Good news from Peru - good for PetroliferaSome more good news to round off a great day for CLL - the political direction in Peru greatly favours CLL's subsidiary, Petrolifera's expansion and drilling there.
As we all know CLL owns 31% of Petrolifra Shares. Besides Petrolifera's producing wells in Argentina, Petrolifera has secured exploration rights to 5 million acres in Peru. There was a sniff of uncertainty about these rights, caused by Venezuela's Chavez backing of one of the Peruvian Presidential candidates. That candidate did not win. The winner, on June 4th, Alan Garcia, is definitely anti-Chavez. So the country seems set on a course of open trade with the rest of the world, as evidenced today by:
FREE TRADE AGREEMENT BETWEEN USA AND PERU endorsed by Peruvian Congress on 28th June.
- report translated by Yahoo translator from spanish web page - so the english grammar is not very good.
Congress ratified commercial agreement with the U.S.A.
Endorsement to the agreement was majority and multiin favor
The Peruvian, 28 of June of the 2006
The subject by than five hours followed more struggled
By 79 votes to favor, 14 in against and 6 abstentions, the Agreement of Promocio'n Comercial (APC), known as Free Trade Agreement between our country and the United States, was ratified this dawn by the Congress, after one prolonged session clarified by the existing differences with respect to the application of a measurement of this type and to a violent incident. The decision of the Parliament generated applause in the chamber and the satisfaction of the ministers of Foreign trade, Alfredo Ferrero, and of the Production, David Lemor, that next to other civil employees of the Executive followed the debate.
Adolph the Tower (Possible Peru), president of the Commission of Foreign trade, exposed the first opinion in majority and emphasized that with the use in the agreement, the Peruvian exports will have an access guaranteed to the American market, made up of 300 million people with annual income, in average, of 41 thousand dollars.
He also affirmed that its application will not affect, by question of payment of patents, the access of the poorest population to medicines.
--------------------------------------------------------------------