Weekly Report - 25 January 2007

NICARAGUA | Ortega eyes Petronic. The government wants to reassume control over the privately managed state oil company, Petróleos de Nicaragua (Petronic), so that it can use the storage facilities for Venezuelan fuel supplies. The deal struck between the Sandinista-run municipalities and Venezuela's state oil company Pdvsa, under which the former could buy 10m barrels of refined crude a year and pay for it over 25 years, became state policy when Daniel Ortega was sworn in as president on 10 January. The government decided to open talks with the Mexican company Glencore, which administers Petronic. Although its contract does not expire for another two years, Glencore appears willing to reach an understanding.

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