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LatinNews Daily - 27 September 2021

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In brief: Peru’s Bellido threatens nationalisation of Camisea gas fields

* Peru’s Prime Minister Guido Bellido has threatened to nationalise the Camisea gas fields (Cusco region), unless the international consortium that runs the project agrees to renegotiate the amount of royalties it pays to the government. The Camisea concession is held by a consortium which includes the Argentine company Pluspetrol, Spain’s Repsol, and the US company Hunt Oil, among others. Bellido tweeted that the government will summon these companies “to renegotiate the state’s share of profits,” warning that if an agreement is not reached, “we will opt for the recovery or nationalisation of our [gas] field.” Renegotiating the Camisea contract was a campaign promise of President Pedro Castillo. However, following Bellido’s threat, Castillo sought to quell the concerns of opposition figures who had warned that a nationalisation would deter investments in Peru, tweeting that “any renegotiation will take place with total respect for the rule of law” and would “safeguard our national interests.”