ENERGY ADVISOR a WEEKLY PUBLICATION of the DIALOGUE December 11, 2020

LATIN AMERICA ADVISOR ENERGY ADVISOR A WEEKLY PUBLICATION OF THE DIALOGUE www.thedialogue.org December 11, 2020

BOARD OF ADVISORS FEATURED Q&A TOP NEWS Nigel Blackaby Global Head, RENEWABLES International Arbitration Group, Freshfields Bruckhaus Deringer What Is the Outlook Petrobras Working Mary Rose Brusewitz Member, on Green Diesel, Clark Hill Strasburger for Bolivia’s Energy Niche Refining Jeffrey Davidow Brazilian state oil company Petro- Senior Counselor, The Cohen Group Policy Under Arce? bras is developing green diesel as well as other niche refining Jonathan C. Hamilton Partner, businesses as it aims to curb its White & Case greenhouse gas (GHG) emissions. Renewable diesel reduces GHG Ana Heeren Managing Director, emissions by around 70 percent FTI Consulting as compared to conventional Raul Herrera diesel, Petrobras said. Partner, Page 2 Corporate & Securities Practice, Arnold & Porter OIL & GAS James R. Jones Chairman, Exxon Could Monarch Global Strategies Jorge Kamine Install Up to 10 Partner, The government of Bolivian President Luis Arce, which took office last month, is facing dwin- dling reserves and exports of natural gas. // File Photo: Bolivian Government. FPSOs in Guyana Corporate & Financial Services, Willkie Farr & Gallagher ExxonMobil could install as many as 10 floating production, storage Craig A. Kelly Among the challenges facing new Bolivian President and offloading (FPSO) vessels in Senior Director, Luis Arce is a declining level of natural gas exports. The Americas Int’l Gov’t Relations, the Stabroek block by 2026. Exxon Mobil country’s gas exports to Brazil and Argentina are estimated Page 2 Jorge León Q to be about nine billion cubic meters this year, and they are Energy Economist, BP expected to decline to a third of that level by 2025, according to a report RENEWABLES Jeremy Martin by Rystad Energy. What are the reasons behind Bolivia’s falling gas Sagasti Preparing Vice President, Energy & Sustainability, exports, and what does the trend mean for the country’s economy? What Institute of the Americas Energy Transition actions should Arce’s government take in order to increase natural gas Mayya Novakovskiy Roadmap for Peru Manager, Western Hemisphere, exports? Is Arce’s government expected to significantly change Bolivian Chevron Interim Peruvian President energy policy? Francisco Sagasti is planning to Larry Pascal develop an energy transition road- Chairman, map for the Andean nation before Americas Practice Group, Mauricio Becerra de la Roca Donoso, managing partner at Haynes & Boone he leaves office next July. Becerra de la Roca Donoso & Asociados SRL (BDA Aboga- R. Kirk Sherr Page 2 President, dos): “The income from natural gas exports is very import- Clearview Strategy Group ant for Bolivia. The current decline in gas exports and the Mark Thurber A forecast impose the need for a profound economic and legal reform, not Partner, Hunton Andrews Kurth only in the energy sector but also in the general economy, which needs Jose L. Valera to be less dependent on public investment and more open to private Partner, Mayer Brown LLP sector investment. This means that Arce’s government will need to depart Lisa Viscidi from previous government policies that promoted the nationalization of Program Director, the main strategic companies and the formation of public companies. Inter-American Dialogue Considering the current global crisis, the newly installed government in Vanessa Wottrich Principal Analyst for Latin America, Bolivia will need to generate innovative incentives to promote foreign and Equinor national investment. In order to achieve this, another requirement is legal certainty. Companies that come to Bolivia will need to have clear rules

and trust in government institutions. To accomplish this, the institu- Sagasti // File Photo: Peruvian Continued on page 3 Government.

RENEWABLES NEWS from soy or other edible oils at commercial NEWS BRIEFS scale, with the goal of expanding investments Sagasti Preparing in that unit, according to Green Car Congress, Cuba Looking to Install a blog on green transportation and energy. The Thermal Power Barges Energy Transition company earlier this year concluded tests for the production of renewable diesel on an indus- From Turkish Firm Roadmap for Peru trial scale, with two million liters of soybean oil Cuba is looking to install additional ther- processed to obtain nearly 40 million liters of mal power barges with the help of Turkey’s Interim Peruvian President Francisco Sagasti S10 diesel with renewable content, according Karpowership, the company told Argus Media is planning to develop an energy transition to Petrobras’ website. The evaluation, carried last week. The powerships, or special purpose roadmap for the Andean nation before he about by the Biodiesel Producers Association, ships on which power plants are installed to leaves office in July of next year, Argus Media showed that renewable diesel reduces green- serve as an electricity generation resource, reported last week. “We hope to leave the next house gas emissions by around 70 percent as would add to the three Cuba already has, and government with a clear idea for the country compared to conventional diesel and by 15 which are delivering 10 percent of the Caribbe- to replace fossil fuels with different renewable percent as compared to biodiesel, and it also an nation’s electricity, according to the Turkish forms of energy,” Sagasti told reporters in a “improves engine performance, avoiding prob- power firm. The three floating thermal gener- press conference. His administration, which lems such as clogging of filters, pumps and ating units use heavy fuel oil to supply Cuban took office last month amid a political crisis injector nozzles,” the company said. Petrobras state-owned utility UNE with 184 megawatts of that resulted in Peru having three presidents since 2006 has had technology patented for electricity. in less than two weeks, has already launched the co-processing of vegetable oils using a talks on an energy transition. Sagasti said process known as HBIO, though it put its com- the government is currently evaluating Peru’s mercialization on hold in 2014 due to high soy Enel Chile Signs 17-Year pledge to curtail its greenhouse gas emissions oil prices at the time. Production of renewable by 30 percent by 2030. The country current- diesel is technically possible at the company’s Contract for Renewable ly emits 170 metric tons of carbon dioxide existing refineries, Anelise Lara, Petrobras’ Supply With Copper Miner equivalent, of which 30 percent originates from head of refining, said last week, S&P Global Electric utility Enel Chile has signed a contract the energy sector. Land use change, especially Platts reported. “We are waiting for approval with copper miner SCM Minera Lumina Copper through deforestation for agriculture, is the from the [National Energy Policy Council] and Chile to supply its Caserones mine with one largest contributor to Peru’s carbon emissions, [hydrocarbons regulator] ANP to begin selling tetrawatt-hour per year of renewable energy for at 45 percent, Argus Media reported. Earlier our renewable diesel in Brazil,” Lara said. “Rec- 17 years, Renewables Now reported last Friday. this year, former President Martín Vizcarra’s ognition that our renewable diesel meets the The contract will come into effect next month. government announced the creation of Renami, requirements of the Renovabio [biofuels law] a national registry that seeks to track the coun- is an important step to making these projects try’s mitigation measures. The digital platform economically viable,” she added. is available for public and private institutions Sixteen Companies Bid to report and measure initiatives seeking to in Argentina’s Auction to reduce their carbon footprint, according to the OIL & GAS NEWS September government statement. Supply Natural Gas Sixteen companies participated in Argentina’s Exxon Could Install auction last week to supply more than 70 Petrobras Developing Up to 10 FPSOs in million cubic meters per day of natural gas at Green Diesel, Niche subsidized wellhead prices for power genera- Guyana: Executive tion from 2021 to 2024, Argus Media reported. Refining Business The bids ranged from $2.40 per million British ExxonMobil could install as many as 10 floating thermal units to $3.66 per million British ther- Petrobras has begun developing green diesel production, storage and offloading, or FPSO, mal units, below the maximum price of $3.70 as well as other niche refining businesses as vessels at the Stabroek block offshore Guyana per million British thermal units, according to the Brazilian state oil firm aims to reduce its in upcoming years, the U.S. firm’s manager for the report. The auction was part of a plan to carbon emissions, Argus Media reported last deepwater projects said last week, S&P Global stimulate natural gas production and reduce week. In August, Petrobras announced that it Platts reported. “We expect to have five FPSOs Argentina’s imports of liquefied natural gas and was ready to begin producing renewable diesel in operation in Guyana by 2026 and see the po- pipeline gas. [Editor’s note: See related Q&A in the Oct. 30 issue of the Energy Advisor.]

tential for a total of seven to 10 FPSOs,” Jayme FEATURED Q&A / Continued from page 1 Meier said during the Rio Oil & Gas 2020 online conference. The Stabroek block is among tionalization of regulatory institutions and In effect, Bolivia imports increasing volumes Latin America’s largest offshore projects, with state companies and the implementation of fuels at subsidized prices. For example, in estimated recoverable resources of more than of meritocracy in order to ensure there is a 2019, 25 percent of the oil rent was spent on eight billion barrels of oil equivalent. Produc- proper environment for investments are both diesel subsidies. This situation is unsus- tion at the block’s Liza field began in December key. In today’s global economy, countries a year ago. Two additional FPSOs are expected compete against each other to attract com- to be installed by 2022 and 2024, each of them panies to invest in strategic sectors such The new government’s with a capacity to produce 220,000 barrels as energy by creating favorable conditions. priorities are to The current pandemic and the changing per day, according to the report. Production have exploratory in Guyana remains below expectations, due to variables with Brazil and Argentina’s huge successess and to re- Covid-19 and a plunge in oil prices earlier this hydrocarbon reserves completely change year, as well as a reduction in ExxonMobil’s the perspective and the energy policy that negotiate contracts...” expenditures and technical problems at the the Bolivian government had five or 10 years — Francesco Zaratti Stabroek block, Jennapher Lunde Seefeldt, an ago. Hence, if Bolivia really wants to become assistant professor at Augustana University, the ‘energy heart’ of South America, it is told the Energy Advisor last month. Initial very probable that a structural reform to the tainable and can only be corrected by facing moves by the government of President Irfaan legal framework of the energy sector will be the energy transition toward the massive Ali, who took office in August, should be at- implemented in the near future in order to use of renewable energies, which Bolivia tractive to investors, said Lunde Seefeldt. How- align to this new reality.” has in abundance. However, for Bolivia, this ever, challenges remain, including Guyana’s process also implies overcoming the rentier regulatory framework, which Lunde Seefeldt Francesco Zaratti, energy ana- model of development, which all govern- said remains limited, which “slows processes lyst, columnist and former advi- ments have supported.” down and costs the government billions in lost sor to former Bolivian President revenue.” [Editor’s note: See related Q&A in the A Carlos Mesa: “The fall in gas ex- Susana Anaya, Bolivia-based Nov. 27 issue of the Energy Advisor.] ports is due to external and internal reasons. hydrocarbons and energy The external ones are the global economic specialist: “It is evident that, recession, which has also affected Brazil A in 2020, the volumes of natural Petroecuador to and Argentina, Bolivia’s two clients, as well gas exported to Brazil and Argentina are as the lesser dependence of these countries decreasing as a consequence, in part, of the Cut Ties With Vitol on Bolivian gas. Among the internal factors pandemic, which has worsened the trend Due to Bribery Probe are the decline of megafields, the decrease observed since 2014. In October, exports in gas reserves and a climate that is were close to 10 billion cubic meters, and it Ecuadorean state-owned oil company Petroec- frankly adverse to the risk investments that is estimated that they will reach 12 billion uador has decided to exclude trading firm Vitol exploration requires. The gas cycle in Bolivia cubic meters by Dec. 31. Despite these Inc. from its client and supplier list following is declining, but the country still needs oil markets’ availability and adjustments to con- a corruption scandal involving Vitol and exec- revenues to face the economic crisis, and it tracts with both countries for lower volumes utives at the state company, Reuters reported also needs gas for domestic consumption. than originally agreed on, the exportable Sunday. The U.S. Department of Justice last Therefore, the new government’s priorities surpluses forecast for 2025 are insufficient week announced a case against Vitol for what are to have exploratory successes and to as a consequence of the expected behavior prosecutors allege is a $2 million bribery renegotiate contracts that are more appro- of production based on the development of scheme that extended to Brazil, Ecuador and priate to reality, so as not to incur penalties. existing reserves. In the event that no new Mexico in exchange for securing oil produc- Neither task will be easy, if ideology prevails successful projects are presented, it will not tion contracts in those countries. Given the over reality and if the interests of Brazil and be possible to cover this external demand accusations in the United States, Petroecuador Argentina diverge from Bolivia’s interests. in 2024 and 2025, despite the fact that no said in a statement that Vitol “would no longer Even if he didn’t want to, President Luis significant growth in the domestic market be invited, nor will be able to participate, in any Arce will be forced to profoundly change is expected during this period. The cause international auction for the buying or selling the energy policy that he enthusiastically behind this decline In production, which has of hydrocarbon that the Ecuadorean public supported when he was economy minister. been recorded since 2015, is the application Continued on page 6 enterprise holds.”

POLITICAL NEWS THE DIALOGUE CONTINUES Guaidó Vows to Remain in Venezuela Where Has Sunday’s Legislative After Legislative Vote Election Left Venezuela?

Venezuelan opposition leader Juan Guaidó, Venezuelan President Nicolás ment, and it sharpens the fracture within the whom dozens of countries recognize as the Maduro claimed a sweeping opposition. The first quarter of 2021 could country’s legitimate interim president but who victory as his party won control be the opposition’s worst moment, as it will lost his position in the National Assembly in Q of the National Assembly on be involved in a pitched battle for control Sunday’s widely denounced election, said he Sunday in a vote that the opposition has of its leadership, in which at least five will remain in the country and keep working to alleged was rigged in favor of Maduro and different groups will participate: 1.) Guaidó oust President Nicolás Maduro, the Associated his allies and in which the Juan Guaidó-led reclaiming administrative continuity, despite Press reported. Guaidó added that he will seek faction of the opposition refused to partic- a lack of electoral legitimacy; 2.) a minority revisions to international sanctions that are ipate. How will the election affect Maduro’s opposition, elected by the new parliament, aimed at forcing Maduro from power. “We must hold on power and Venezuela’s opposition? which, although many consider illegitimate, review these mechanisms at the international Will the international community maintain will become a space for struggle and media level to exert pressure on this dictatorship and its support for Guaidó? How divided is the exposure; 3.) Henrique Capriles, who will find a solution,” Guaidó told the wire service in opposition, and what implications does the claim what he has said before: a change of an interview in his home in Caracas. “We have split have for its efforts to oust Maduro? strategy and of the opposition’s leadership to use the tools at our disposal to stop this once it is clear that abstentionism was violation of human rights.” Guaidó added that Luis Vicente León, president of disappointing; 4.) María Corina Machado, he will remain in Venezuela and keep pushing Datanalisis in Caracas: ”Vene- who will return to the attack stating that the for Maduro’s ouster. “One thing I can guarantee zuela’s parliamentary elections G-4 strategy was a sham and who is trying is that I’m staying in Caracas,” he told the AP. A do not represent a significant to freeze internal control of those who have “If this dictatorship wants to come for me, it change in Maduro’s tight grip on power. The failed thus far; and 5.) Primero Justicia, could do it at any time. That hasn’t stopped us National Assembly, which Guaidó heads, has the largest party in parliament, chaired by before, and it won’t stop us now.” Guaidó and been neutralized since the beginning of his Guaidó, which, although it participated in other Maduro opponents boycotted Sunday’s term; it’s a symbolic institution that serves to the call for a boycott, will claim alternation legislative vote, ceding control of the National underpin the political struggle for change but of the presidency of the National Assembly. Assembly to Maduro. The legislature was the has no influence in the country’s daily life. With this internal struggle unleashed, the only institution of Venezuela’s government The opposition-controlled National Assem- parliamentary vote came to be an anticipat- that Maduro had not controlled. Instead of bly did not limit a single action by the Mad- ed Christmas gift of power consolidation for participating in the legislative vote, Guaidó’s uro government, as it was replaced by other Maduro.” coalition is holding a referendum asking revolutionary institutions. A new National Venezuelans whether Maduro’s rule should end Assembly controlled by chavismo maintains and if the country should hold new presidential the concentration of power that already EDITOR’S NOTE: More commentary on this and legislative elections. Guaidó and other existed, but it also adds two key elements: it topic appears in the Q&A of Tuesday’s issue opponents of Maduro’s government, including validates the institution’s natural legislating of the Latin America Advisor. the administration of U.S. President Donald function for those allied with the govern- Trump, have called the election fraudulent. “Maduro’s regime wants to annihilate any form of alternative democracy,” Guaidó told the AP. Nicolás Maduro’s grip on Venezuela’s political National Assembly, the low turnout reflects Earlier this week, Maduro claimed victory in the institutions by giving the ruling PSUV super- growing dissent, not only among the upper National Assembly vote, whose turnout was majority control over the National Assembly,” and middle classes, but also among popular just 30 percent, less than half the percent- Gabriel B. Hetland, assistant professor of Latin classes, which have protested the government age that participated in the country’s 2015 American, Caribbean and U.S. Latino studies with increasing frequency in recent months.” legislative election, in which the opposition at the State University of New York at Albany, The opposition is also facing an internal won control of the National Assembly. “As was told the Advisor in a Q&A published Tuesday. split. In an interview with BBC News, former widely expected, the results have consolidated “While the government will gain control of the presidential candidate Henrique Capriles said

NEWS BRIEFS the opposition currently lacks a leader. “I am supporting their families in Honduras.” More a believer in the unity of the country. But the than 44,000 Hondurans currently residing in the Thousands Pay Tribute opposition today does not have a leader, there United States are protected by TPS, the state- to Uruguay’s Vázquez is no leadership, no one who is a boss. Does ment said. Guatemala’s government has also not exist,” said Capriles. “Political capital was requested that TPS be granted for its citizens Thousands of people lined the streets in accumulated and thrown away.” in the United States, Reuters reported. [Editor’s Montevideo to pay tribute to former Uruguayan note: See related Q&A in the Dec. 1 issue of the President Tabaré Vázquez, who died Sunday daily Latin America Advisor.] at age 80 of lung cancer, BBC News reported. U.S. Extends TPS Mourners clapped, waved flags and cried as Designation for a hearse topped with flowers and carrying ECONOMIC NEWS Vázquez’s remains drove through the streets. Honduran Migrants Vázquez’s Broad Front coalition turned off all the lights in its headquarters, except the ones The United States has extended Temporary Mexico’s President in Vázquez’s office. Current President Luis Protected Status for Hondurans in the wake of Lacalle Pou announced three days of mourning Taps Clouthier as powerful hurricanes that hit Central America for Vázquez. in recent weeks, Honduran President Juan Economy Minister Orlando Hernández said Monday, CNN reported. Hernández requested during his trip to Mexican President Andrés Manuel López Ob- Trump Administration Washington last week that TPS, which allows rador on Monday nominated Tatiana Clouthier, Restores DACA Program migrants to remain in the United States for a his former campaign manager, as the country’s period of time, be extended following the disas- new economy minister, the Associated Press The administration of U.S. President Donald ters. “During our meeting with acting-Secretary reported. Clouthier, a former politician of the Trump said Monday that it has fully restored of the Department of Homeland Security [Chad opposition National Action Party, replaces the Deferred Action for Childhood Arrivals, or Wolf], they told us that the TPS, which was Graciela Márquez, who is taking a position DACA, program, which protects hundreds of due to end in January, will be extended,” said on the board of Mexico’s National Statistics thousands of young people from deportation, Hernández. A posting on the U.S. Citizenship in accordance with a federal judge’s order, and Immigration Services website says TPS the Associated Press reported. However, the will be extended until Oct. 4, 2021 for people Department of Homeland Security said it “may from Honduras, as well as from El Salvador, Clouthier was a former seek relief from the order.” People until now Haiti, Nicaragua, Nepal and Sudan. The status politician of the opposi- have not been able to apply for protection un- applies to people already in the United States tion National Action Party der the Obama-era program since Trump ended who would face extreme hardship if they were the initiative in September 2017. forced to return to their home countries. The before leaving it in 2005. United States first granted TPS to Hondurans and Nicaraguans after Hurricane Mitch struck El Salvador’s Deputy Central America in 1998. Hurricanes Eta and Institute, the AP reported. Clouthier’s nomina- Security Minister Resigns Iota struck parts of Central America last tion is seen as an attempt by López Obrador to month, leaving more than 200 people dead and maintain relations with the country’s business El Salvador’s deputy security minister, Mauricio more than 100 missing. The storms caused community following the resignation last Arriaza, has resigned, President Nayib Bukele flooding and landslides and also destroyed week of the president’s chief of staff, Alfonso announced Tuesday, following pressure from crops and infrastructure. “The economic Romo. An entrepreneur, Romo will continue as opposition legislators amid allegations that Ar- damage caused by both storms, and the blow López Obrador’s liaison to business groups, the riaza plotted to cover up financial wrongdoing from the pandemic, has caused the Honduran president said. Clouthier also has connections by the government, Reuters reported. Bukele economy to be greatly affected,” Honduran to northern Mexico and business groups there. in October named Arriaza deputy security Foreign Minister Lisandro Rosales said Friday Clouthier, the daughter of a late leader of the minister in a move that gave Arriaza immunity in a statement announcing that the country’s National Action Party, left the party in 2005 from prosecution after opposition lawmakers government had requested that the United and won a seat in Mexico’s Congress in 2018 ordered an investigation of him in connection States extend TPS for Hondurans. “Recon- as a member of López Obrador’s Morena party. to allegedly unlawful government spending struction comes from a sustainable social and Clouthier is also an advocate of renewable en- during the coronavirus pandemic. economic rebuilding, and our compatriots here ergy, a policy area that López Obrador’s critics in the United States can [help] achieve that by say he has neglected, Reuters reported.

FEATURED Q&A / Continued from page 3 LATIN AMERICA ENERGY ADVISOR is published weekly by the Inter-American Dialogue Copyright © 2020 of wrong tax, price and contractual policies 2.) incentives for oil exploration, resulting in the sector since 2006. These have not from the new fiscal regime; 3.) a change Erik Brand favored investment, nor the discovery of in the domestic prices of hydrocarbons in Publisher [email protected] reserves, a situation that has not only had a order to match export prices for gas, thus negative impact on the country’s trade bal- increasing the oil companies’ income as well Gene Kuleta Editor ance and its fiscal income, but has also led as the income of recipients of the direct tax [email protected] to an increase in imports of diesel and gaso- on hydrocarbons (subnational governments Anastasia Chacón González line. Arce’s challenge is to create conditions and public universities); 4.) redefinition of Reporter & Associate Editor and incentives that make current and new [email protected] oil and gas projects economically viable. Yet the announced policies emphasize industri- Everything suggests

alization and the development of vegetable that the country’s Michael Shifter, President fuels, which have negative environmental energy crisis will Rebecca Bill Chavez, Nonresident Senior Fellow impacts.” worsen.” Sergio Bitar, Nonresident Senior Fellow — Carmen Crespo Joan Caivano, Senior Advisor Carmen Crespo, Bolivia-based Michael Camilleri, Director, Rule of Law Program economist specialized in energy Kevin Casas-Zamora, Nonresident Senior Fellow and the environment: “There the sector’s price chain; 5.) the promotion Héctor Castro Vizcarra, Nonresident Senior Fellow A are at least two reasons for the of substitution energy consumption, mainly Julia Dias Leite, Nonresident Senior Fellow decline in hydrocarbon exports. The first is substituting gas for electricity; 6.) promotion Ariel Fiszbein, Director, Education Program the decline in hydrocarbon reserves, due to of an aggressive national energy efficiency Peter Hakim, President Emeritus the near-paralysis of oil exploration during policy; and 7.) encouraging the generation of Nora Lustig, Nonresident Senior Fellow the government of Evo Morales, during which electricity from renewable sources, mainly Manuel Orozco, Senior Fellow no reserves were renewed. The second through a distributed generation policy. Margaret Myers, Director, Asia and Latin America Program reason is the decrease in the Argentina and Unfortunately, Arce’s policy announcements Xiaoyu Pu, Nonresident Senior Fellow Brazil’s demand, because both countries do not go in that direction, and everything Jeffrey Puryear, Senior Fellow are trying to replace Bolivian gas with other, suggests that the country’s energy crisis will Mateo Samper, Nonresident Senior Fellow safer energy sources, given the lack of worsen.” Tamar Solnik, Director, Finance & Administration resources. The Arce government should face Lisa Viscidi, Director, Energy Program this situation with a comprehensive energy The Advisor welcomes comments on its Q&A Denisse Yanovich, Director of Development, policy and include, at least, the following: 1.) section. Readers can write editor Gene Kuleta External Relations & Special Projects redefinition of the upstream fiscal regime; at [email protected]. Latin America Energy Advisor is published weekly, with the exception of some major U.S. holidays, by the Inter-American Dialogue 1155 15th Street NW, Suite 800 Washington, DC 20005 Phone: 202-822-9002 www.thedialogue.org Advisor Video ISSN 2163-7962 Subscription Inquiries are welcomed at [email protected] Diaz Reus’ Jeff Zhao on China’s The opinions expressed by the members of the Board of Relations With Latin America Advisors and by guest commentators do not necessarily represent those of the publisher. The analysis is the sole The Latin America Advisor interviewed Jeff Zhao, view of each commentator and does not necessarily partner at Diaz, Reus & Targ, LLP, on China’s presence represent the views of their respective employers or firms. The information in this report has been obtained in Latin America and the Caribbean. from reliable sources, but neither its accuracy and completeness, nor the opinions based thereon, are guaranteed. If you have any questions relating to the contents of this publication, contact the editorial offices of the Inter-American Dialogue. Contents of this report WATCH HERE may not be reproduced, stored in a retrieval system, or transmitted without prior written permission from the publisher.