ENERGY ADVISOR a WEEKLY PUBLICATION of the DIALOGUE July 30, 2021

LATIN AMERICA ADVISOR ENERGY ADVISOR A WEEKLY PUBLICATION OF THE DIALOGUE www.thedialogue.org July 30, 2021

BOARD OF ADVISORS FEATURED Q&A TOP NEWS Nigel Blackaby Global Head, RENEWABLES International Arbitration Group, Freshfields Bruckhaus Deringer What Does Colombia TotalEnergies, Jeffrey Davidow Senior Counselor, Equinor Exit The Cohen Group Need to Become a Venezuela Venture Jonathan C. Hamilton France’s TotalEnergies and Partner, Norway-based Equinor have White & Case Hydrogen Exporter? decided to exit their Venezuela Raul Herrera joint venture, Petrocedeño. The Partner, Corporate & Securities Practice, deal will result in the recognition Arnold & Porter of a $1.38 billion capital loss for TotalEnergies. James R. Jones Chairman, Page 2 Monarch Global Strategies

Jorge Kamine POWER SECTOR Partner, Corporate & Financial Services, Brazil’s Power Willkie Farr & Gallagher Grid Might Soon Craig A. Kelly Senior Director, Reach Capacity Americas Int’l Gov’t Relations, Colombian Energy Minister Diego Mesa said the government will publish a road map for hydro- Brazil’s national power grid oper- Exxon Mobil gen development in the coming months. // File Photo: Colombian Government. ator warned a drought might push Jorge León Energy Economist, the country’s electricity generation BP Colombian Minister Diego Mesa announced last month that to its limit by November. Page 5 Jeremy Martin the government in September is set to publish a road map Vice President, Energy & Sustainability, Institute of the Americas for the next 30 years, establishing the production, use and OIL & GAS Q export of hydrogen. Mesa said the country’s renewable water Larry Pascal Chairman, resources put it in an ideal position to produce green hydrogen, which López Obrador Americas Practice Group, Haynes & Boone is made from renewable energy resources. He also mentioned interest Downplays U.S. R. Kirk Sherr “from some companies in Germany” to develop green hydrogen in the Complaints Over President, Andean nation. How much potential does Colombia have to become a Clearview Strategy Group Energy Policy leading green hydrogen producer, and what benefits would that bring for Mark Thurber A bipartisan group of U.S. Partner, the country? What should the government’s road map for hydrogen pro- lawmakers said Mexico’s energy Hunton Andrews Kurth duction include? What specific regulations and incentives are necessary policy harms investors, but Alexandra Valderrama Mexican President Andrés Manuel Director, to jumpstart investment in Colombia’s budding green hydrogen industry, López Obrador said the legislators International Government Affairs, and which countries and companies could be potential partners in its represented a minority view. Chevron development? Page 3 Jose L. Valera Partner, Mayer Brown LLP Lisa Viscidi Natalia Gutiérrez, executive president of the Colombian As- Program Director, sociation of Electric Energy Generators (Acolgen): “Accord- Inter-American Dialogue ing to an IDB study, Colombia has tremendous potential in the Vanessa Wottrich Principal Analyst for Latin America, production of blue hydrogen in a first stage, but in the long Equinor A term, green hydrogen has more competitiveness, especially in the north Caribbean zone, where the price could drop up to $1.5/kilogram. However, those prices won’t be reached until 2050, while other countries—Chile, for example—plan to reach them by 2030. The study does not consider two opportunities: one is related to tax exemptions to promote hydrogen production in accordance with the recent Energy Transition Law. The IDB López Obrador // File Photo: Mexi- Continued on page 3 can Government.

OIL AND GAS NEWS investment environment and the lower interest NEWS BRIEFS of European companies in extra-heavy crude TotalEnergies, due to CO2 emissions,” Monaldi said. Argentina to Have 51 Percent Renewable Equinor Exit Joint ExxonMobil Makes Energy by 2040: AGEERA Venture in Venezuela ‘Significant’ Find Argentina’s association of electricity generators, AGEERA, estimates that renewable Paris-based oil producer TotalEnergies and Off Coast of Guyana energy sources will make up 51 percent of the Norway’s Equinor have decided to exit their country’s energy matrix by 2040, EconoJournal joint venture in Venezuela, Bloomberg News Houston-based ExxonMobil announced reported last week. Meanwhile, the Argentine reported Thursday. Venezuelan state oil Wednesday that it had made a “significant Industrial Union (UIA) and the Association of company PDVSA will now own 100 percent new oil discovery” at its Whiptail well in the Large Users of Electric Energy, or AGUEERA, of the Petrocedeño venture, which produces Stabroek Block off the coast of Guyana. “This forecast that about 20 percent of cars and 50 extra-heavy crude oil from the Orinoco Belt in discovery increases our confidence in the percent of buses in 2040 will be electric. [Edi- Venezuela, transports it and transforms it into resource size and quality in the southeast area tor’s note: See related Q&A in the July 23 issue light crude oil. According to a statement from of the Stabroek Block and could form the basis of the Energy Advisor.] TotalEnergies, the transaction was carried out for a future development” in the area, said Mike for a “symbolic amount in exchange of a broad Cousins, senior vice president of exploration and new ventures at ExxonMobil. ExxonMobil Acciona Energía Begins Venezuelan state oil holds 45 percent interest in the Stabroek Block, with Hess holding 30 percent interest and a Operations at 922-MW company PDVSA will now unit of China’s CNOOC Ltd. holding 25 percent Solar Complex in Chile own 100 percent of the interest. [Editor’s note: See related Q&A in the Acciona Energía last week began operations at June 4 issue of the Energy Advisor.] Petrocedeño venture. the Malgarida solar complex in Chile’s Atacama desert, Energía Hoy reported. The complex, which consists of 580,000 solar panels, has indemnity in relation to the past and future Mexico’s Pemex an installed capacity of 922 megawatts. Total participation of TotalEnergies in Petrocedeño.” Swings to a Profit investment in the solar power plant was of 144 The deal will result in the recognition of an million euros, or about $170 million, according exceptional capital loss of $1.38 billion in the for Second Quarter to the report. The Malgarida complex is expect- financial statements of TotalEnergies. Arnaud ed to generate 654 gigawatt-hours per year, Breuillac, the president for exploration and Mexican state oil company Pemex on Wednes- or enough to supply around 280,000 homes in production at TotalEnergies, said the sale is day reported a net profit of 14.4 billion pesos Chile. in line with a strategy of “focusing new oil ($721 million) in the second quarter, Reuters investments on low carbon intensity projects, reported. Crude production rose 3.8 percent which does not correspond to extra-heavy oil as compared to the same period a year earlier, development projects in the Orinoco Belt.” with profits boosted by higher prices for oil. Curaçao’s RdK to Close Although Total, as the company was formerly However, financial debt at Pemex surpassed Utilities Subsidiary known, once was a major player in Venezuela, $115 billion at the end of the quarter, raising Curaçao’s state-owned RdK is set to close its last year less than 0.5 percent of the compa- alarms among investors over the sustainability utilities subsidiary CRU as of Sept. 30, the ny’s combined oil and gas production came of its debt burden. In an earnings call Wednes- company announced, Argus Media reported from the Andean country. Petrocedeño is one day, Pemex CEO Octavio Romero pushed back last week. RdK will also begin selling some of the largest projects in the Orinoco Belt and on a decision this week by Moody’s Investors 865,000 barrels of locally stored Venezuelan possibly the largest private investment project Service to downgrade Pemex’s ratings further crude, products and blendstock that it acquired in the history of Venezuela, Francisco Monaldi, into junk status. “It seems to us that it’s an from CRU in a June 11 auction. The moves director of the Latin American Energy Program action taken by the credit rating agency that are part of the company’s broader strategy to at Rice University, said in a tweet Thursday. lacks professionalism, ethics—in short, it’s consolidate its assets amid uncertainty over “The abandonment of the project reflects something shameful,” Romero said, Bloomberg revamping its Isla refinery, which used to be two very bad circumstances for Venezuela ... News reported. Pemex was also in headlines operated by Venezuelan state firm PDVSA. The lack of prospects for improvement in the Wednesday over a proposal from President

Andrés Manuel López Obrador’s administra- FEATURED Q&A / Continued from page 1 tion to set a maximum price for cooking and heating gas, a practice that hearkens back to said it would include it in its next version of renewable sources of energy. Both green and before major energy reforms nearly a decade the study—we will have to wait and see what blue hydrogen developments are defined in ago that introduced competition to Pemex’s Colombia’s real level of competitiveness is the new law, and the Colombian government monopoly role in the sector. López Obrador as a result. The second is that the country is adamant in finding opportunities to lead tried this week to invoke emergency powers to might be missing the chance to produce in on this front. The UPME, or National Unit for decree a six-month price cap, but the country’s hydroelectric plants, as these were excluded Mining and Energy Planification, has been federal economic competition commission has from the benefits provided by the Energy actively investigating how Colombia can pushed back, saying in a statement that current Transition Law to new renewables sources. continue to improve its energy mix, with par- law does not allow the president to set price The definition of ‘green hydrogen’ was limit- ticular attention on hydrogen as a next-gen- ceilings, the Associated Press reported. ed only to hydrogen produced with non-conventional sources of renewable energy, while the definitions set by international agencies [Becoming a leader in AMLO Downplays such as IEA or IRENA includes all renewable hydrogen production] U.S. Complaints sources. This reduces Colombia’s competi- will require clarity in tiveness and limits the production potential. the rule of law, sta- Over Energy Policy One benefit hydrogen production can bring is ble taxes and timely the opportunity to decarbonize an import- permitting...” ant amount of the industrial and transport Mexican President Andrés Manuel López —Jose Zapata Obrador last week downplayed U.S. legislators’ sectors, two energy-intensive sectors with a complaints of Mexico’s energy policies, Argus significant potential for emissions reduction. Media reported. Twenty-one U.S. lawmakers Colombia still has key coal reserves, and it eration fuel ensuring clean transport. The from both the Democratic and Republican needs to develop a road map to still benefit Inter-American Development Bank has also parties recently sent a letter to U.S. President from this energy source by extending its been assisting the Colombian government in Joe Biden, calling on his “immediate and sus- lifespan with the use of carbon capture, understanding the steps required to develop tained attention and a timely solution” to recent utilization, and storage (CCUS) technology. this subsector. Blue hydrogen has great changes to Mexico’s energy policy, which they We also expect the road map to include a potential given Colombia’s historic coal pro- said harm U.S. investors. Among the signa- plan to promote the use of hydrogen and duction capacity, as does green hydrogen, if tories were Senators John Cornyn (R-Tex.), technical adjustments to use existing natural renewable energy sources can be consoli- Ted Cruz (R-Tex.) and James Inhofe (R-Okla.) gas infrastructure. Colombia has great dated. To the extent that Colombia can find as well as 17 members of the U.S. House of potential for hydrogen use, which will allow a way of avoiding overregulating the industry Representatives. However, López Obrador said for cleaner energy and the sustainable use as it develops and secure long-term stable the legislators represented a minority. “There of coal and natural gas, in order to meet our ties with companies specialized in hydrogen is really no problem,” he said, Argus Media climate goals.” development, such as Siemens Energy, it reported. “Mexico’s situation is exceptional, would undoubtedly become a leader in this unbeatable for investment. We see, as always, Jose Zapata, partner at Holland area. This will require clarity in the rule of some who protest, but they are an insignifi- & Knight LLP: “July 10’s Law law, stable taxes and timely permitting, con- cant minority,” the president added. The U.S. 2099 sets forth key regulatory sidering that Chile already has a head start. congresspeople argued that Mexico’s energy A aspects for Colombia’s ‘Energy By following this plan, the Ministry of Mines policy “undermines the spirit and letter of the Transition, Improving Energy Market Dynam- and Energy of Colombia expects to produce U.S.-Mexico-Canada free trade agreement ics and Reactivating the Economy’ plan. The eight million tons of green hydrogen by 2030, (USMCA) and affects the livelihoods of our regulation modifies and adds to the 2014 which would be a great achievement for the fellow Americans working in the energy sector.” Law 1715, which fosters unconventional country.” Recent changes in Mexico’s energy sector have Continued on page 6 sparked investor concern, among them reforms the country’s carbon dioxide emissions. In ernment’s energy policies, La Jornada reported. that favor state energy firm Pemex and state related news, Mexico’s Federal Economic Com- The recent regulatory changes in the electric- utility CFE in regulatory proceedings. The U.S. petition Commission, or Cofece, on Monday ity industry discourage the installation and lawmakers argued that dispatch preferences to said that Mexico will fail to meet its climate operation of new projects with more efficient CFE will drive up electricity costs for Mexican change commitments due to the current gov- generation, Cofece said in its quarterly report, consumers and manufacturers and increase

COPYRIGHT © 2021, INTER-AMERICAN DIALOGUE PAGE 3 LATIN AMERICA ENERGY ADVISOR July 30, 2021 which it submitted to Congress. “[López Obra- dor’s] views of a government-controlled sector THE DIALOGUE CONTINUES that relies on dirty fuels to produce power contradict global principles on climate change and clean energy,” Carlos de María y Campos, Why is Argentina’s Output partner at Galicia Abogados, told the Energy of Natural Gas Still Lagging? Advisor in a Q&A published June 25. López Obrador’s proposals would “breach internation- Argentina might sink into an al commitments, such as the Paris Agreement, energy deficit that could reach electricity generation through contracts and regional trade deals, including USMCA, $1 billion due to local natural signed after the tenders. This is possible putting Mexico at the brink of an unnecessary Q gas shortfalls that have forced due to enormous subsidies that support and dispute against its most important partners,” the country to turn to more costly imports ensure prices for gas producers of $3.60 per he added. of liquefied natural gas, or LNG, Reuters metric million British Thermal Units (MMBtu) reported. While the country’s oil production from 2021 to 2024. The plan gave certainty ANP Approves BP has strongly rebounded from stalling levels about the evolution of prices for producers. last year amid the pandemic, gas output has However, in March, union problems brought Transfer to Petrobras continued to lag despite the government’s so-called Gas Plan, which aims to incentiv- The Gas Plan has in Foz do Amazonas ize natural gas production. What accounts been useful ... but it for the Argentine oil sector’s fast recovery is not enough.” Brazilian oil and gas regulator ANP last week this year? Why has natural gas production — Graciela Bravo & Carina Guzowski approved the transfer of BP Energy’s 30 percent failed to rebound in the same way, and what stake in five deepwater exploration conces- does that mean for the country’s electricity sions in the Foz do Amazonas basin to state supply and the broader economy? To what pickets at gas production plants that pre- oil company Petrobras, BNAmericas reported. extent has the government’s Gas Plan been vented the entry and exit of personnel and With the transaction’s approval, Petrobras is effective, and what else can President Al- machinery to deposits for a very long time, now set to own 100 percent of the five blocks berto Fernández’s administration do to help practically paralyzing all activities. It took in the basin, where no operators have obtained increase gas output? more than 20 days to resolve the issue. It drilling licenses in recent years. ANP previous- had a strong impact on the local market, as ly approved the transfer of French company activities related to unconventional fields Total’s 40 percent stake in the blocks to the Graciela Bravo, business require a long time to resume production Brazilian firm. In addition to Petrobras and BP, manager at NRG Energía, and at maximum efficiency. The Gas Plan has only two other firms, Brazil’s Enauta and Brasoil Carina Guzowski, professor at been useful, but it is not enough. The Manati Exploraçao Petrolífera, have assets in A Universidad Nacional del Sur challenge is improving infrastructure and Foz do Amazonas, according to the report. in Argentina: “Natural gas is a critical input reactivating local demand so that the Vaca for the evolution of Argentina’s entire energy Muerta can reach full potential—maximum system, mainly because it is the fundamen- exploitation could bring enormous volumes Attorney Who Fought tal resource to supply power plants, and of production. Pipelines are needed to allow Chevron in Ecuador because it is a key energy source in the the country to export it, as local demand is residential and industrial sectors. Its lack small compared to its export potential. It Case Is Convicted of availability triggers direct effects on the is necessary to complement the plan with electric system and on the economy. Due investments and a strong commitment to re- Steven Donziger, a disbarred attorney from the to the local gas shortage, Argentina has gional integration, and we need Vaca Muerta United States, on Monday was found guilty of sometimes been forced to resort to more to go from being a resource to a meaningful six counts of criminal contempt of court in the expensive imports of natural gas or LNG. To producer.” latest development of a nearly three-decade face this problem, the government designed case against oil company Chevron in Ecuador, the Gas Plan, whose main objective is to The Wall Street Journal reported. U.S. District encourage natural gas production. It has EDITOR’S NOTE: More commentary on Judge Loretta Preska found Donziger guilty, given a strong boost to the gas market, this topic appears in the Q&A of last week’s writing in an order issued Monday that “it’s mainly to sustain a certain volume to satisfy issue of the Energy Advisor. time to pay the piper.” Donziger, who has spear- the residential sector’s demand as well as

NEWS BRIEFS headed the fight against Chevron over pollution called on consumers to be conscientious in in the Amazon, has been under house arrest for their use of power and water, designing a vol- Salvadoran Judge Orders nearly two years awaiting a trial over charges untary program to encourage companies to use that he repeatedly neglected court orders. power outside of peak hours, Reuters reported Arrest of 10 Ex-Officials Preska said the contempt case is unrelated to earlier this month. Hydroelectric dams in Brazil Including Sánchez Cerén any responsibility Chevron might bear regard- have reported the lowest water inflows in more A judge in El Salvador on Wednesday ordered ing accusations of environmental harm by the than 90 years, which has driven up energy the pre-trial arrest of 10 former government company’s predecessors in the Andean nation’s prices and contributed to the country’s rising officials, including ex-President Salvador Sán- jungles. Chevron has repeatedly denied any inflation rates. “Shortage of energy is unlikely chez Cerén, on corruption charges that involve culpability, and it has accused the disbarred to happen in the near future, but higher prices $2.6 million in illicit money, the Associated lawyer of bribing the judge in Ecuador following are expected,” Renato C. Zambon, professor Press reported. All of the former officials were a 2011 decision ordering the company to pay at the University of São Paulo, told the Energy part of the government of ex-President Mauri- $9.5 billion in damages, The Guardian reported. Advisor in a Q&A published May 28. cio Funes, who has received political asylum in Donziger said Monday that he plans to appeal Nicaragua. The court said it would work with the decision, adding that it marked “a sad day Interpol to seek the arrest of Sánchez Cerén, for the rule of law, for our democracy and our POLITICAL NEWS who is reported to be out of the country, and planet.” He faces as many as six months in jail, four others who are at large. The Guardian reported. Castillo Inaugurated as Peru’s President Ecuadorean Court POWER SECTOR NEWS Revokes Citizenship Leftist rural schoolteacher Pedro Castillo, a Brazil Power Grid political novice who has never before held an of WikiLeaks’ Assange elected office, was sworn in Wednesday as An Ecuadorean court this week revoked to Reach Limit by president of Peru. Castillo defeated conser- WikiLeaks founder Julian Assange’s citizenship November: ONS vative former lawmaker Keiko Fujimori in a in the South American country, CNN reported razor-thin June 6 runoff that election officials Wednesday. Then-Ecuadorean President Lenín took six weeks to decisively call. In his inau- Brazilian national power grid operator ONS Moreno’s government granted citizenship to gural speech, which also marked the country’s said last Friday that the worst drought in nearly Assange in January 2018. Assange had spent a century might push the country’s electricity nearly seven years holed up in Ecuador’s em- generation capacity to its limit by November, bassy in London but was eventually arrested in Reuters reported. Hydroelectric plants have 2019 and is currently imprisoned in Britain. struggled amid depleted water reservoirs in recent months. Despite expectations that the power system will reach its limit in four Mexico Signs Deal With months, the ONS said it did not forecast elec- U.S. FAA in Hopes of tricity shortages for consumers. “With regard to meeting power requirements, there are Recovering Safety Rating significantly reduced surpluses in the month Castillo // Photo: Facebook Page of Pedro Castillo. Mexico has inked a deal with the U.S. Federal of October, with the exhaustion of practically bicentennial, Castillo said colonial-era divisions Aviation Administration, or FAA, with the hopes all resources in the month of November,” the still separate Peruvians from each other, Reu- of recovering its Category 1 air safety rating, ONS said in a note. The agency earlier this ters reported. “The defeat of the Inca Empire Mexico’s ministry of communications and month asked electricity generators to delay gave rise to the colonial era, it was then ... that transportation said on Monday, Reuters report- maintenance and technical work for as long as the castes and differences that persist to this ed. FAA representatives are set to visit Mexico possible to avoid exacerbating the power crisis, day were established,” said Castillo. Castillo in August to provide technical assistance but the ONS has insisted that there is no need said he would respect private property and set and an evaluation of the country’s efforts to for energy rationing. Despite reports that the clear rules for the mining sector. However, he reverse a safety demotion to the lowest level government had floated the idea of rationing also said he would crack down on “monop- in May. The downgrade bars Mexican airlines electricity, the administration of President Jair olies” in the utilities and financial services from adding new flights to the United States. Bolsonaro announced this month that there are sectors, leading the country’s bonds to fall, no plans for that. Instead, the government has Bloomberg News reported.

FEATURED Q&A / Continued from page 3 LATIN AMERICA ENERGY ADVISOR is published weekly by the Inter-American Dialogue ISSN 2163-7962 Juanita Hernández Vidal, and road infrastructure, as well as creating managing partner at Estudio and expanding tax benefits to compensate Erik Brand Legal Hernández in Bogotá: “Re- for high investment costs.” Publisher [email protected] garding the potential for green A Gene Kuleta hydrogen production in Colombia and the de- Ana Angel, Latin America man- Editor velopment of a road map that incorporates ager at Hinicio: “Colombia has [email protected] incentives and promotes the use and genera- excellent potential to produce Anastasia Chacón González tion of this energy source in the country, the A solar and wind energy close to Reporter & Associate Editor timing could not be better, as the expansion its Atlantic coast and is one of the leading [email protected] in the use of nonconventional energy countries in the production of hydropower sources is increasingly opening up the green in the world. This will allow for producing green hydrogen at very competitive costs Michael Shifter, President for national consumption and eventually for Rebecca Bill Chavez, Nonresident Senior Fellow The expansion in the exports. The government is also consid- Bruno Binetti, Nonresident Fellow use of nonconvention- ering reviving the hydrocarbon and coal Sergio Bitar, Nonresident Senior Fellow al energy sources is industries through the production of blue Joan Caivano, Senior Advisor hydrogen. This strategy is questionable and Santiago Cantón, Director, Peter D. Bell increasingly opening Rule of Law Program requires further study, since gas reserves in up the green hydrogen Kevin Casas-Zamora, Nonresident Senior Fellow Colombia are limited, and several authors market worldwide.” Julia Dias Leite, Nonresident Senior Fellow indicate that the cost of hydrogen produced — Juanita Hernández Vidal Ariel Fiszbein, Director, Education Program with coal and carbon capture and storage Sandra García Jaramillo, Nonresident Senior Fellow (CCS) could exceed the costs of production Selina Ho, Nonresident Senior Fellow hydrogen market worldwide. This is true not of green hydrogen. The country’s carbon Edison Lanza, Nonresident Senior Fellow only in hydrocarbon production or metallurgy storage location and total sequestration po- Nora Lustig, Nonresident Senior Fellow (markets that will continue to require its use tential should also be studied, since not all Margaret Myers, Director, Asia Program and in the case of metallurgy will even see depleted oil and gas reservoirs are suitable Manuel Orozco, Senior Fellow an increase in its demand), but also in the for finding attractive business cases for Xiaoyu Pu, Nonresident Senior Fellow transportation and electric energy industries. carbon storage. The most important ques- Jeffrey Puryear, Senior Fellow Colombia not only has great hydrological tion surrounding hydrogen is how to make Tamar Solnik, Director, Finance & Administration potential (used in the production of green green and blue hydrogen competitive against Lisa Viscidi, Director, Energy Program hydrogen), but it also has been strengthen- gray hydrogen. This requires multiple policy Denisse Yanovich, Director of Development ing the production of electricity (used for instruments such as a carbon tax or some the separation of hydrogen from water), carbon disincentive, financing mechanisms Latin America Energy Advisor is published weekly, with the exception of some major especially from non-conventional renewable and tax reductions. Colombia should quickly U.S. holidays, by the Inter-American Dialogue sources, with privileged solar and wind start developing hydrogen projects aimed 1155 15th Street NW, Suite 800 Washington, DC 20005 resources because of its mountainous and at the export market, as competition among www.thedialogue.org equatorial geography. The roadmap should potential exporters such as Australia, Chile Subscription inquiries are welcomed at focus on promoting elements common to and Morocco is rapidly intensifying. These [email protected] the production of any good in Colombia in projects have a long development cycle, so order to make the country an attractive mar- Colombian developers must prepare today The opinions expressed by the members of the Board of Advisors and by guest commentators do not necessarily ket, such as the necessary infrastructure for if they want to gain first mover advantage represent those of the publisher. The analysis is the sole easy transportation and access, including and secure the first off-take contracts at view of each commentator and does not necessarily represent the views of their respective employers or firms. the construction and improvement of ports international markets.” The information in this report has been obtained from reliable sources, but neither its accuracy and completeness, nor the opinions based thereon, are guaranteed. 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