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Paraguay has discovery huge reserves of oil and minerals close to the border with Argentina

Paraguay River

Paraguay River

According to Paraguay’s government this country is rich with, oil, gold, copper, zinc, barium, tin, tungsten, quartz, lead, silver, nickel and chrome. and marble as well as diamond gems.
Paraguayan president Federico Franco announced that on 2013 the country will become an oil producing nation, after a recent discovery close to the border with Argentina.
According to Franco, researchers have discovered “plenty of top quality oil” in the “Cuenca de Pirity” area, in the Chaco region, west and north of Asunción.

The Paraguayan President assured that the country would be producing oil barrels by mid-2013.
“Paraguay will not only be a world champion in the production of clean and renewable hydroelectric energy. Now it will also join the list of oil producing countries,” he said.
“Paraguay is a country filled with opportunity” he said while giving a speech in front of Business leaders at the Paraguay – Brazil Business forum.
Pirity Hidrocarburos and US company Crescent Global Oil carried out the exploration in the area and drilling is expected to begin in December, according to an official press release.

According To President Federico Franco, the southern part of Paraguay, in the border with Argentina, has huge reserves of iron ore, gold, lead, silver, nickel and chrome.
In Alto Paraguay are discovered a number of mineral resources such as: Iron ore, silver, zinc, manganese, copper, lead, gypsum, Petroleum and natural gas.
Paraguay has a market economy distinguished by a large informal sector, featuring re-export of imported consumer goods to neighboring countries, as well as the activities of thousands of microenterprises and urban street vendors.

A large percentage of the population, especially in rural areas, derives its living from agricultural activity, often on a subsistence basis. Because of the importance of the informal sector, accurate economic measures are difficult to obtain. On a per capita basis, real income has stagnated at 1980 levels. The economy grew rapidly between 2003 and 2008 as growing world demand for commodities combined with high prices and favorable weather to support Paraguay’s commodity-based export expansion. Paraguay is the sixth largest soy producer in the world. Drought hit in 2008, reducing agricultural exports and slowing the economy even before the onset of the global recession. The economy fell 3.8% in 2009, as lower world demand and commodity prices caused exports to contract. The government reacted by introducing fiscal and monetary stimulus packages. Growth resumed at a 13% level in 2010, the highest in South America, but slowed to 4% in 2011 as the stimulus subsided. In 2012, severe drought and outbreaks of foot-and-mouth disease led to a drop in beef and other agricultural exports and the economy contracted about 0.5%. Political uncertainty, corruption, limited progress on structural reform, and deficient infrastructure are the main obstacles to long-term growth.
By. Edie Gonzales
New York News