By KELIN DILLON In an attempt to reduce its foreign debt, Mexico’s state-owned fuel company Petróleos Mexicanos (Pemex) received $3.5 billion in bond buybacks from the Mexican federal government, the country’s Secretariat of Finance (SHCP) reported on Tuesday, Dec. 7. This financial injection is equivalent to 74 billion pesos, about half the annual budget given to Mexico’s Secretariat of Public
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By THE PULSE NEWS MEXICO STAFF Mexico’s inflation rate hit 6.24 percent in October, its highest level since December 2017, the National Institute of Statistics and Geography (Inegi) said Monday, Nov. 8. The National Consumer Price Index (INPC) hike was above market forecasts, which had predicted an annual increase of 6.16 percent, according to a group of economic analysts consulted
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By KELIN DILLON As the Mexican government continues its quest to give state-owned oil company Petróleos Mexicanos (Pemex) majority control over the nation’s energy market, it has now closed a number of privately owned terminals used to import fuel across the country. In the past month and a half alone, three terminals in Tuxpan, Puebla and Hermosillo were closed by
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By KELIN DILLON After Mexico’s Attorney General of the Republic’s (FGR) acknowledgement of (and subsequent lack of follow up on) crimes committed by the country’s customs officials, Mexican President Andrés Manuel López Obrador (AMLO) turned the blame onto governors from the nation’s northern states for their complicity in the alleged crimes. From 2020 until February of this year, the FGR’s
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By KELIN DILLON Mexican President Andrés Manuel López Obrador (AMLO) introduced a reform to Mexico’s hydrocarbon law on March 26 that would force energy companies to comply with a minimum storage company and give the government power to revoke permits given to private companies, which would controversially expropriate all fuel-related matters from the private sector to the federal government. The
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By KELIN DILLON The controversial new changes to Mexico’s electricity law will now see the nation’s Secretariat of Energy (Sener) and Energy Regulatory Commission (CRE) review more than 20,000 permits granted to private individuals and enterprises in the energy sector under previous presidential administrations. The review will look into permits to operate and open service stations outside of the Petróleos
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By KELIN DILLON In the last decade, Mexico reportedly had to import over $20 billion per year worth of gasoline to cover the country’s growing demand, following Mexico’s state-owned fuel company Petróleos Mexicanos (Pemex) inability to meet the market’s needs. Pemex reportedly suffered huge losses in revenue and production in 2020 after the start of the covid-19 pandemic. The company
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By RICARDO CASTILLO Texas Gas Shortage The Arctic vortex that hit Texas and the north of Mexico on Monday, Feb. 15, did not catch the Federal Electricity Commission (CFE) unprepared, said the commission’s director, Manuel Bartlett Díaz. The cold spell was expected, and the subsequent gas shortage it produced was also to be expected, he said, but not just for
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By THE PULSE NEWS MEXICO STAFF Petróleos Mexicanos (Pemex), Mexico’s state-owned oil company, had the lowest recorded gasoline production on record in its existence in 2020, according to government figures. Gasoline production reached an average of 185,600 barrels per day, down 8 percent from the previous year. However, internal sales of Pemex gas managed to increase by 4 percent, reaching
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By RICARDO CASTILLO The sudden cancellation of a coal-purchasing contract by Mexico’s state-owned Federal Electricity Commission (CFE) came as a bucket of ice water to supplier mining company Micare, a subsidiary of steel mill Altos Hornos de México (AHMSA). The issue, however, is a lot more complicated than just a breach a contract. The first thought that comes to mind
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