ENERGY ADVISOR a WEEKLY PUBLICATION of the DIALOGUE May 14, 2021

LATIN AMERICA ADVISOR ENERGY ADVISOR A WEEKLY PUBLICATION OF THE DIALOGUE www.thedialogue.org May 14, 2021

BOARD OF ADVISORS FEATURED Q&A TOP NEWS Nigel Blackaby Global Head, OIL & GAS International Arbitration Group, Freshfields Bruckhaus Deringer How Can Biden & Pemex Raises Cost Jeffrey Davidow Senior Counselor, Estimate for Dos The Cohen Group Caricom Strengthen Bocas Refinery Jonathan C. Hamilton Mexican state oil firm Pemex has Partner, increased its estimate for the cost White & Case Energy Cooperation? of the government’s flagship Dos Raul Herrera Bocas refinery. The expected cost Partner, Corporate & Securities Practice, is now $12.4 billion. Arnold & Porter Page 2 James R. Jones Chairman, OIL & GAS Monarch Global Strategies Jorge Kamine BHP Begins Partner, Corporate & Financial Services, Production at Willkie Farr & Gallagher Trinidad Project Craig A. Kelly BHP has begun oil production at Senior Director, the Ruby oil and gas project off- Americas Int’l Gov’t Relations, Solar panels in the French overseas department of Martinique, in the Caribbean, are pictured Exxon Mobil above. // File Photo: Caricom. shore Trinidad and Tobago, which will have the capacity to produce Jorge León Energy Economist, as many as 16,000 barrels per BP A recent meeting between U.S. Secretary of State Antony day of oil. Page 2 Jeremy Martin Blinken and foreign ministers of Caribbean regional trade Vice President, Energy & Sustainability, Institute of the Americas group Caricom resulted in renewed cooperation in several OIL & GAS Q key areas including energy, Caribbean officials told Argus Mayya Novakovskiy Manager, Western Hemisphere, Media. There had been a rift among the 15 members of the bloc over the Peru Output Hits Chevron Trump administration’s efforts to isolate the government of Venezuelan High in April, Still Larry Pascal Chairman, President Nicolás Maduro, the officials added. What is the current state Lower Than 2020 Americas Practice Group, of U.S.-Caricom cooperation on energy-related issues, and to what ex- Peru’s oil output hit a monthly Haynes & Boone tent did collaboration decrease or stagnate during former U.S. President record for the year in April, but it R. Kirk Sherr was still down 20 percent from President, Donald Trump’s term in office? In what ways can energy cooperation Clearview Strategy Group a year ago due to the Covid-19 between the United States and the Caribbean expand under the Biden pandemic and uncertainty Mark Thurber regarding the presidential runoff. Partner, administration, and which countries and areas would benefit the most Hunton Andrews Kurth from it? What are the political dynamics at play within Caricom, and Far-left candidate Pedro Castillo is leading in the polls. Jose L. Valera what needs to happen for Caribbean nations to develop a more unified Partner, Page 2 Mayer Brown LLP regional energy agenda? Lisa Viscidi Program Director, Inter-American Dialogue Riyad Insanally, ambassador of Guyana to the United States Vanessa Wottrich and the Organization of American States: “Energy security Principal Analyst for Latin America, Equinor is crucial to Caricom’s plans to achieve resilience, com- A petitiveness and prosperity. A Caricom Energy Policy and the Caribbean Sustainable Energy Roadmap and Strategy already exist. Attaining energy security has, however, been impeded by, among others: 1.) lack of access to financing for infrastructure and institutional capacity-building; 2.) exogenous systemic and structural shocks, including natural disasters; and 3.) the high costs associated with replacing fossil

Continued on page 3 Castillo // File Photo: TV Perú.

OIL AND GAS NEWS NEWS BRIEFS Peru’s Oil Output Pemex Again Raises Hits High in April, BHP Begins Production at Oil and Gas Project Projected Costs for Yet Lower Than 2020 in Trinidad & Tobago

Dos Bocas Refinery Oil production in Peru last month averaged BHP, a resources firm listed in Australia and the 36,452 barrels per day (bpd), a monthly record United Kingdom, last week began oil produc- The cost for Mexican President Andrés Manuel for this year but still 20 percent lower than a tion at the Ruby oil and gas project offshore López Obrador’s flagship refinery at Dos Bocas, year ago, BNamericas reported last week. The Trinidad and Tobago, Argus Media reported. in Tabasco state, could rise by 40 percent, sector’s recovery continues to lag amid the The project will have the capacity to produce state oil company Pemex told its board of unrelenting spread of Covid-19 in the Andean as many as 16,000 barrels per day of oil and directors, Argus Media reported last week. nation and uncertainty surrounding the presi- 80 million cubic feet per day of gas. Drilling Construction of the planned refinery, which dential runoff scheduled for June 6. This year’s and completion activities are still underway, would have the capacity to process 340,000 average output through April is 35,426 bpd, with more wells expected to start operations barrels per day, could cost as much as $12.4 down from 39,677 bpd registered for all of last between April and September. billion, up from the previous budget of $8.9 year, according to information from hydrocar- billion, according to Pemex’s 2020 annual bons licensing authority Perupetro, the news service reported. The increase in production in Pemex Stops Publicly April was partially driven by the restart of the Pemex now says the Perenco block 67 in the Amazon region of Lore- Posting Fuel Prices refinery could cost $12.4 to, even amid the suspension of operations at Mexican state oil firm Pemex has stopped billion, up from the initial several blocks due to force majeure related to publicly posting wholesale fuel prices after the pandemic, according to the report. Natural Mexico’s Congress passed a reform to elimi- estimate of $8 billion. gas liquids output in April was up 2 percent, at nate laws that had intended to increase data 68,463 bpd. At the same time, the presidential transparency and constrain the company’s election has cast a shadow on the future of Pe- dominance in the oil and gas sector, Argus report. That figure was already higher than the ru’s oil and gas sector. Far-left candidate Pedro Media reported last week. The government original estimate of $8 billion. Analysts and Castillo, who won in the first round in April and of President Andrés Manuel López Obrador credit rating agencies from the beginning had is currently leading in the polls, has vowed to argues that, now that there are enough new warned that the refinery would cost at least nationalize natural gas and mining assets if he competitors in the market, the transparency $12 billion, based on similar projects abroad, wins. He is facing Keiko Fujimori, a right-wing requirement can be lifted. The legislation can Argus Media reported. Moreover, Pemex former legislator whose policies are more still face legal challenges from private sector delayed the start of the refinery’s projected pro-market but whose populist tendencies also companies and the Federal Economic Competi- commercial production. The government had worry investors, Argus Media reported. Castillo tion Commission. announced July of next year as the refinery’s has refrained from giving interviews, but at an start date, but the company said that, in the event on April 13, shortly after his first-round best-case scenario, the facility would only be victory, he told supporters that “strategic GeoPark Reports ready to begin trial runs and mock starts by resources would be recovered for Peru” if he is then. “Trial runs must be done by mid-2022, but to win the election, Argus Media reported. First-Quarter Results it will be necessary to reformulate the project, GeoPark, an oil and gas company that operates in particular the internal rate of return and the in Colombia, Ecuador, Chile, Brazil and Argenti- net present value,” Pemex said. López Obrador Petrobras to Hold na, last week reported its first-quarter financial has made the Dos Bocas refinery one of his New Bidding Round results. GeoPark said it produced an average flagship projects as he seeks to strengthen the of 38,131 barrels of oil equivalent per day, a country’s oil and gas production and lessen its for Golfinho Oilfield decrease of 17 percent from the first quarter of dependence on gasoline imports. The project’s 2020, due to limited drilling and maintenance high costs, and López Obrador’s focus on fossil Brazilian state oil company Petrobras will ac- issues. The company’s consolidated revenue fuels for self-sufficiency, have drawn strong cept new offers for its Golfinho offshore oilfield was up 10 percent to $146.6 million, reflecting criticism from private investors, energy experts cluster starting in late May after efforts to sell higher oil prices. Production and operating and environmental activists, Reuters reported. it last year proved unsuccessful and crude oil costs were up 8 percent to $44.3 million.

prices have risen over the last few months, FEATURED Q&A / Continued from page 1 two unnamed sources told Reuters last week. Golfinho is one of dozens of legacy production fuel infrastructure with structures suited views those Caricom countries that support assets that Petrobras plans to sell as part for renewable energy. The recent massive the Maduro regime. As an extension to of a divestment strategy aimed at reducing fossil fuel discoveries offshore Guyana and that, the new Biden administration has not company debt and refocusing attention on a Suriname position those countries, together changed the course of U.S. foreign policy deepwater formation known as the “pre-salt,” with the more mature oil and gas producer as it relates to Maduro, and I don’t expect it Reuters reported. In this year’s bidding rounds, Trinidad and Tobago, to anchor regional will change. As it relates to energy cooper- Petrobras is disclosing previously unavailable energy security. But they and the rest of ation with the U.S. government, the Obama production information, and the company an- Caricom will need U.S. support to build ticipates offers from DBO Energy, private equity institutional capacity and for investment in firm Seacrest Capital and Norway’s BW Energy, infrastructural development. A revitalization It is good to see that the sources said. of the Caribbean Energy Security Initiative [energy cooperation] (CESI), launched by then-Vice President Joe is being resuscitated Biden in 2014, would be mutually benefi- under the Biden U.S. Oil Lobby Pushes cial. In the meeting with Secretary Blinken, presidency.” for Talks With AMLO Guyana’s foreign minister, Hugh Todd, made — Kevin Ramnarine the following call: ‘The time is opportune for Over Recent Laws a new U.S.-Caribbean Energy Partnership, building on the aims of CESI and actions administration had started this cooperation The American Petroleum Institute, or API, is already undertaken.’ Caricom can benefit initiative in January 2015 when then-Vice urging the U.S. government to further engage from engagement by the Department of President Biden met with the Caricom heads with Mexico on energy policies after the group Energy and the International Development in Washington. It went cold in the Trump said recent changes by President Andrés Finance Corporation, as well as through years. It is good to see that it is being resus- Manuel López Obrador threaten to undermine the involvement of the U.S. private sector, citated under the Biden presidency. In recent investor confidence in the market and violate in the development of the region’s energy times, too, the United States has been lend- the United States-Mexico-Canada Agreement, sector and in pursuit of a sustainable energy ing support to Guyana and Suriname as they Reuters reported last week In a letter dated mix. The forthcoming High-Level Meeting develop their oil and natural gas industries. May 5 and addressed to senior U.S. officials on Energy Finance for the Caribbean to be During the Obama era, the Inter-American including Secretary of State Antony Blinken convened by the OAS secretary general will Development Bank had plans to support the and Secretary of Energy Jennifer Granholm, also provide an early opportunity to explore conversion of fuel oil-based power plants in API slammed the López Obrador government’s a new, inclusive model of cooperation in the Caribbean to natural gas and to support latest attempts to amend the country’s electric- energy, involving the United States along renewable energy projects. We need this ity and hydrocarbon laws to favor state energy with the international financial institutions initiative to be back on track, fast, because companies, specifically oil firm Pemex and and other partners.” such support is needed if Caricom is to be power utility CFE. “The common denominator part of the energy transition.” of both laws is to hinder new private invest- Kevin Ramnarine, former ment in the energy sector as well as destroy minister of energy of Trinidad Johanna Mendelson Forman, the value of already operating private assets in and Tobago: At the level of distinguished fellow at the violation of Mexico’s commitments,” API wrote, A energy policy, there is consen- Stimson Center: “After four Reuters reported. In the letter, which was sus among Caricom members. In 2013, all A years of limited engagement signed by API President Michael Sommers, the member states adopted a regional energy on Caribbean energy needs, the Trump group also asked that officials include “these policy. During the Trump administration, administration’s most notable legacy was violations” as a key discussion item in a free there were differences of opinion among the absence of any geopolitical vision. trade commission meeting between U.S. Trade members on the United States’ and the OAS’ Caricom members were especially troubled Representative Katherine Tai and Mexican position toward the Maduro regime. While I by the U.S. withdrawal from the Paris climate Economy Minister Tatiana Clouthier scheduled don’t believe these differences affected the accord and the damage it did to the region’s for mid-May. A judge on Monday ordered the day-to-day work of Caricom, they have been strong commitment to address climate suspension of parts of the hydrocarbons law. a source of tension among some members. change. In March, Trinidad and Tobago’s Judge Juan Pablo Gómez Fierro suspended It has also affected how the United States prime minister, Keith Rowley, did not mince the entry into force of the Hydrocarbons Law Continued on page 6

COPYRIGHT © 2021, INTER-AMERICAN DIALOGUE PAGE 3 LATIN AMERICA ENERGY ADVISOR May 14, 2021 reform published on May 4 in the Official Ga- zette, which gave the state authority to revoke ADVISOR Q&A permits and strengthens state oil company Pemex. The judge’s ruling paused provisions in the legislation that would allow authorities Can Colombia Find a Peaceful to cancel permits or occupy installations of permit holders, Reuters reported. The reformed Way to End Deadly Unrest? hydrocarbons law, as well as the modified electricity law, are part of López Obrador’s Colombian President Iván opened what I call a ‘national conversation,’ broader plans to roll back Mexico’s 2013 ener- Duque on Sunday night ordered which, however, did not reach any concrete gy reforms, which opened the country’s energy the nation’s military to regain decisions. The pandemic and related lock- Q control of the public order in downs halted street demonstrations, while Cali, where there have been lethal clashes at the same time increasing discontent to It seems that Mexico is among citizens as massive protests contin- the point of outrage, given its harmful social now seeking to return ue across the country. The demonstrations consequences. The catalyst for the current the country to an energy began on April 28 after President Iván protests was a tax reform proposal that, un- model that prospered Duque’s government presented a controver- der the pretext of providing fresh resources sial tax reform plan, but they have morphed 50 years ago...” to the state, included unrealistic tax col- into protests of a litany of grievances lection goals. Added to that were previous — Greg Ahlgren exacerbated by the Covid-19 pandemic. demands on health, education, universal The unrest has sparked international outcry basic income and no tuition for university market to private capital. “Not surprisingly over allegations of police brutality, which studies. All of this came in the context of from a government that frequently reminds the national police force has vowed to the government’s eroding popularity and a world leaders of Mexico’s sovereignty, AMLO investigate. Meanwhile, the government has deep distrust of a political class amid police has made a point to consolidate a variety of accused illegal armed groups of infiltrating violence and protesters’ attacks against functions under state-controlled institutions, the protests and causing violence. What is police forces and citizens’ private property. and his current proposals in the energy sector at the heart of the protests in Colombia, and At the time of this writing, a direct dialogue exemplify this,” Greg Ahlgren, partner at Diaz, what should the government do to address between the president and the protest Reus & Targ, told the Energy Advisor in a Q&A them? How big a toll will the protests take organizers is set to begin. Colombians want published April 16. “It seems that Mexico is on Duque’s popularity, and will it prevent solutions to be found quickly. The future is now seeking to return the country to an energy him from carrying out his agenda? Will sim- worrying, given the need for new resources model that prospered 50 years ago, without ilar protests erupt in other Latin American to provide social relief to the population and seeking creative private-sector solutions to the countries as they seek to emerge from the the resistance to expanding tax collection. It looming environmental and energy-grid crises,” pandemic? will be difficult—but not impossible—to find he added. a middle ground. This phenomenon, which Humberto de la Calle, former occurred already in Chile, could grow even Colombian vice president, bigger given the hunger and unemployment POWER SECTOR NEWS interior minister and chief resulting from the pandemic.” A negotiator in the peace process Brazil’s Worst with the FARC: “Large and unprecedented mobilizations have been present in Colombia EDITOR’S NOTE: More commentary on this Drought in Decades since the end of 2019, as a result of citizen topic appears in the Q&A of Tuesday’s issue dissatisfaction. Although affected by some of the Latin America Advisor. Raises Power Costs violent outrages, protests’ message was clear. The government of President Duque Brazil’s worst drought in two decades has left water reservoirs that supply energy operating at a third of their energy storage capacity. Con- have warned that a quarter of the Brazilian well below typical output and forcing the sumers should expect more expensive bills un- thermal capacity is currently unavailable, nation’s power producers to turn to more til the end of the year, which is ultimately likely due to maintenance works or transmission expensive thermal production, Folha de S.Paulo to affect inflation figures nationally, according bottlenecks, and state oil company Petrobras reported Wednesday. In the country’s southeast to the report. Meanwhile, industry executives has scheduled maintenance work in August on and midwest regions, reservoirs are operating

NEWS BRIEFS one of its main gas producers, the Mexilhão what we must focus on,” Guaidó said in a video field. President Jair Bolsonaro said this week posted on Twitter. In the video, Guaidó said it Thousands Take to that Brazil is experiencing the worst water was necessary to seek solutions that are both crisis in its history, warning that it poses major “realistic and viable” and proposed a “national Streets in Colombia as problems for electricity generation, Reuters agreement” that would be comprised, in part, Protests Enter Third Week reported. of general elections with the participation Thousands of demonstrators marched in of all opposition political parties, in addition cities across Colombia and also participated to the ruling Socialist Party. The announce- in a national strike on Wednesday as protests RENEWABLES NEWS ment follows several moves by the Maduro sparked by a now-canceled tax reform entered government that analysts have described as their third week, Reuters reported. More than EDF Brazil Begins conciliatory signals to the United States, such 40 people have been killed during the protests, as the appointment of two opposition leaders which revolve around discontent over unem- Operations at Wind as election officials. Other actions included ployment, poverty and police brutality. granting house arrest to six U.S. citizens who Power Complex were former employees of Venezuelan state oil company PDVSA’s U.S.-based refiner, Citgo, as EDF Renewables, a subsidiary of French utility well as allowing the U.N. World Food Program U.S. Special Envoy Meets company EDF, has begun operations at a back into the country. An official from the ad- With El Salvador’s Bukele 344-megawatt wind power complex in Campo ministration of U.S. President Joe Biden a week U.S. Special Envoy to the Northern Triangle Ri- Formoso in Brazil’s Bahia state, the compa- ago suggested the White House needed to see cardo Zúñiga spoke with Salvadoran President ny announced last week, Renewables Now “concrete actions” by Maduro before modifying Nayib Bukele on Tuesday in an in-person meet- reported. The power complex, which includes its policy toward the Andean nation, including ing that Zúñiga described as “cordial,” Reuters 82 wind turbines, required an investment of lifting any sanctions. However, the administra- reported. Zúñiga said he raised Washington’s more than 1.5 billion reais ($284.3 million). It tion’s policy toward Venezuela is reportedly un- concerns about the Salvadoran National is capable of generating enough electricity to der review, Bloomberg News reported Tuesday, Assembly’s recent removal of constitutional meet the annual demands of 850,000 Brazilian citing an unnamed U.S. official, who also told magistrates and the attorney general, calling homes, according to the company. The project the news service that the Maduro government the moves unconstitutional. Bukele’s Nue- also has several power purchase agreements, should be talking with the country’s opposition vas Ideas party controls the legislature. The including a 20-year contract with Brazilian to schedule free and fair elections. The official president had reportedly declined to meet with petrochemical firm Braskem. This is EDF said the White House is reviewing its policy Zúñiga during a previous visit to El Salvador. Renewables’ third energy project in Brazil after toward Venezuela and evaluating sanctions. the company began operating in the South [Editor’s note: See related Q&A in Thursday’s American nation in 2015. issue of the daily Advisor.] Argentina’s Fernández

Meets With Pope Francis POLITICAL NEWS ECONOMIC NEWS During Visit to Vatican Pope Francis met with Argentine President Venezuela’s Guaidó U.S. Labor Unions Alberto Fernández on Thursday during the president’s trip to Europe, Reuters reported. Proposes Gradual File First Complaint The meeting came months after Argentina End to Sanctions Under USMCA Pact legalized abortion with Fernández’s support, despite a personal plea from Pope Francis, Venezuelan opposition leader Juan Guaidó, U.S. labor unions on Monday filed the first labor who is an Argentine, and opposition from whom dozens of countries including the United complaint against Mexico under the United the Catholic Church. In a break from usual States recognize as the nation’s legitimate States-Mexico-Canada Agreement, or USM- protocol, the Vatican did not say what issues interim president, on Tuesday proposed a CA, trade deal, said the AFL-CIO, the largest the two leaders discussed during their meet- gradual lifting of U.S. sanctions on the South federation of unions in the United States, The ing, which took place in a side study off the American country in a bid to get Nicolás Mad- New York Times reported. U.S. labor groups Vatican’s auditorium. Official state visits are uro’s government to reach an agreement with claim that the Tridonex auto parts factories usually held in the Apostolic Palace, according opposition parties. “Our objective is to get out in Tamaulipas state violate labor conditions. to the report. of this tragedy and recover democracy. That is outlined in the trade pact.

FEATURED Q&A / Continued from page 3 LATIN AMERICA ENERGY ADVISOR is published weekly by the Inter-American Dialogue ISSN 2163-7962 words when he said, ‘we would like to see of a global pandemic and natural disasters, a dispassionate, early review of the U.S. should be our development priority with Erik Brand scorched-earth policy.’ The Biden presidency Caricom nations.” Publisher [email protected] seeks to reset the relationship. An April meeting between Caricom leaders and U.S. Alan Zamayoa, associate Gene Kuleta Editor Secretary of State Antony Blinken empha- analyst at Control Risks: “During [email protected] sized a ‘commitment to a strong partner- the Trump administration, some Anastasia Chacón González ship,’ but it was short on details. There are A mechanisms were implement- Reporter & Associate Editor opportunities to work together, especially in ed in attempt to boost energy-related [email protected] the energy sector, where the United States cooperation such as USAID’s Caribbean Diana Roy will find broad areas of consensus. First, Energy Initiative (CEI), launched in 2019. Editorial Intern reducing the region’s 90 percent dependence However, it had very limited resources and [email protected] on fossil fuels is urgent. Working with the implementation proved to be slow. Caricom, the United States should help get Also in 2019, Trump held a meeting with member states to reduce this dependency counterparts of Caribbean countries such Michael Shifter, President by half. Second, the Biden administration as Haiti, Jamaica and St. Lucia to discuss Rebecca Bill Chavez, Nonresident Senior Fellow potential energy investment opportunities. Bruno Binetti, Nonresident Fellow This was perceived to be a summit to hinder Sergio Bitar, Nonresident Senior Fellow Reducing the the influx of China in the region and to limit Joan Caivano, Senior Advisor region’s 90 percent cooperation with the Venezuelan regime, and Kevin Casas-Zamora, Nonresident Senior Fellow dependence on fossil no major agreements were achieved during Julia Dias Leite, Nonresident Senior Fellow fuels is urgent.” the summit. The Biden administration can Ariel Fiszbein, Director, Education Program Sandra García Jaramillo, Nonresident Senior Fellow — Johanna Mendelson Forman expand energy cooperation in two ways. Selina Ho, Nonresident Senior Fellow First, the United States can help Caribbean Edison Lanza, Nonresident Senior Fellow countries to improve the resilience of their Nora Lustig, Nonresident Senior Fellow should focus on infrastructure develop- public infrastructure and the implementa- Margaret Myers, Director, Asia Program ment in the Caribbean. This includes more tion of mitigation plans to reduce potential Manuel Orozco, Senior Fellow investments in ports, broadband and support power disruptions after natural disasters. Xiaoyu Pu, Nonresident Senior Fellow for the jobs it creates. It should also build Second, the implementation of renewable Jeffrey Puryear, Senior Fellow on greater public-private initiatives for all energies programs in the region. During his Tamar Solnik, Director, Finance & Administration Caricom members to grow new jobs around campaign, Biden had an aggressive plan that Lisa Viscidi, Director, Energy Program renewable energy development. This could included increasing renewable energy usage Denisse Yanovich, Director of Development involve some Caricom members such as in the Americas. This is likely to be used Jamaica with wind energy investments, or also as part of recovery programs. Caricom Latin America Energy Advisor is published Barbados with solar energy expansion. Both countries are trying to diversify their econ- weekly, with the exception of some major U.S. holidays, by the Inter-American Dialogue countries could mentor other states on how omies to reduce the reliance on tourism, 1155 15th Street NW, Suite 800 to start the greening of the Caribbean. The which has been severely affected because Washington, DC 20005 Guyana Green State Development Strategy, of the Covid-19 pandemic. The energy sector www.thedialogue.org which committed to 100 percent renew- in general, and the renewables sector in Subscription inquiries are welcomed at [email protected] ables by 2025, is another model. A Caricom particular, are some of the potential areas in green energy alliance would be an excellent which Caribbean countries will try to attract The opinions expressed by the members of the Board of Advisors and by guest commentators do not necessarily partnership that the United States could help foreign investment to achieve the economy’s represent those of the publisher. The analysis is the sole realize. The U.S. dialogue surrounding the diversification.” view of each commentator and does not necessarily represent the views of their respective employers or firms. Caribbean’s economy must move beyond The information in this report has been obtained from tourism. Successful engagement with the The Advisor welcomes comments on its Q&A reliable sources, but neither its accuracy and completeness, nor the opinions based thereon, are guaranteed. If you have region should include investment in diversi- section. 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