Mexico’s Interest in U.S. Oil Seen Opening Export Door

September 16, 2014

09/16/14 Bloomberg

energy - oil barrelsU.S. oil producers anxious to export booming supplies of domestic crude may have another way around a ban in place since 1975, this one via Mexico. Mexico’s state oil company, Petroleos Mexicanos, or Pemex, has expressed interest in importing some of the lighter oil the U.S. has in abundance, swapping it for heavier Mexican oil that U.S. refineries are able to process. If approved by the U.S. Commerce Department, it would be another exemption permitted by President Barack Obama’s administration, which this year let two oil producers sell a lightly processed form of crude overseas.

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Lozoya drags Pemex from its solitude

September 16, 2014

09/15/14 Financial Times

pemex21Emilio Lozoya, the turnaround champion charged with transforming hulking oil monopoly Pemex into a nimble 21st century competitor in Mexico’s newly liberalized energy sector, seems barely able to believe it himself. Such was the inefficiency at Pemex, which looms as large over the country as its 48-floor tower does over the Mexico City skyline, the company used to have 100 separate buying offices.

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Mexico: Trust to Pay for Spill Damage

September 15, 2014

9/11/14 The New York Times

MiningMexican federal officials say Grupo Mexico, a mining conglomerate, will set up a $151 million trust to pay for damage caused when one of its mines spilled acid-laced copper sulfate and heavy metals into two rivers in northern Mexico on Aug. 7. The company blamed heavy rains for the overflow of containment ponds on Aug. 7. Officials say lax supervision at the mine appeared to have caused the accident.

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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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