Seeking to improve understanding, communication, and cooperation between Mexico and the United States by promoting original research, encouraging public discussion, and proposing policy options for enhancing the bilateral relationship.
MEXICO CITY – Mexican state oil company Petroleos Mexicanos (Pemex) said it was staging a two-day work visit to New York with finance ministry officials on Wednesday and Thursday for dialogue with investors, financial analysts and rating agencies.
“This work visit will allow Petroleos Mexicanos to broaden channels of communication and to continue consolidating its presence in international financial markets,” Pemex said in a statement.
MEXICO CITY — Mexican President Andres Manuel Lopez Obrador said on Monday that the country’s offensive against fuel theft was yielding good results and would continue, though it has provoked fuel shortages and long lines of angry motorists.
As part of the campaign to combat chronic theft of gasoline, state oil firm Pemex is changing its distribution, triggering shortages in at least six states.
Lopez Obrador said at a news conference that the government had not established a date for when operations would return to normal, but stressed that supply was not in danger.
Mexico plans to start awarding the construction of its seventh refinery as soon as March 2019, President Andres Manuel Lopez Obrador said at an event at the Dos Bocas port, in Tabasco, even as the nation´s refining system is operating at its lowest levels in three decades.
Unveiling a plan for the nation’s refining system, Lopez Obrador said Mexico will invest $8 billion in the new processing facility at Dos Bocas. “We are going to start the bidding process for the refinery by March at latest,” he said to a cheering crowd in the sun-drenched town in the Gulf of Mexico, reiterating his intentions to boost fuel self-sufficiency and end long-term declines in oil output. Mexico’s oil production, on track for its 14th consecutive yearly decline, will rise “realistically” to 2.4 million barrels per day by 2024, he said.
Lopez Obrador said a lot of 566 hectares of federal land is ready for the new plant, which will have crude processing capacity of 340,000 daily barrels, making it Mexico’s biggest refinery. It will include 17 processing plants, and 93 storage tanks or facilities, and link up to the Dos Bocas maritime terminal. A pipeline will be built connecting the refinery to the port.
In the tropical heat of southeastern Mexico, bulldozers prep the site of a massive new crude refinery on the outskirts of Paraiso, an impoverished oil town that’s never quite lived up to its name — “Paradise.”
The Dos Bocas refinery is the new government’s flagship energy project, a 160 billion-peso ($7.8 billion) promise to create jobs, lower gasoline prices and jumpstart the country’s slumping refining industry.
It’s only the beginning, according to freshly inaugurated president Andres Manuel Lopez Obrador — nicknamed AMLO. He has vowed to rehabilitate Mexico’s energy sector, in part by abandoning the free-market reforms of his predecessor in favor of protectionist policies that harken back to the 1980s.
German energy firm DEA Deutsche Erdoel AG [RWEDE.UL] said on Tuesday it had signed an agreement to buy independent Mexican company Sierra Oil and Gas at a time of growing uncertainty over the private sector’s role in Mexico’s oil industry.
Veteran leftist and self-professed oil nationalist Andres Manuel Lopez Obrador took office on Saturday pledging a shift away from the previous government’s drive to attract private capital to the oil and gas sector.
The acquisition of Sierra should boost the German firm’s presence in Mexico ahead of DEA’s planned merger next year with Wintershall, the oil and gas unit of chemicals giant BASF.