Mexico

Mexican state energy business Pemex is unlikely to produce any commercially feasible motor fuels at its new Olmeca refinery before completion of the year, five sources said, regardless of pressure that it ought to be ready before the outbound president's term ends. President Andres Manuel Lopez Obrador, a resource nationalist, inaugurated the 340,000 barrelperday refinery in July 2022 in his home state Tabasco, billing it as vital to energy selfsufficiency for Mexico. However, hold-ups at the refinery in the port of Dos Bocas, whose expense has more than doubled to $16.8 billion, implies it will be up to his follower...

Mexico's President Andres Manuel Lopez Obrador said on Friday that business owner Carlos Slim is interested in taking part in the nation's. first deepwater gas job, working alongside state. energy company Pemex. In March, reported that Pemex authorities and the. billionaire magnate's group were going over ways to restore. advancement of the Lakach field in the Gulf of Mexico but that. other prospective partners were also approached. Pemex at that time wanted to establish the offshore field utilizing a. service agreement in which partners finance tasks up front, a. mechanism that was utilized prior to the country's energy sector. reforms...

Mexico's proven petroleum reserves have actually fallen though proven natural gas reserves increased, resulting in an increased total for hydrocarbon reserves, the nation's regulator said on Tuesday in its yearly upgrade for 2024. Information from the National Hydrocarbons Commission, or CNH, revealed proven crude oil reserves fell to 5.978 billion barrels in 2024 from 6.155 billion barrels in 2023. Meanwhile, proven natural gas reserves rose to 12.297 trillion cubic feet, up from 11.029 trillion cubic feet. Overall tested hydrocarbon reserves, which include both crude oil and gas, increased to 8.383 billion barrels of petroleum equivalent from 8.162 billion barrels, the...

Mexican listed firm Vista Energy, Argentina's secondlargest shale oil manufacturer behind stateowned YPF, stated on Tuesday it will import a new fracking set to accelerate its activity in the Vaca Muerta shale formation. Vista sealed an arrangement with SLB for the brand-new equipment anticipated for the second half of the year. An essential part of our drilling strategy in Vaca Muerta is the incorporation of devices with the highest technology, which enables us to be more effective when it pertains to accomplishing our production targets, Juan Garoby, co-founder and COO of Vista, stated in a declaration. The business anticipates to...

Mexican state energy company Pemex exported 681,000 barrels each day (bpd) of crude oil in April, a yearonyear decline of 31%, company numbers revealed, as production has actually been declining for the previous couple of months. Pemex's sales to its most significant export market, America, which generally consists of the United States,?? amounted to 484,000 bpd in April, 16% lower year-on-year. On the other hand, sales to Europe amounted to 99,000 bpd that month, 54% lower over the same time period. Pemex, which published the figures late on Friday, gave no factor for the lower export numbers. It did not...

Mexican state energy company Pemex had its crude oil production hit since it keeps accumulating debt with its provider, two sources said, a circumstance that has forced it to openly repeat twice this week that the debts would be paid. While Pemex has actually not published its latest figures for crude oil and condensate output, information from the hydrocarbon regulator showed previously today that production for both fell 6%. year-on-year in April to 1.75 million barrels daily (bpd). Petroleum production alone was 1.47 million bpd, the lowest. output for the business in 45 years. Among the sources said that Pemex...

Mexico's next government, which will be chosen on June 2, is dealing with three primary risks to its sovereign credit score, including the possibility that larger financial deficits result in greater public financial obligation, Fitch Scores told . The other two main dangers that might have negative. ramifications for the credit ranking are government policies that. injured Mexico's financial growth or the possibility of a. wear and tear of governance and the rule of law, the ratings. agency said. If financial deficits remain consistent with an accelerated. increase in public debt, that might affect Mexico's sovereign. score, said Carlos Morales,...

Mexican state energy business Pemex began sending out 16,300 barrels per day (bpd) of crude oil to its brand-new Olmeca refinery this week, less than 5% of its total capacity, internal data seen revealed, indicating another delay. President Andres Manuel Lopez Obrador had developed hugely enthusiastic infrastructure project in his home state Tabasco, describing it as a dream come true, with the promise of weaning the country off gasoline and diesel imports, most of which originate from the U.S. With 2 weeks away from the governmental election, Pemex authorities have been keen to show development with the refinery in Dos...

Mexico's state oil business Pemex exported about 20,000 barrels each day (bpd) of crude and refined products to Cuba in the 2nd half of 2023 through a business it owns, according to a filing today to the U.S. Securities and Exchange Commission. Mexican President Andres Manuel Lopez Obrador has actually stated that his federal government would support Cuba however it can, which the Communist-run island suffers from an inhumane and unfair blockade. Considering that July 2023, Gasolinas Bienestar ... our wholly-owned subsidiary, acquires crude oil and petroleum items from specific of our affiliates for export to the Republic of Cuba,...

Mexican state oil company Pemex is reversing crude exports cuts of at least 330,000 barrels each day (bpd) planned for May in the middle of a. smallerthanexpected oil need by the business's domestic. refineries, two sources near to the choice said on Friday. Pemex's international trading unit in April started imposing. exports cuts over supply crude contracts to consumers in the. U.S., Asia and Europe to increase its availability of crude for. domestic refining. The reductions have triggered lots of clients to. seek alternative crude grades. Even before the preliminary of cuts, Pemex oil exports to. all destinations in March...

Algeria's state grains firm OAIC is thought to have purchased durum wheat in an global tender which closed on Wednesday, European traders stated on Thursday. The accurate volume purchased was uncertain, but trader estimates were primarily about 200,000 metric lots. Price estimates were around $395 to $398 a heap cost and freight (c&& f) included for bigger Panamax shipments and around $ 405 to $410 a lot c&& f for smaller Handymax shipments. A major part of the purchase was said to involve Mexican-origin durum. The tender had sought a nominal 50,000 tons for shipment in 2 periods: June 1-15...

Area premiums for U.S. Mars unrefined exports to Asia have actually leapt after Mexico cancelled deliveries to conserve oil for domestic use and amid tightened supply of heavier grades internationally, trade sources said on Wednesday. Deals for the medium-sour Mars crude soared to premiums above $6 a barrel to Dubai quotes for shipment to Asia in July, the sources said, similar to light sweet West Texas Intermediate oil which is of much better quality. This was up from about $3.50 a barrel for June delivery, one of the sources said. The dive in prices has actually shut the arbitrage, preventing...

Mexico's Cemex, one of the world's largest cement producers, reported a minor dip in its secondquarter net profit on Thursday, mainly due to currency exchange losses stemming from a weaker Mexican peso. Cemex posted a $230 million net earnings for the April-to-June duration, somewhat lower than the year-ago duration. Like numerous Mexican firms running abroad, Cemex saw its foreign incomes watered down by a stronger Mexican peso last year, however the currency was down almost 7% compared to the U.S. dollar in the second quarter. In spite of greater prices in regional currency terms, Cemex income for the quarter was...

Mexico's Cemex, one of the world's largest cement producers, reported a small dip in its secondquarter net earnings on Thursday, mainly due to a. negative currency exchange effect from the devaluation of the. Mexican Peso. Cemex published a net revenue of $230.3 million for the quarter,. somewhat lower than in the exact same period last year. Like numerous Mexican firms operating abroad, Cemex saw its. foreign revenues watered down by a stronger Mexican peso in 2015. However, the regional currency weakened in the 2nd quarter,. dropping nearly 7% to the U.S. dollar compared to a year ago. Regardless of greater...

Geopolitical rivalries, including developing trade battles between the United States and China, now trump inflation as the biggest concern for sovereign wealth funds and reserve banks handling some $22 trillion in possessions, an Invesco survey released on Monday revealed. The ratcheting up of dispute - from Russia's war in Ukraine to trade restrictions - has loomed over worldwide investors for several years, but with the inflation tide ebbing, and as nearly half the world's population votes on brand-new leaders, the tensions are now centre phase. This naturally is the year of elections, stated Rod Ringrow, Invesco's head of main organizations,...

Brazilian auto parts producer Frasle Mobility stated on Monday it has actually concurred to buy Mexican vehicle spare parts distributor Dacomsa from Mexico's Grupo Kuo S.A.B de C.V. for 2.1 billion reais ($ 389.5 million). CEO Sergio Carvalho informed experts in a call the offer would be the biggest acquisition ever made by Frasle Movement or its controlling investor Randoncorp. With the offer, Frasle Movement, formerly referred to as Fras-le, stated it would likewise acquire the Dacomsa-owned Kuo Motor and Fritec companies, as well as some concrete and intangibles assets related to those business, according to a securities filing. The...

China's Ganfeng and 2 of its units aiming to establish a lithium job in Mexico registered an arbitration case against the Mexican federal government over the mining concession, according to the World Bank's. conflict settlement center. The post by the lending institution's International Centre for Settlement. of Financial Investment Disagreements (ICSID) on its website was dated Friday,. and lists the case, submitted by Ganfeng International Trading,. Bacanora Lithium and Sonora Lithium, as pending. Shanghai-based Ganfeng is a leading global battery maker and. lithium miner. The case centers on Mexico's most sophisticated lithium mining. job, located in northern Sonora state, and...

A continuous illegal. blockade at ArcelorMittal's western Mexico site considering that the end. of May has actually now held up an approximated 300,000 metric tons of. steel, the company told on Monday. Workers associated with the mining union have been. protesting considering that May 25 versus the yearly earnings distribution. to workers decided by the company for 2023, bringing all. activities to a stop. ArcelorMittal taped a $4.9 billion adjusted net profit. last year. The business told that labor authorities have not. endorsed the strike, which it said had actually started before the period. for conciliation talks had ended. We...

Mexican Presidentelect Claudia Sheinbaum said on Monday she would motivate broad conversations over proposed constitutional reforms, including a. judicial overhaul that has alarmed markets, before the next. congressional session starts. The judicial reform would change an appointed Supreme Court. with widely elected judges, in addition to for some lower courts,. which critics allege would fundamentally alter the balance of. power in Mexico. Sheinbaum, speaking in a press conference following a. meeting with outbound President Andres Manuel Lopez Obrador,. stated the reform would be among the very first that could be passed,. along with some increased social advantages. She included she...

U.S. President Joe Biden signed a sweeping new border procedure on Tuesday that would permit authorities to rapidly deport or return to Mexico migrants captured crossing the southwestern border if the everyday number of crossings goes beyond 2,500. Biden took office in 2021 swearing to reverse some of Republican Donald Trump's restrictive policies however faced record levels of migrants caught crossing unlawfully, which has end up being a concern in the tight rematch versus in November's. presidential election. Some human rights activists and left-leaning migration. specialists were sharply important of the measure, while Republicans. stated it did not go far...

U.S. building company Vulcan Products on Monday declined what it considers the illegal expropriation of its financial investments in Mexico and stated it stays open up to a worked out solution with the Mexican federal government. The company has actually been participated in a years-long dispute with Mexico's federal government after authorities ordered a halt to limestone quarrying at Vulcan's mining unit in the coastal state of Quintana Roo in 2022, declaring environmental damages by the company, which denies the allegations. Mexican President Andres Manuel Lopez Obrador last week stated that the site had actually not been expropriated, just closed,...

Asarco, the mining business controlled by industrial corporation Grupo Mexico, is planning to restart its mothballed copper smelter in the United States as rates for the red metal hit record highs, 2 sources with direct knowledge of the company's strategies informed . Asarco, first bought by Grupo Mexico in 1999, remains in negotiations with unionized workers to reboot the Hayden smelter in Arizona and nearby copper mines, in addition to the Amarillo refinery in Texas, the sources said. Resuming Hayden would enhance supply of the essential red metal across the nation - which uses twice the amount of refined copper...

Mexican President Andres Manuel Lopez Obrador on Wednesday dismissed expropriating U.S. construction business Vulcan Products' mine however stated the land where it operates would stay closed until at least completion of his term. Speaking at his regular press conference, Lopez Obrador implicated the company, which extracts limestone in southern part of the country, of environmental damage, allegations it has rejected. As long as I'm president, we're not going to allow the environment to be damaged, Lopez Obrador stated. The site is closed now and they'll not have the ability to work. Mexican authorities had actually purchased a halt to limestone...

Mexican billionaire Carlos Slim's Spanish system FCC plans to spin off its cement and property assets into a separate organization to be called Inmocemento, which would be then listed on the Madrid stock market. FCC's board believes the move would boost shareholder value as the brand-new and current companies are most likely to be worth more apart than together, FCC stated in a filing to the stock market regulator on Thursday evening. Inmocemento would take FCC's cement plants and the majority stake it owns in real estate developer Realia too as the minority stake in bigger Metrovacesa. Current FCC investors...