Friday, August 06, 2004

Camisea Spigot Turned On: BNAmericas, Dow Jones and Reuters report that President Toledo, "flanked by Camisea development consortium leaders, turned on the main tap at the gas distribution center on Peru's desert coast, sending a large flame into the air to show that gas was finally flowing." (See also this Reuters 'Fact Box' on the story and this Reuters photograph of the president.) NOTE: Tractebel Chief Executive Officer Dirk Beeuwsaert said, "The development of gas conversion takes time. ... It won't arrive in Lima by magic in one day." A separate Reuters story focuses on the environmental factors and "the fear of extinction among the remote jungle tribes along the pipeline corridor." Once again, Amazon Watch is noted (see articles in yesterday's Peruvia). CITED: Ashaninka community leader Alberto Sinangama, and indigenous leader Zaida Saavedra. "Environmentalists say Shell's contact in the 1980s wiped out half of the Yora tribe, pushing it toward extinction." Tractabel gets reported on by BNAmericas, Gestion, and Reuters. A separate Dow Jones story focuses on Transportadora de Gas del Peru. ALSO: This coming Sunday's Los Angeles Times magazine has a cover story on Rainforest Action Network including how they pushed Citigroup out of a project in Peru.

War of the Pacific, cont.: Xinhua Net reports that "Chile conducted a military drill near its border with Peru on Thursday against the background that the bilateral relations are in tension because of their dispute over maritime boundary. The drill, involving 290 troops, was overseen by Defense Minister Michelle Bachelet and Amy Commander Juan Cheyre, the defense ministry said." See Also: 'War of the Pacific' in yesterday's Peruvia.

Interest Rates Inch Up: Reuters reports that Peru's Central Bank "raised interest rates by 0.25% to 2.75% to cool inflation that threatens to be over a 2004 target of up to 3.5%, the first rate change since November. The increase boosted interest rates for overnight bank deposits to 2% and to 3.5% for short-term Central Bank loans to commercial banks," according to the Central Bank.

More Sulpher: Canada's Aker Kværner announced in a press release that their chemetics divison and Kvaerner Perú SA "have been awarded the contracts by Southern Peru Copper Corporation (SPCC) to build the second sulphuric acid plant and effluent treatment plant at its copper smelter in Ilo. The lump sum contracts which are valued at approximately US$59 million include the complete design, supply, erection, and commissioning of the plant."

Peru is Melting?, cont.: The Guardian and the EDIE include the 'glaciers are melting' story. Says the Guardian: "The shrinkage of glaciers reported this week from Peru, although it only affects a handful of people - mostly climbers and tourists - should be just as alarming. According to Peru's national environmental council, the country has lost 20% of its glaciers in the last 30 years." SEE ALSO: 'Peru is Melting' in July 23's Peruvia.

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