |
3,184 | <s>[INST] "There's so much else going on that whether Brazil [/INST] is enough to turn around the markets I think is open to question," he said. </s> |
3,185 | <s>[INST] Mexico's stock market was off 3.86 per [/INST] cent at mid-morning, with the IPC index falling below 3,400 points. </s> |
3,186 | <s>[INST] The peso, which has slid [/INST] some 14 per cent since mid-August, was also weaker. </s> |
3,187 | <s>[INST] Argentina's president had made no secret of his desire that Mr Cardoso should [/INST] emerge victorious from the poll, a stance that produced complaints of interference in Brazil's affairs from Luiz Inacio Lula da Silva's Workers' party. </s> |
3,188 | <s>[INST] Mr Menem's telegram said the result "confirms the commitment [/INST] of the Brazilian people in the path of transformation and growth which you have led". </s> |
3,189 | <s>[INST] The Argentine government's outright hostility to Mr da Silva was based on [/INST] fears that an opposition victory would have produced a radical shift in Brazil's economic policies, with incalculable consequences for the region. </s> |
3,190 | <s>[INST] Mr Menem and Mr Cardoso have also built up a reasonable [/INST] working relationship, despite periodic spats over trade between their two countries, the two leading partners in the Mercosur customs union. </s> |
3,191 | <s>[INST] Continuity of Mr Cardoso's reforms signalled "good news for Argentina [/INST] and Mercosur," wrote Jorge Campbell, secretary for international economic relations, in a signed article in yesterday's Clarin newspaper. </s> |
3,192 | <s>[INST] ___ Document 123 of 600 Argentina looks locally for funds FINANCING GAP SHUT OUT [/INST] OF INTERNATIONAL MARKETS, THE COUNTRY IS EYEING OTHER SOURCES OF CASH: Author: Burns, Tom; Warn, Ken Publication info: Financial Times [London (UK)] 03 Oct 1998: 03. </s> |
3,193 | <s>[INST] accountid=28034 Abstract: Argentina aims to place 30-year bonds worth up [/INST] to $2bn (£1.18bn) with local financial institutions to help bridge its financing gap for this year and next. </s> |
3,194 | <s>[INST] Like other emerging emerging market borrowers, Argentina has been shut [/INST] out of international capital markets by the global financial turmoil and has urgently been seeking other sources of finance. </s> |
3,195 | <s>[INST] Argentina believes it has been a near model pupil of the IMF, meeting the [/INST] first-half fiscal targets set under the terms of its $2.8bn extended fund facility, and striving, with partial success, to follow IMF prescriptions on structural reform. </s> |
3,196 | <s>[INST] Full text: Argentina aims to place 30-year bonds worth up [/INST] to $2bn (£1.18bn) with local financial institutions to help bridge its financing gap for this year and next. </s> |
3,197 | <s>[INST] Like other emerging emerging market borrowers, Argentina has been shut [/INST] out of international capital markets by the global financial turmoil and has urgently been seeking other sources of finance. </s> |
3,198 | <s>[INST] The financing effort comes as President Carlos Menem prepares to [/INST] fly to Washington to address the annual meeting of the World Bank and International Monetary Fund on Tuesday. </s> |
3,199 | <s>[INST] Mr Menem is expected to use his address to the meeting, usually [/INST] the preserve of finance and economy minsters and bankers, to continue a government campaign to "differentiate" Argentina from other emerging market economies. </s> |
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