<a href=www.barbadosadvocate.com>Barbados Advocate Web Posted - Mon Mar 31 2003 By Janelle Husbands

WITH the uncertainty of worldwide oil prices caused mainly by the ongoing United States-led war in Iraq, an ideal scenario for Barbados would be our ability to store fuel when prices are low, suspend purchases when prices are high and wait for the price advantage.

This is coming from John Boyce, a past president of the Barbados Association of Professional Engineers (BAPE) as he gave the feature address at that association’s annual general meeting over the weekend.

According to Boyce, the cost of energy in Barbados is largely determined by international events, not local considerations. For this reason, he believes that “we need to be always looking at what we can do locally to ensure as predictable a cost as we can”.

“Essentially, small island states like Barbados do not have a lot of choices as far as purchases are concerned and usually settle into bi-lateral arrangements with friendly suppliers,” he explained.

He added that Barbados’ ability to buy oil from friendly nations and compete for purchases in the open world market, are high risks, especially in times of scarcity. For this reason we can find ourselves out on the proverbial limb, as nations with higher spending power get the greatest advantage.

Boyce, who is also the Democratic Labour Party’s candidate for Christ Church South, alluded to the fact that world oil prices may vary for a number of reasons, all of which can have serious implications on our economy and are totally out of our control. “The recent troubles in Venezuela, the fighting in the oil region of Nigeria and, most significantly, the fighting in Iraq,” he pointed out.

The mechanical engineer also told the association that a view of the energy sources in Barbados shows a picture of steady growth in consumption of all energy sources, a situation which points to a wealth of opportunities for entrepreneurs.

According to Boyce, although prices of gasoline, diesel, kerosene and fuel oil show room for a number of opportunities, there are still not enough photovoltaic installations in Barbados, considering the high level of this type of technology which exists today. “This is the first area of opportunity which need continuous experiments and pilot installations for effective data collection,” he asserted.

Boyce lauded the work of companies, such as Solar Dynamics, Sunpower and Aqua Sol, which he said have shown that the sense of experiment is alive and well in Barbados. However, he suggested that certain steps must be taken and creative policies put in place in order to sustain and develop the business opportunities for energy conservation companies. These include better tax incentives, lowering the payback time for the project, increasing access to investment capital, increasing the knowledge of new technologies, making new systems available locally and the adjustment of laws that may prevent full exploitation of these new opportunities.

<a href=www.businesswire.com>Business Wire

Business Editors

MIAMI--(BUSINESS WIRE)--March 31, 2003--Panamerican Beverages, Inc. (the "Company" or "Panamco") (NYSE:PB), announced today that it has entered into a Bridge Credit Agreement with ING Bank N.V. for a bridge facility in an aggregate principal amount of U.S.$150 million (the "Loan") for a term of 4 months.
The proceeds of the Loan will be used to pay the principal of the 8 1/8% Senior Notes due April 1, 2003 issued by Panamco in an aggregate principal amount of U.S.$150 million.
The Loan will bear interest at a rate of LIBOR plus 1.00% from March 28, 2003 to June 1, 2003 and a rate of LIBOR plus 1.375% after June 1, 2003. The Loan will be repaid in its entirety upon the earlier of maturity and the completion of the acquisition of the Company by Coca-Cola FEMSA, S.A. de C.V.
ING Capital LLC acted as the sole arranger and administrative agent in connection with the Loan.
Panamco is the largest soft drink bottler in Latin America and one of the three largest bottlers of Coca-Cola products in the world. The Company produces and distributes substantially all Coca-Cola soft drink products in its franchise territories in Mexico, Guatemala, Nicaragua, Costa Rica, Panama, Colombia, Venezuela and Brazil, along with bottled water, beer and other beverages in some of these territories. Panamco is an anchor bottler of The Coca-Cola Company.

Forward Looking Statement

Statements made in this press release that are not historical in nature may include "forward-looking statements" within the meaning of U.S. federal securities laws, including statements related to anticipated future earnings and cost savings. Such statements, estimates, and projections reflect various assumptions by Panamco's management concerning anticipated results and are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond Panamco's control. Factors that could cause Panamco's actual results to differ include, but are not limited to, changes in the soft drink business environment (including actions of competitors and changes in consumer preference), changes in governmental laws and regulations (including income and excise taxes), currency fluctuations, market demand for new and existing products and raw material prices. Accordingly, Panamco cannot assure that such statements, estimates and projections will be realized. The forecasts and actual results will likely vary and those variations may be material. Panamco makes no representation or warranty as to the accuracy or completeness of such statements, estimates or projections contained in this press release or that any forecast contained herein will be achieved. Panamco undertakes no obligation to update such statements, estimates or projections. Information concerning such factors is contained in Panamco's Registration Statement on Form S-8, dated July 23, 2001, its Annual Report on Form 10-K for the year ended December 31, 2002, and other documents since filed by Panamco with the U.S. Securities and Exchange Commission (the "SEC"), all of which are available from the SEC.

ADDITIONAL INFORMATION AND WHERE TO FIND IT

On March 28, 2003, Panamco filed with the Securities and Exchange Commission a definitive proxy statement regarding the proposed business combination transaction referred to in the foregoing information. Investors and security holders are urged to read the definitive proxy statement, because it contains important information. The definitive proxy statement will be sent to shareholders of Panamco seeking their approval of the proposed transaction on or about March 31, 2003. Investors and security holders may obtain a free copy of the definitive proxy statement and other documents filed with the SEC by Panamco at the SEC's website at www.sec.gov. The definitive proxy statement and these other documents may also be obtained for free from Panamco by directing a request to Laura I. Maydon (lmaydon@panamcollc.com).

CERTAIN INFORMATION CONCERNING PARTICIPANTS

A detailed list of names, affiliations and interests of participants in the solicitation of proxies of Panamco to approve the proposed business combination is included in the definitive proxy statement.


--30--SDG/ny*

CONTACT: Panamerican Beverages, Inc.
         Laura I. Maydon, 305/929-0867 
         or
         Citigate Sard Verbinnen
         Matt Benson / Kara Findlay
         212/687-8080

KEYWORD: FLORIDA VENEZUELA MEXICO COLOMBIA BRAZIL INTERNATIONAL

Source 31/03/2003 14:27 - (SA)

London - Stock markets slumped in Asia and Europe on Monday, while the dollar tumbled and oil and bond prices rose on growing concerns about how the war in Iraq is unfolding.

Markets shuddered at a warning from US Secretary of Defence Donald Rumsfeld over the weekend that "the most dangerous and difficult days are still ahead of us," in stark contrast to the upbeat US comments heard at the start of the war.

Dealers also took fright at a boast by authorities in Baghdad that thousands of Arab volunteers were primed for suicide missions against coalition forces, after a suicide bomber killed four US soldiers over the weekend.

"With the Iraq campaign likely to be longer, and more expensive, than some initially hoped, equity investors have adopted a more sombre attitude," said Nomura Securities strategist Anais Faraj.

"The rally since March 12 looks to be from the same stable as the other squeezes that have punctuated the three-year bear market," he added.

On European markets, the British FTSE 100 index dropped 2.3% to 3624.7 points, the German DAX 30 lost 2.9% to 2447.5 points and the French CAC 40 gave up 3.3% to 2642.7 points in early trading.

The stock market rout started in Asia, where some major markets, including Hong Kong and Singapore, were also laid low by the rapid spread of the deadly virus Severe Acute Respiratory Syndrome (Sars), which hit aviation and tourism stocks.

Stocks in Japan and South Korea both plunged 3.71%, with Tokyo's Nikkei 225 down 307.45 points at 7972.71 points and Seoul's composite index down 20.63 points at 535.70.

"The war does not seem to be developing as planned," said Masafumi Okamoto, a dealer at Jyujiya Securities in Tokyo.

"There are growing fears that the war will last longer than expected. Investors cannot buy stocks actively amid such fears," he said.

Rising concerns about the progress of the war in Iraq also pounded the dollar, allowing the single European currency to rally to a two-week high of US$1.0898 from $1.0783 late on Friday in New York.

The dollar fell to ¥118.90 from ¥119.75 on Friday.

"The dollar has been undermined against the euro and the yen by the belief that war in Iraq will be prolonged and complicated," said Derek Halpenny, economist at Bank of Tokyo-Mitsubishi.

"The suicide attack that killed four US soldiers with a promise of more to come and the news that an attack (by ground forces) on Baghdad may not take place for weeks has fuelled this belief," he added.

Oil prices edged up slightly here on concerns about disruption to supplies from Iraq and Nigeria, which has been shaken by civil unrest.

The price of reference Brent North Sea crude oil for May delivery rose US20c per barrel from the previous closing to $26.55 in early trading.

"There is still enough oil coming from Saudi Arabia and even Venezuela to keep the market supplied, but with Iraq out and the conflict in Nigeria still continuing the market is tightly balanced," said Deutsche Bank analyst Adam Sieminski.

Gold prices rose, with the spot price on the London Bullion Market up $3.7 from the previous closing price at $335.55.

Bond prices gained. The yield on the 10-year German government bond dropped six basis points, or 0.06 percentage points, to 4.06%. Bond yields and prices move in opposite directions.

Source

Vienna, March 31, IRNA -- The price of OPEC's basket of seven crudes fell to 25.91 dollars a barrel last week, compared with 28.42 dollars in the third week of March.
According to figures released by the OPEC Secretariat here
today, the price of the basket so far this year (up to 27 March) has
averaged 30.57 dollars a barrel.
For the month of February, the basket price averaged 31.54 dollars a barrel, as opposed to 30.34 dollars in January, and 28.39 dollars in December 2002.
For the fourth quarter of last year, the basket price averaged
26.83 dollars a barrel, as against 26.09 dollars in the third quarter. The price of the basket in 2002 averaged 24.36 dollars a barrel, compared with 23.12 dollars the previous year.
The OPEC basket comprises Algeria's Saharan Blend, Indonesia's Minas, Nigeria's Bonny Light, Saudi Arabia's Arabian Light, Dubai of the United Arab Emirates, Venezuela's Tia Juana, and Mexico's Isthmus crude.
MN/AH/AR

<a href=www.billingsgazette.com>The Washington Post

The rebound in crude oil prices last week, triggered by Iraq's resistance to U.S.-led forces, has slowed the flow of oil imports to U.S. refineries and the production of gasoline, leaving motor fuel stockpiles at historically low levels as the summer driving season approaches, energy analysts warn.

The war's uncertain course and the accompanying gyrations in oil prices are making U.S. energy companies wary about rebuilding depleted fuel inventories with high-priced crude. The companies also worry that a sudden favorable turn in the war could caused oil prices to plummet.

"If we ever get past this crisis, crude prices will drop like a rock," said Mary Rose Brown, vice president and spokesman of Valero Energy Corp. in San Antonio, Texas, one of the largest U.S. refiners. "Does it make you more cautious? Yes. Any barrel you buy today that would have been be cheaper next month - that would be a stupid move."

The caution is widespread among refiners, too. In the week ending March 21, U.S. refineries produced less gasoline and other products than the week before, even though oil is available.

But if gasoline inventories aren't in better shape when gasoline demand picks up on Memorial Day, pump prices could stay high through next fall, the Energy Information Administration warned last week.

A big increase in crude imports is needed to refill gasoline stockpiles, the EIA said. "However, the evidence so far suggests that either this is not happening, of that if so, the pace is barely perceptible," it warned.

Gasoline inventories in the United States have been falling since early this year, following a strike in December that closed down Venezuela's oil fields, a crucial source of both oil and gasoline imports. As of mid-March, U.S. gasoline inventories were 6 percent below levels a year ago and pump prices have risen as inventories shrunk.

Motorists got a bit of relief after oil prices plunged in energy markets' optimistic reaction to the onset of the Iraq war on March 20. The cash or spot prices of a benchmark U.S. crude brand, West Texas Intermediate, stood at $37.87 a barrel on March 12, but by the war's second day, had plunged to $27.18, EIA said. Gasoline prices followed with a small downward move, with the national average price for regular brands dropping from $1.72 in mid-March to $1.69 at the end of last week.

But the end of last week, crude oil prices had climbed over $30 a barrel on U.S. markets, and gasoline prices will follow that move, too.

With an uncertain war timetable, U.S. refiners cannot reliably predict when oil prices and gasoline prices might drop. That makes them unwilling to risk increasing their import purchases on a large scale, even though there is plenty of oil around, said Jeff Goetz, director of Poten & Partners, a New York-based marine consulting group that tracks oil tanker shipments. "There's enough oil."

The Iraq war did not cause an immediate oil shortage, even though the conflict cut off nearly 2 million barrels of daily crude oil supplies, or about 3 percent of the world's needs.

In February, Saudi Arabia and other Persian Gulf producers increased oil production to counter a sharp increase in crude prices caused following the Venezuelan strike. Now that additional oil, equal to 1.5 million barrels of daily supply, is arriving at refineries along the Gulf of Mexico, completing a 45-day voyage from the Persian Gulf.

But refiners aren't snapping up all the cargoes, industry analysts and officials said. Many refiners apparently are buying enough to serve motorists' current needs but not enough to rebuild stocks. "They are looking to buy the oil when they need it," Goetz said. "When they are uncertain about the future, they hold back."

A refiner that bought a supertanker's cargo of 2 million barrels of oil at $30 a barrel could lose millions if gasoline prices fall before that tanker cargo can be refined into gasoline and the fuel is distributed for sale to service stations. "The risk of oil prices going from $40 to $25 (a barrel) are much higher than going to $60," he said.