(63$f$

([ILOQD3UXHEDGH/XMR

/D$OMDIHUtDHVWiIRUPDGDSRUYDUtDVHGLILFDFLRQHVTXHVHIXHURQVXSHUSRQLHQGRDORODUJRGHODKLVWRULD(OSDODFLRPXVXOPiQHVODSDUWH PDV
DQWLJXD GHO FRQMXQWR )XH PDQGDGR FRQVWUXLU SRU $EpQ$OIDMH HQ HO DxR  DXQTXH VX VHFWRU SULQFLSDO VH HGLILFy HQ HO VLJOR ;, (O SDODFLR VH
FDUDFWHUL]DSRUVXRUQDPHQWDFLyQFRQSyUWLFRV\DUTXHUtDVGHFRUDGRVHQ\HVR$FWXDOPHQWHFRQVHUYDSDUWHGHVXSULPLWLYRUHFLQWRIRUWLILFDGRGHSODQWD
FXDGUDQJXODU\UHIRU]DGRSRUJUDQGHVWRUUHRQHV
(QHODxR\WUDVODFRQTXLVWDGH=DUDJR]DSRU$OIRQVR,(O%DWDOODGRUOD$OMDIHUtDVHFRQYLUWLyHQHOSDODFLRGHORVPRQDUFDVDUDJRQHVHV
TXHUHDOL]DURQREUDVGHDPSOLDFLyQ\GHUHPRGHODFLyQ'HHVWHSHUtRGRHVGHGHVWDFDUODFRQVWUXFFLyQGHODVVDODVGHHVWLORPXGpMDUOOHYDGDVDFDERSRUHO
UH\3HGUR,9
<DDILQDOHVGHOVLJOR;9ORV5H\HV&DWyOLFRVDPSOLDURQHODQWLJXRSDODFLRFRQQXHYRVDSRUWHVGHO5HQDFLPLHQWRFRPRODHVFDOHUDQREOHHO
FRUUHGRU\XQFRQMXQWRGHVDODVOODPDGDVGHORVSDVRVSHUGLGRVTXHFXOPLQDQHQHOJUDQVDOyQGHOWURQR6REUHVDOHSRUVXEHOOH]DHODUWHVRQDGRGHHVWH
VDOyQ GH PDGHUD GRUDGD \ SROLFURPDGD 3RVWHULRUPHQWH HQ pSRFD GH )HOLSH ,, VH FRQYLUWLy HQ IRUWDOH]D FRQ XQ UHFLWR PXUDO H[WHULRU \ XQ IRVR GH
FLUFXQYDODFLyQ &RQ HVWD WUDQVIRUPDFLyQ VH SUHWHQGLy SRQHU GH PDQLILHVWR OD DXWRULGDG UHDO IUHQWH D ODV UHLYLQGLFDFLRQHV IRUDOHV GH ORV DUDJRQHVHV

3KLODWpOLFRVFRP

(63$f$

(XURSD5HVHUYDV\3DUTXHV1DWXUDOHV3UXHEDGH$UWLVWD

0RQIUDJHWLHQHXQDH[WHQVLyQGHKHFWiUHDV\IXHGHFODUDGR3DUTXH1DWXUDOHQDEULOGH6HHQFXHQWUDXELFDGRHQODFRQIOXHQFLDGH
ORVUtRV7LpWDU\7DMR\VXVFRQGLFLRQHVFOLPiWLFDVKDQFRQYHUWLGRHVWD]RQDHQXQUHIXJLRGRQGHVHUHSURGXFHQHVSHFLHV~QLFDVGHIORUD\IDXQD6XKLVWRULD
VHUHPRQWDDODpSRFDSUHKLVWyULFDGHODTXHVHFRQVHUYDQSLQWXUDVUXSHVWUHVHQWHUUDPLHQWR\HVWHODV(QVHFRQVWUX\yHO3XHQWHGHO&DUGHQDO~QLFD
YtDTXHFUX]DEDHOUtR 7DMR\ TXH XQtD ODFLXGDGHVGH 7UXMLOOR \ 3ODVHQFLD 'HQWUR GHO WHUULWRULR VH HQFXHQWUD HO SXHEORGH 9LOODUUHDO GH6DQ &DUORV
PDQGDGRFRQVWUXLUSRU&DUORV,,,SDUDSURWHJHUDORVYLDMHURVTXHWUDQVLWDEDQOD]RQDGHORVDWDTXHVGHORVEDQGROHURV
'RPLQDQGRWRGRHOSDUTXHQDWXUDOVHHQFXHQWUDHO&DVWLOORGH0RQIUDJHGHRULJHQiUDEHDVHQWDGRMXQWRDODHUPLWDGHFRQVWUXFFLyQPRGHUQD
TXHJXDUGDXQDLPDJHQGHODYLUJHQGHOVLJOR;,,WUDtGDGHVGH3DOHVWLQDSRUXQJUXSRGHFDEDOOHURVFUX]DGRV
3DUDORVDPDQWHVGHODQDWXUDOH]D0RQIUDJHVHFRQYLHUWHHQHOOXJDULGyQHRGRQGHHQFRQWUDUODPiVYDULDGD\ULFDIORUDGHOERVTXHPHGLWHUUiQHR
FRQDOFRUQRTXHPDGURxR\EUH]RHQODXPEUtDVHUUDQD\MDUDUHWDPDFDQWXHVR\HQFLQDHQORVOODQRV\VRODQDV
/DIDXQDHVVLQGXGDHOHOHPHQWRPiVHVSHFWDFXODUGHOSDUTXH(QOD]RQDPiVURFRVDVHORFDOL]DQODVPD\RUHVFRORQLDVGHOPXQGRGHEXLWUH
QHJURiJXLODLPSHULDO\FLJHxDQHJUD(QODHVSHVXUDVHKDOODQPDPtIHURVFRPRODJLQHWDHOJDWRPRQWpVODJDUGXxD\HOWHMyQ(VHOSDUDMHLQFRPSDUDEOH
SDUDODFUtD\UHSURGXFFLyQGHOOLQFHLEpULFR\QRIDOWDQORVFLHUYRV\MDEDOtHV'XUDQWHHOLQYLHUQRVRQIUHFXHQWHVODVEDQGDGDVGHDYHVDFXiWLFDVTXHOOHJDQ
SURFHGHQWHVGH&HQWURHXURSD
(QHOVHOORVHUHSURGXFHXQDLPDJHQGHOSDUTXHMXQWRDOJDWRPRQWpV3DUDHVWDHPLVLyQVHKDUHDOL]DGRXQD3UXHEDGH$UWLVWDHQODTXHDSDUHFH
DGHPiVGHOVHOORXQiJXLODFXOHEUHUD

3KLODWpOLFRVFRP

(63$f$

3DWULPRQLR0XQGLDOGHOD+XPDQLGDG6DQ0LOOiQGHOD&RJROOD/D5LRMD
/D VHULH ILODWpOLFD 3DWULPRQLR 0XQGLDO GH OD
+XPDQLGDGLQLFLDGDHQHVWiGHGLFDGDHVWHDxRDORV
PRQDVWHULRVULRMDQRVGH6DQ0LOOiQGH<XVR\6DQ0LOOiQ
GH 6XVR HQ OD ORFDOLGDG GH 6DQ 0LOOiQ GH OD &RJROOD
$PERV PRQDVWHULRV IXHURQ LQFOXLGRV SRU OD 81(6&2 HQ
GLFLHPEUHGHHQOD/LVWDGH%LHQHVGHO3DWULPRQLRGH
OD+XPDQLGDG
6DQ0LOOiQGH6XVRRGHDUULEDVHVLW~DHQODODGHUD
GH OD PRQWDxD HQ OD JUXWD HQ OD TXH YLYLy HO HUPLWDxR 6DQ
0LOOiQ HQ HO VLJOR 9, 6X DUTXLWHFWXUD QR VH DMXVWD D XQ
HVWLOR FRQFUHWR (OHPHQWRV PR]iUDEHV EyYHGDV QHUYDGDV \
DUFRV GH KHUUDGXUD VH PH]FODQ FRQ UHVWRV FDUDFWHUtVWLFRV GHO
DUWHSUHUURPiQLFR/DFRQVWUXFFLyQSULPLWLYDHVGHOVLJOR;\
VHDPSOLyHQODVLJXLHQWHFHQWXULD(OVDQWXDULRFRQVWDGHGRV
QDYHV JHPHODV TXH WHUPLQDQ HQ GRV iEVLGHV GH SODQWD
FXDGUDGDODSDUWHL]TXLHUGDVHDGKLHUHDODURFDEDMRODTXH
VHFRQVHUYDQWUHVFXHYDVGHOFHQRELRSULPLWLYR

6DQ0LOOiQGH <XVR R GHDEDMRFRPHQ]y D FRQVWUXLUVH

HQHOVLJOR;,HQODSDUWHPiVEDMDGHOYDOOH'HHVDpSRFDQRVH
FRQVHUYDQUHVWRV\ODHGLILFDFLyQDFWXDOHVXQDREUD UHQDFHQWLVWD
GH ORV VLJORV ;9,;9,,, (Q VX LQWHULRU GHVWDFDQ GRV
DUTXHWDV FXELHUWDV GH SODFDV GH PDUILO FRQ ODV UHOLTXLDV GH 6DQ
0LOOiQ\GHVXPDHVWUR6DQ)HOLFHVGH+DUR3RUVXVREULHGDG
DO PRQDVWHULR VHOHKDOODPDGR (O (VFRULDO GH /D 5LRMD HQ HO
TXH GHVWDFDQ HO VDOyQ GHORV UH\HV HO UHIHFWRULR \ GRV FODXVWURV
&XHQWD FRQ XQD SUHVWLJLRVD ELEOLRWHFD GH PiV GH 
YRO~PHQHV TXH FRQWLHQH FyGLFHV SHUJDPLQRV PHGLHYDOHV
FDQWRUDOHV\OLEURVLPSUHVRV
$OJXQRVOLQJLVWDVFRQVLGHUDQDORVPRQDVWHULRVGH6XVR
\ <XVR FRPR OD FXQD GHO FDVWHOODQR 7RGR DSXQWD D TXH ODV
SULPHUDVSDODEUDVHVFULWDVHQOHQJXDURPDQFHSDUWHQGHXQFyGLFH
FRSLDGRSRUORVPRQMHVGHOVFULSWRULXPGH6DQ0LOOiQGH6XVRHQ
HO DxR  (Q HVH PLVPR VLJOR VH HVFULELHURQ ODV *ORVDV
(PLOLDQHQVHV TXH FRQVWLWX\HQ ORV SULPHURV WHVWLPRQLRV HQ
FDVWHOODQR

3KLODWpOLFRVFRP