Pemex to visit New York to meet investors, rating agencies

1/9/2019 – Reuters

pemezxMEXICO 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.

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President Calls on Mexican to Help in Battling Fuel Thefts

1/9/2019 – The New York Times

amlo 2MEXICO CITY — Mexico’s new president is calling on his countrymen to help battle against fuel thefts, as long lines spread to gas stations in Mexico City.

The fuel scarcity arose because of Andres Manuel Lopez Obrador’s decision to close government pipelines riddled with illegal fuel taps drilled by thieves.

The fight against $3 billion per year in fuel thefts has become the first big domestic battle for the leftist president since he took office on Dec. 1.

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Mexican President Says Fuel Theft Plan Working Despite Shortages

1/7/2019 – The New York Times

07-01-19-foto-06-conferencia-de-prensa-matutina-770x513By Reuters

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.

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Fuel theft poses first big battle for Mexican president

1/7/2019 – The Washington Post

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(Eduardo Verdugo, File/Associated Press)

By the Associated Press

Mexico’s new president has shut down some pipelines to stop fuel thieves who he says had established an illegal distribution network.

The fight against thefts of $3 billion per year from government pipelines and fuel depots represents the first big domestic battle for Andres Manuel Lopez Obrador, who took office on Dec. 1.

Lopez Obrador said Monday that some gangs had actually built warehouses over pipeline rights of way to drill illegal taps into the ducts.

The pipeline shutdowns and a temporary switch to more distribution by tanker trucks has caused gasoline shortages in a handful of states.

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Mexico starts oil industry ‘rescue’ with refinery overhaul

12/10/2018 – The Washington Post 

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(Moises Castillo/Associated Press)

By The Associated Press

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.

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AMLO’s Road Toward Energy Independence Is Full of Potholes

12/06/2018 – Bloomberg

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The Port of Dos Bocas Photographer: Alejandro Cegarra/Bloomberg

By Amy Stillman

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.

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Germany’s DEA to buy Mexico’s Sierra Oil and Gas

12/05/2018 – Reuters

PEXGerman 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.

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