Mexico to redo open season energy auction hit by ‘problems’

3/16/2017 Reuters

energy - oil barrelsMexico has postponed an auction of part of state oil company Pemex’s excess capacity for transport and fuel storage due to “methodological problems”, the Energy Regulatory Commission (CRE) and Pemex said in a joint statement late on Wednesday.

The auction is aimed at allowing new participants to enter the recently opened fuel market, as Mexico moves away from an energy industry dominated by former state-owned monopolies and draws up new rules for the more open energy markets.

The auction for excess capacity in the northeastern states of Sonora and Baja California will be redone before the end of March and companies that had prequalified for the initial auction will be allowed to participate, the statement said.

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