Will Venezuela's Opposition Retain Control of Citgo?

LATIN AMERICA ADVISOR ENERGY ADVISOR A WEEKLY PUBLICATION OF THE DIALOGUE www.thedialogue.org October 11, 2019

BOARD OF ADVISORS FEATURED Q&A TOP NEWS Nigel Blackaby Global Head, OIL & GAS International Arbitration Group, Freshfields Bruckhaus Deringer Will Venezuela’s Russia Will Help Mary Rose Brusewitz Cuba Secure Fuel: Member, Clark Hill Strasburger Opposition Retain Prime Minister Jeffrey Davidow Russia’s government will help Senior Counselor, Cuba secure supplies of oil and The Cohen Group Control of Citgo? petroleum products, Russian Jonathan C. Hamilton Prime Minister Dmitry Medvedev Partner, said in an interview. White & Case Page 2 Ana Heeren Managing Director, FTI Consulting OIL & GAS Raul Herrera Partner, Venezuela Arrests Corporate & Securities Practice, Three in PDVSA Arnold & Porter James R. Jones Joint Venture Chairman, The president of a joint venture Monarch Global Strategies between Venezuelan state oil Jorge Kamine Venezuela’s opposition-controlled National Assembly appointed a new Citgo board of directors company PDVSA and China’s Counsel, (pictured above) earlier this year. // Photo: Citgo. CNPC and two others have been Skadden Arps arrested in connection with a Craig A. Kelly corruption investigation. A U.S. appeals court last month lifted an impediment that Director, Page 3 Americas Int’l Gov’t Relations, had frozen efforts by defunct Canadian gold miner Crys- Exxon Mobil tallex to take control of Citgo, Venezuelan state oil company Tyler Kruzich OIL & GAS Director, Int’l Gov’t Affairs for Q PDVSA’s U.S.-based refiner. The ruling marks a defeat for Moreno Returns to the Western Hemisphere, opposition leader Juan Guaidó and his allies, who have been fighting to Chevron prevent creditors from seizing Citgo since taking effective control of the Quito as Protests Jorge León Energy Economist, company from President Nicolás Maduro’s government. Moreover, if the Rage Over Subsidy BP opposition fails to make a $913 million payment on a 2020 PDVSA bond Ecuadorean President Lenín More- Jeremy Martin no returned to Quito after tempo- due on Oct. 27, creditors reportedly could attempt to seize the company. Vice President, Energy & Sustainability, rarily moving his government to Institute of the Americas What does the court’s ruling mean for Citgo and for Venezuela? How Guayaquil as protests continued Larry Pascal likely is Crystallex to successfully take control of the U.S.-based refiner, over his controversial scrapping Chairman, of a fuel subsidy that had been in Americas Practice Group, and is it expected to put the Citgo shares up for sale, as it has stated it place for decades. Haynes & Boone would do? Is the opposition likely to complete the upcoming payment, Page 2 Charles Shapiro and what would happen if it fails to do so? President, World Affairs Council of Atlanta R. Kirk Sherr Luisa Palacios, chairwoman of Citgo: “In terms of Crystallex, President, Clearview Strategy Group we believe the lifting of the stay by the Third Circuit does Mark Thurber not change the underlying situation with Crystallex’s claims, Partner, which remain stayed by an order of the United States District Hunton Andrews Kurth A Jose L. Valera Court. More importantly, Crystallex does not presently have a license from Partner, OFAC, without which it cannot seize or sell the stock in question, and we Mayer Brown LLP do not expect that to change. This case continues to work through the Lisa Viscidi Program Director, appeals process, which means it can still be reversed. The Third Circuit Inter-American Dialogue just requested a briefing from Crystallex on why it should not rehear the case en banc. For those reasons and others, we do not see any near-term impact to Citgo’s operations or outlook. As to the PDVSA 2020 bonds, it is Moreno // File Photo: Ecuadorean Government. Continued on page 3

OIL AND GAS NEWS sector to private participation under the previ- NEWS BRIEFS ous administration of President Enrique Peña Moreno Returns Nieto. “This agreement furthers strengthens Chilean Prosecutors to the company’s upstream Mexico portfolio and Press Charges Against to Quito as Strike advances its growth strategy in deepwater exploration,” Chevron spokesman Ray Fohr said ENAP Executives Paralyzes Ecuador in a statement. The company did not disclose Chilean prosecutors plan to press charges the value of the deal, which Mexico’s oil regu- against six executives of state energy company In a surprise move, Ecuadorean President Lenín lator, the National Hydrocarbon Commission, ENAP in connection with toxic fumes that sick- Moreno returned to Quito Wednesday after tem- approved earlier last week, Reuters reported. ened hundreds of local residents in the city of porarily relocating his government away from Quintero last year, the prosecutors’ office told the capital amid days of strikes and protests, Russia to Help Reuters on Saturday. The office said it would The Wall Street Journal reported. At the same soon press charges against officials at ENAP’s time, a general strike closed schools, stores Cuba Secure Fuel refineries and port facilities for violating a and factories across the country. Protesters Chilean law on human health. An attorney have disrupted commerce and transportation Supplies: Medvedev representing ENAP workers said the executives in Quito for a week to demonstrate against and workers are innocent. Moreno’s decision Oct. 3 to eliminate fuel Russia will work to help Cuba secure sup- subsidies that cost state coffers more than a plies of oil and petroleum products, Russian billion dollars annually. Moreno’s administra- Prime Minister Dmitry Medvedev said in an Argentine Gov’t Grants tion lifted the fuel subsidies a week ago as part interview broadcast on Saturday, Reuters of its loan agreement with the International reported. Medvedev vowed to help boost Permits for Offshore Monetary Fund. Fuel prices rose overnight Cuba’s energy sector during a visit to the Hydrocarbon Exploration by about 25 percent for gasoline, and diesel Caribbean nation, though he did not announce The Argentine government has granted permits prices doubled, The Guardian reported. Looting any short-term measures to alleviate Cuba’s for offshore hydrocarbon exploration activities and riots broke out in recent days, prompting crippling fuel shortages following tougher to three oil companies with the aim of incorpo- Moreno to temporarily move the seat of his U.S. sanctions. However, support from both rating new reserves and recovering production, government to Guayaquil, but he returned to according to the country’s official bulletin, Quito in a move apparently aimed at showing Reuters reported Monday. The companies are his administration’s strength, The Wall Street I think we will find Total Austral, BP Exploration, Tullow Argentina, Journal reported. So far the number of injuries other ways to help Pluspetrol and Wintershall DEA, the Energy has been minimal, according to media reports. Cuba get oil and Secretariat announced. On Monday, stone-throwing demonstrators petroleum products.” clashed with police using tear gas to fend off — Dmitry Medvedev crowds, the Associated Press reported. [Edi- tor’s note: See related Q&A in the Oct. 4 issue Engie Chile Launches of the Advisor.] Venezuela and Russia, two of Cuba’s closest Construction of 1 GW in allies, is unlikely to resolve the fuel shortages, Renewables Projects which have prompted the Cuban government Chevron Buys 40% to implement energy-saving policies over the Engie Energía Chile last Friday launched the Stake in Mexico last month. Among the measures are cutting construction phase of its plan to install 1 public transportation, reducing production at gigawatt of renewable energy projects, starting Deepwater Blocks some factories and encouraging the use of with three in the country’s Antofagasta region, more animal-powered vehicles and wood-fired Renewables Now reported. Two of the three U.S.-based energy company Chevron Corp. ovens, Reuters reported. “I think we will find projects, the 150-megawatt Calama wind farm has signed an agreement with a unit of Royal other ways to help Cuba get oil and petroleum and the 100-megawatt-peak (MWp) Capricor- Dutch Shell to buy a 40 percent stake in three products,” Medvedev told Rossiya 1 TV when nio solar park are both scheduled to begin deepwater blocks in the Gulf of Mexico, Chev- asked if Russian ships could escort oil tankers operations in 2021. Construction of the third ron said Oct. 4 in a statement. The Anglo-Dutch to Cuba. “We discussed this today and agreed project, the 120-MWp Tamaya solar park, is set firm had won the blocks in auctions since the that we would draft a work plan for energy to begin in the first quarter of next year, Engie Mexican government opened up the energy supplies to Cuba, bearing in mind conventional Chile said.

COPYRIGHT © 2019, INTER-AMERICAN DIALOGUE PAGE 2 LATIN AMERICA ENERGY ADVISOR October 11, 2019 energy sources, hydrocarbons and maybe some contractor more than $52 million in invoices Earlier this week, Brazilian President Jair other available avenues,” he added. [Editor’s dating back to 2018, according to a project Bolsonaro said the oil found was not produced note: See related Q&A on Cuba’s fuel shortages manager at the contractor. or sold in Brazil and suggested instead that and energy sector in the Aug. 9 issue of the it could be the result of criminal activity or a Energy Advisor.] shipwreck. In the spill, some 100 tons of crude Oil Spill Polluting has drifted toward Brazil’s coastline, The New Brazil ‘Likely From York Times reported. Oil has been found on at Venezuela Arrests least 132 beaches. The origin of the spill is still Three in PDVSA Venezuela’: Minister being investigated. Bolsonaro told reporters on Monday that “it could be something criminal, Joint Venture Brazilian Environment Minister Ricardo Salles it could be an accidental spill, it could also be said on Wednesday that the oil polluting the a ship that sank,” Reuters reported. Petrobras Venezuelan authorities have arrested the pres- country’s northeastern beaches is “very likely said this week that molecular tests of oil ident and two other officials in a graft probe from Venezuela,” citing a report by Brazilian samples showed they are not compatible with at state oil company PDVSA’s Sinovensa joint state oil company Petrobras, Reuters reported. the oils the firm produces and sells. In recent venture with China National Petroleum Corp., or Salles told a congressional hearing that “all weeks, environmental agencies in Brazil have CNPC, Reuters reported Saturday, citing oil sec- indications” point to a foreign vessel near the collected more than 100 metric tons of oil tor and intelligences sources. It is unclear what Brazilian coast caused the spill “accidentally across hundreds of kilometers of coastline in the specific accusations are against Sinovensa or not,” adding that the spill is “enormously the state of Sergipe, Salles has said, according President Alberto Bockh and the two other difficult to contain,” the wire service reported. to the report. detained employees. Bockh was arrested in FEATURED Q&A / Continued from page 1 the eastern Anzoátegui State on Thursday, ac- hard to imagine that the Guaidó administra- claim from Crystallex. Even if the ruling is tion should be expected to make an almost upheld, the shares’ value is a multiple of the $1 billion payment to satisfy the Maduro claim, and it would be a matter of protracted regime’s irresponsible debts in the midst of litigation how the process of selling these an unprecedented humanitarian crisis. We shares would be implemented. But, more are confident that a solution will emerge that importantly, right now, the claimants do not is consistent with the Trump administration’s policy of saving Citgo on behalf of Venezu- elan democracy. Continued support from Losing Citgo would Maduro // File Photo: Venezuelan Government. the United States government also is vitally be a significant blow important to preserve American jobs and to U.S. foreign policy cording to five PDVSA sources, an intelligence energy security.” toward Venezuela...” source and another person in the local oil — Francisco J. Monaldi sector familiar with the case, Reuters reported. Francisco J. Monaldi, fellow The joint venture started an expansion project in Latin America energy policy to increase production to 165,000 barrels per and lecturer in energy econom- have a license from the Treasury and thus day (bpd), Venezuelan President Nicolás Madu- A ics at Rice University’s Baker cannot execute the sale of the stock. The ro said in August, up from a current capacity of Institute for Public Policy: “The ruling was PDVSA 2020 bondholders are a more imme- 110,000 bpd. Sinovensa produces extra-heavy undoubtedly negative for the Guaidó team, diate threat to Citgo, because the creditors Orinoco crude and blends it with lighter oil to but the dispute is far from over. The legal do have a license to execute the collateral. produce medium-grade Merey, whose demand case continues, and although rulings are It would be very challenging, financially in Asia is high, according to the report. PDVSA hard to reverse in the appeal process (or and even more politically, for the Guaidó has been increasingly shipping crude produc- the Supreme Court), the case is unusual team to make a payment of this size, when tion to Asia in the wake of U.S. sanctions that because the Guaidó team was only able to it does not control the country’s cash flow, have blocked sales of Venezuelan oil to the come in during the last stages, and the court and Venezuela is facing the worst economic U.S. market. However, a Chinese oil contractor wasn’t able to balance the policy of the U.S. collapse in the region’s history. Losing Citgo in September halted Sinovensa’s expansion government supporting Guaidó against the would be a significant blow to U.S. foreign project due to lack of payment, Bloomberg interest of the speculators who acquired the policy toward Venezuela, to the Guaidó team News reported last month. Venezuela owed the Continued on page 6

POLITICAL NEWS ADVISOR Q&A Colombia’s Uribe Testifies Before Is the USMCA Deal Doomed Supreme Court If Congress Fails to Ratify It?

Former Colombian President and current Nearly a year after U.S. want to give this president a victory on any Senator Álvaro Uribe on Tuesday testified to the President Donald Trump’s trade agreement. For others, there was a country’s Supreme Court as part of a probe into administration reached a trilat- genuine concern over the labor provisions his alleged involvement in witness tampering Q eral agreement on the United and whether the Mexican government’s and bribery, El Tiempo reported. Uribe, who States-Mexico-Canada, or USMCA, trade budget was sufficient to ensure adequate has repeatedly declared his innocence and pact, the U.S. Congress has yet to ratify the enforcement. Fortunately for the USMCA, questioned the court’s independence, arrived at deal. Meanwhile, the U.S. manufacturing while much of the administration has been in the Supreme Court early in the morning accom- sector saw the worst reading in 10 years, open warfare with Congress, the USTR—Am- and Mexico’s manufacturing sector ended bassador Robert Lighthizer—has cultivated the third quarter with its worst performance a positive working relationship with key in eight years, according to an IHS Markit Democrat leaders in the House and has been survey. How likely is the U.S. Congress to transparent in attempting to resolve Demo- approve USMCA this year, and what sorts of crats’ differences over the provisions. Now, complications would pushing its ratification however, the impeachment imbroglio raises into 2020 bring? How are political dynamics another barrier to approval of the agreement. affecting the deal’s passage? If the trade Will the House leadership want to take up pact is delayed further, to what extent will a trade agreement in the midst of impeach- North America’s manufacturers suffer? ment proceedings? Will they carve out time Uribe // File Photo: Colombian Government. to get it done before the end of 2019? If panied by legislative allies and bodyguards, Jim Kolbe, senior transatlantic submission of the text or a vote in the House Reuters reported. He declined to provide a fellow at the German Marshall is delayed until 2020, the prospects for statement to reporters. The private hearing, Fund of the United States and passage in an election year will be signifi- could last days, said one of Uribe’s lawyers. A former Republican member of cantly dimmed. In that event the question is Uribe could eventually serve time in prison the U.S. House of Representatives from reduced to whether the president attempts if convicted in the case, Reuters reported. Arizona: “When negotiations were com- to initiate a withdrawal from the existing The hearing is the latest development in a pleted for the USMCA, most supporters NAFTA agreement. Were that to happen the long-standing feud between Uribe and leftist breathed a sigh of relief. Such relief was consequences for the economies of Canada, Senator Iván Cepeda. premature. While Mexico and Canada moved Mexico and the United States, the largest swiftly toward approval, the process soon three-way trading agreement in the world, stalled—or slowed to glacial speed—in the are likely to be catastrophic.” Guatemalan High United States. The reason? The convoluted Court Suspends process for approval by Congress requiring agreement on the provisions before the EDITOR’S NOTE: More commentary on this Panel Probing CICIG text is submitted to Congress for an up topic appears in Wednesday’s issue of the or down vote. With Democrats in control Latin America Advisor. Guatemala’s highest court on Wednesday of the House, there were some who don’t ordered the suspension of a recently created commission to investigate a U.N.-backed now-defunct CICIG’s work over the past 12 faced formal efforts to strip their immunity anti-graft agency, the International Commis- years in the Central American country, which from prosecution for alleged graft and other sion Against Impunity in Guatemala, or CICIG, included working with prosecutors to bring crimes, Al Jazeera reported. The commission, El Periódico reported. In late September, high-level politicians and businessmen to trial which started work last week, aimed to probe Guatemala’s Congress voted to approve a and ultimately jailing then-President Otto Pérez the existence of “illegal or arbitrary acts” and commission of five lawmakers to look into the Molina. Two of the five commissioners had potentially recommend legal action, according

NEWS BRIEFS to the report. The Constitutional Court on Mon- ECONOMIC NEWS day struck it down, after the country’s attorney Colombia’s FARC Political general, a private lawyer and a civil society Mexico’s Inflation Party Expels Dissidents group had filed injunctions against the commission. The court ruled the panel unconstitu- Slows to Three-Year Returning to Arms tional, saying it violated the Public Ministry’s Colombia’s FARC political party announced autonomy, Deutsche Welle reported. CICIG left Low in September Wednesday that it had expelled a group of Guatemala last month after President Jimmy dissidents who in August issued a new call to Morales, who has accused the anti-corruption Mexico’s inflation slowed to a three-year low arms, Agence France-Presse reported. “The body of overstepping, declined to renew its in September, coming in line with the central re-armament announcement disregards our mandate a year earlier. bank’s 3 percent target and with expectations national leadership,” the FARC political party that the Bank of Mexico will continue to lower said in a statement, which was aimed at rebels Nicaragua Refuses to interest rates as the economy stalls, new data including Iván Márquez and Jesús Santrich, from the national statistics agency showed who appeared in a video saying they were Return Private TV Wednesday, The Wall Street Journal reported. returning to armed struggle and accusing the The country’s consumer price index rose 0.26 government of failing to adhere to its obliga- Station to Owners percent last month from the end of September tions under the country’s 2016 peace deal. and increased 3 percent from one year ago, [Editor’s note: See related Q&A in the Sept. 16 Nicaraguan President Daniel Ortega’s gov- marking the lowest annual rate since Septem- issue of the daily Latin America Advisor.]. ernment has said that 100% Noticias, a ber 2016. Core CPI, which does not include private television station that police seized in volatile prices, such as those of energy and December, will not be returned to its owners, agricultural products, was up 0.30 percent in accusing them of inciting anti-government September from the previous month, bringing Mexican Senate Approves violence, according to a statement submitted the annual rate to 3.75 percent, from 3.78 in Medina Mora’s Departure to the Inter-American Human Rights Commis- August. In a Banxico poll last month, econo- From Supreme Court sion, the Associated Press reported Saturday. mists lowered their median year-end inflation In the statement, the government alleges the forecast to 3.07 percent from 3.36 percent The Mexican Senate on Tuesday overwhelm- occupation of the TV station is necessary while in August, The Wall Street Journal reported. ingly approved the resignation of Supreme it probes the station’s director, Miguel Mora, The estimate for core CPI remained about the Court Associate Justice Eduardo Medina Mora, and head of news Lucía Pineda for alleged in- same, at 3.63 percent. “Core services inflation who in an unusual move served just four years volvement in a “failed coup attempt.” Mora and was impacted by the seasonal increase in of a 15-year term, Excélsior reported. The fac- Pineda were both imprisoned for six months. education costs but benefited from lower pro- tors that led to Medina Mora’s resignation are fessional service costs and declining prices for still unclear, although reports in recent months Internet/TV/phone packages,” Alberto Ramos raised questions about transfers to accounts Rain Has Put Out of Goldman Sachs said in a note. abroad that allegedly exceeded Medina Mora’s declared income. Bolivia Wildfires: Provincial Officials Goldman Eyes Sale of Stake in Mexico Toll CAF Denies Consideration Heavy rains have put out wildfires that of Loan for Venezuela destroyed more than four million hectares of Road Operator land on the eastern side of Bolivia, according Multilateral lender CAF said Wednesday that it to a Santa Cruz province official, BBC News New York-based investment firm Goldman is not currently considering a $400 million loan reported Monday. “Satellite images no longer Sachs is in advanced talks to sell a majority to Venezuela, Reuters reported. The develop- detect burning or reactivated fires,” said Cinthia stake in the Red de Carreteras de Occidente, or ment bank’s statement contradicted Venezu- Asin, an environmental official in the province, RCO, one of Mexico’s largest private toll road elan opposition leader Juan Guaidó who said Reuters reported. The fires led to protests operators, Bloomberg News reported Wednes- a day earlier that CAF was preparing financing against President Evo Morales’ environmental day, citing people familiar with the deal. Spain’s for Venezuela that would not be administered policies. Last week, hundreds of thousands of Abertis Infraestructuras and Singapore’s by President Nicolás Maduro’s government. people took to the streets to protest what they sovereign wealth fund GIC could pay some $3.3 Dozens of countries have recognized Guaidó say is a slow response to the fires by Morales’ billion for a 70 percent stake in the company, as Venezuela’s legitimate president. government. according to the report.

FEATURED Q&A / Continued from page 3 LATIN AMERICA ENERGY ADVISOR is published weekly by the Inter-American Dialogue Copyright © 2019 and to the possibility of an orderly recovery voke GL 5, secure asset protection or reach of Venezuela’s public finances and economy, agreement with creditors could increase the Erik Brand after a transition. The Trump administration risks of losing Citgo in the short term, which Publisher [email protected] would be ill advised to allow these creditors, could be a heavy blow for the Venezuelan who were part of a legally dubious financing oil industry and its recovery prospects in the Gene Kuleta Editor deal with Maduro, to carve out Citgo. The future.” [email protected] ball is in their hands.” Anastasia Chacón González Michael Lynch, president of Reporter Asdrúbal Oliveros, director, Strategic Energy & Economic [email protected] and Giorgio Cunto Morales, Research in Amherst, Mass.: economist, both at Econanalíti- “The latest court ruling could A A ca in Caracas: “The Third Circuit hasten the end of Venezuela’s control of Michael Shifter, President Court of Appeals’ ruling increases the risk Citgo, one of its more valuable assets at Rebecca Bill Chavez, Nonresident Senior Fellow of Venezuela losing its most valuable asset present. Although there is every likelihood Sergio Bitar, Nonresident Senior Fellow overseas, as it could incentivize other of continuing court action, and possibly an Joan Caivano, Director, Special Projects creditors of the country’s debt to push effort by the Trump administration to assist Michael Camilleri, Director, Rule of Law Program for similar settlements, given Crystallex’s opposition leader Guaidó in order to prevent Kevin Casas-Zamora, Nonresident Senior Fellow successful precedent of linking PDVSA as the transfer of control to Crystallex, it might Héctor Castro Vizcarra, Nonresident Senior Fellow an ‘alter-ego’ of the Venezuelan government be too late to prevent that. At any rate, Citgo Julia Dias Leite, Nonresident Senior Fellow and allowing debt from the latter to be Ariel Fiszbein, Director, Education Program essentially transferred to the former; the Peter Hakim, President Emeritus list of potential claimants over Citgo could Citgo will almost Nora Lustig, Nonresident Senior Fellow grow considerably larger. Likewise, current certainly be sold Margaret Myers, Director, Asia and holders of PDVSA’s debt may be emboldened and merged into Latin America Program to push their claims in the face of steeper Manuel Orozco, Director, Migration, another operator.” Remittances & Development competition. In practice, though, these legal — Michael Lynch Xiaoyu Pu, Nonresident Senior Fellow proceedings can be extended for prolonged Jeffrey Puryear, Senior Fellow periods and, even with a denouement in Mateo Samper, Nonresident Senior Fellow favor of claimants, Crystallex and others seems increasingly unlikely to remain under Tamar Solnik, Director, Finance & Administration would require a license by the U.S. govern- the control of Petróleos de Venezuela, as Lisa Viscidi, Director, Energy Program ment, as current sanctions forbid transfer of it continues to deteriorate, and its opera- Denisse Yanovich, Director of Development and Venezuelan government’s assets within the tions become more and more problematic. External Relations United States. The biggest concerns lie with Perhaps the best outcome would be for a Latin America Energy Advisor is published PDVSA’s 2020 bond, which is backed by 50.1 court-appointed receiver to assume control weekly, with the exception of some major percent of Citgo shares, as General License of the company so that it can continue to U.S. holidays, by the Inter-American Dialogue 1155 15th Street NW, Suite 800 5 of Executive Order 13835 clears the way function, but ultimately, Citgo will almost Washington, DC 20005 Phone: 202-822-9002 for bondholders to claim the collateral in certainly be sold and merged into another www.thedialogue.org case of default. The opposition-controlled operator.” ISSN 2163-7962 National Assembly, which honored a $71 million interest payment in April, has focused The Advisor welcomes comments on its Q&A Subscription Inquiries are welcomed at [email protected] its efforts on attaining asset protection from section. Readers can write editor Gene Kuleta The opinions expressed by the members of the Board of either the U.S. government or the United Na- at [email protected]. Advisors and by guest commentators do not necessarily tions. Failure to meet the bond payment, re- represent those of the publisher. The analysis is the sole view of each commentator and does not necessarily represent the views of their respective employers or firms. The information in this report has been obtained 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 may not be reproduced, stored in a retrieval system, or transmitted without prior written permission from the publisher.