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Weekly Report - 28 January 2016 (WR-16-04)

PERU: Camisea and corruption move centre stage

President Ollanta Humala raised a major electoral talking point this week by announcing that his government would renegotiate the contracts held by Argentina’s Pluspetrol and Spain’s Repsol to exploit the Camisea gas fields in order to increase the size of royalties paid to the state. None of the principal candidates contesting the presidential elections on 10 April have advocated renegotiating the Camisea contracts (four minnows have), while some are irrevocably opposed because of the damage they believe it will do to Peru’s image with investors. Humala’s move will appeal to the public, but whether it will be enough to provide the surge of support needed to propel Daniel Urresti, the presidential candidate for the ruling Partido Nacionalista Peruano (PNP), into contention is a decidedly moot point.

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