Latin American Exec Bets on Stability and Unity
Latin American energy integration depends on regional economic stability to face high oil prices, says Jose Luis Machinea, executive secretary of the Economic Commission for Latin America (ECLAC).

In his speech to the Regional Energy Integration Forum, in session since Wednesday in the Mexican capital, he said the continent´s economic growth is lower than other regions, but this year it has achieved greater strength and less vulnerability to external impacts.

He said the Latin American countries´ economic scene shows a decrease in foreign debt and improvement in business concentration. However, foreign investments are less that half those in other developing nations.

Machinea predicted that under these conditions, there will be a 56 percent regional increase, but warned of the need to establish agreements that compensate for high oil prices, and affect economies less of the consuming countries of the area.

Hence the urgency of an energy integration that contributes to development and improves conditions to access the high cost hydrocarbons, he asserted.

In this respect, he said there is little progress in the cooperation programs, due to lack of bilateral and multilateral agreements, and gave examples of the few actions taken to exploit water resources in generating energy.