Mexico Says US Development Aid to Fund Wind Farm, LNG Plant

7/10/19 – Associated Press News

windmills and green grass field

The Mexican government says a natural gas plant and a wind farm to produce electricity will be the first two projects under a U.S. development program to improve the economy of Mexico’s poor south as a way to discourage migration.

Mexico’s foreign ministry said Wednesday that $500 million of U.S. aid will go to the building of a wind power plant and a liquefaction plant for natural gas. Officials did not say where the projects would be.

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Mexico’s Oil Regulator Approves BP’s Offshore Drilling Plan

6/25/19 – New York Times

By Rebekah F. Ward

dirty industry stack factory
Photo by Life Of Pix on Pexels.com

Mexico’s oil regulator on Tuesday approved a $97 million (£76.4 million) plan for drilling in an offshore area operated by British supermajor BP in the southern Gulf of Mexico.

The four-year exploration plan approved by the national hydrocarbons commission (CNH) covers a 700,000 square kilometre shallow water block, located north of the coast of Tabasco state.

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Mexico takes aim at former Pemex CEO in fight against graft

5/27/2019 – Reuters

By Anthony Esposito

http___com.ft.imagepublish.upp-prod-us.s3.amazonawsMexico’s Finance Ministry said on Monday it had blocked the bank accounts of the former chief executive of state oil firm Pemex, one of ex-President Enrique Pena Nieto’s closest advisers, for allegedly carrying out “illegal” financial operations.

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Mexico official says former Pemex chief was sanctioned

5/23/2019 – Associated Press

http___com.ft.imagepublish.upp-prod-us.s3.amazonawsThe head of Mexico’s financial intelligence unit says that a former executive at the state-owned oil company who was sanctioned this week by the comptroller’s office is Pemex’s former director Emilio Lozoya.

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Mexico plans more Pemex tax relief, won’t rainy day fund

5/16/2019 – Bloomberg

http___com.ft.imagepublish.upp-prod-us.s3.amazonawsBy Amy Stillman

Mexico’s state oil company is set to receive added tax breaks to help reverse long-term production declines and avoid tapping the nation’s rainy day fund, according to its chief executive officer. The country’s Finance Ministry is opting for a new tax strategy for Petroleos Mexicanos starting next year that will provide an “important reduction” in the company’s contributions, Octavio Romero said in an interview, declining to give an estimate for the savings. The gradual cuts, to be spread over five years, would complement incremental tax breaks announced in February that were worth 90 billion pesos ($4.72 billion) over six years. He said the new tax regime will be announced in “the coming days” and it will be used instead of using about $7 billion from the Oil Revenue Stabilization Fund, known as FEIP, which had been previously proposed by the Ministry.

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Breathing in Mexico City is now like smoking six and a half cigarettes a day

5/15/2019 – Quartz

pollBy Zoe Schlanger

Dozens of wildfires have broken out in Mexico over the past week, sending plumes of smoke drifting far beyond the burn sites to blanket population centers, including Mexico City, home to 21 million people. Officials in Mexico City have declared a state of emergency and are urging people to stay indoors, as pollution levels soar far above what’s considered healthy for human exposure. Concentrations of PM2.5—tiny particulate matter produced during any combustion, like burning trees and plants during fires—reached 158 micrograms per cubic meter yesterday.

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Mexican government announces package of measures to help Pemex finances

5/13/2019 – Reuters

03-05-2019-RECORRIDO-DE-SUPERVISION-REFINERIA-CADEREYTA-NUEVO-LEON-FOTO-4-1024x854By David Alire Garcia and Adriana Barrera

MEXICO CITY, May 13 (Reuters) – The Mexican government announced measures intended to help state oil company Pemex with its debt obligations, including renewal of credit lines with JP Morgan, HSBC and Mizuho, as well as a gradual tax reduction for the firm, officials said on Monday.

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