Mexico’s Pemex aims to start importing light crude this year

August 28, 2014

08/28/14 Reuters

pemex21Mexican state-owned oil company Pemex wants to launch light crude oil imports later this year, potentially reaching up to 70,000 barrels per day (bpd) and aimed at boosting refinery output, the head of its commercial arm said.

The imports would mark an abrupt shift from a decades-old devotion to crude oil self-sufficiency in Mexico, long a major exporter to the United States. It also comes after a sweeping energy sector overhaul which seeks to reverse many years of declining output and export volumes.

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Grupo Mexico to Face Major Cleanup Fees After Spill

August 27, 2014

08/26/14 The Wall Street Journal

MiningMexican authorities are seeking major cleanup fees from mining giant Grupo Mexico S.A.B. de C.V., after an acid spill at a mine in the northern state of Sonora contaminated two rivers and left thousands more without clean water.

“This is the worst natural disaster provoked by the mining industry in the modern history of Mexico,” said Mexican Environment Minister Juan José Guerra Abud on Tuesday.

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Grupo Mexico Goes From First to Worst on Chemical Spill

August 26, 2014

08/26/14 Bloomberg

mineSpilling chemicals into two rivers near the U.S. border is making Grupo Mexico SAB (GMEXICOB) the country’s worst performing major stock.

The shares have lost 5.3 percent, the most among 35 companies on the benchmark IPC index, since an Aug. 6 copper sulfate solution spill at its Buenavista del Cobre mining operation that the company says contains the world’s largest copper reserves. In the preceding month, it led gains among the index’s materials stock to a 16-month high 49.24 pesos.

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Union Pacific May Benefit From Mexico Energy Reform

August 26, 2014

08/26/14 By Trevis Team. Forbes

energy- oil pumps 2Union Pacific generates around 10% of its revenue from shipments to and from Mexico. We believe that with the new energy sector reform in Mexico, this number could go up driven by an increase in Union Pacific Mexico shipments of industrial products and chemicals carloads. Recently, the Mexican government passed a law that opens up Mexico’s energy sector to foreign and private domestic energy companies. Since 1938, state-owned Petróleos Mexicanos, or Pemex, has been the only company operating in Mexico that produces and refines oil. The new law is expected to bring in billions of dollars in new investment, increase competition, and increase production of oil and gas that will help lower electricity costs in Mexico.

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Mexico poised for an ‘energy renaissance’ following reforms

August 26, 2014

08/25/14 Fortune

energy -drilling_platform_in_seaOpening the country’s oil to foreign investors will accelerate foreign investment and generally ‘improve the lives of its people,’ says think tank.

Mexico’s energy reform will bring the country “enormous benefits” and will be a “game changer” for the nation’s role in the global economy, according to report released Monday.

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Mexico’s Pemex Lowers Expected Oil Output for 2014

August 25, 2014

08/22/14 The Wall Street Journal

oil rigsMexico’s state-owned oil company Petróleos Mexicanos said Friday that crude-oil output this year would fall to about 2.35 million barrels a day after accounting for water and other impurities coming out of its fields in increasing quantities.

Pemex, as the company is known, said crude-oil measured at the wellhead in the January-to-July period averaged about 2.47 million barrels per day, while the amount of oil obtained after removing water, segregating products and accounting for inventories was 2.34 million barrels a day.

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Energy reform will unleash Mexico’s economy – Minister of Economy

August 21, 2014

08/20/14 By Ildefonso Guajardo. Dallas Morning News

President Enrique Peña Nieto took office in late 2012 and set to work on an ambitious agenda for change and transformation. In under two years, the administration has enacted structural reforms to free up domestic markets, making the country more productive and competitive and enabling our citizens to benefit through better jobs, higher wages and rising standards of living.

This month, Mexico put in place new laws that govern the opening of the energy and electricity sectors. This historic moment affirms our standing as an emerging economic power and signals the beginning of a new era of growth and prosperity for the Mexican people.

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