Luy’s Lines
Mexico’s Oil Industry
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Tensions Grow in Pemex Union Boss Race
By KELIN DILLON As 90,000 workers from Mexico’s state-owned oil company Petróleos Mexicanos (Pemex) prepare to vote in the first-ever direct election for leadership for Pemex’s Oil Workers Union (STPRM) on Jan. 31, tensions are heating up between the election’s 25 candidates as the vote grows closer and closer. The union vote stems from recent reforms to Mexico’s labor legislature,
Read moreDefunct Oil Company Accuses Citibank of Fraud
By THE PULSE NEWS MEXICO STAFF A now-defunct oil company, Oceanografía, filed charges against the Citibank Group’s soon-to-be-sold Mexican subsidiary Banamex of fraud on Monday, Jan. 24. Oceanografia, which was once Latin America’s largest oil and gas company, valued at more than $3.5 billion, collapsed in 2014 after defaulting on loan payments. Citigroup allegedly gave Oceanografía a $585 million credit
Read moreUnited States Approves Pemex’s Deer Park Refinery Purchase
By KELIN DILLON On Wednesday, Dec. 22, the U.S. government approved Mexico’s state-owned oil company Petróleos Mexicanos’ (Pemex) $596 million purchase of Shell’s Texas refinery Deer Park, with the acquisition planned to be finalized within the first few weeks of 2022. “The purchase shows a good relationship between the United States and Mexico,” said Mexican Secretary of Foreign Relations Marcelo
Read moreMexico Pumps $3.5 Billion to Lower Pemex’s Debt
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
Read moreDos Bocas Won’t Reach Full Operational Capacity until September 2023
By KELIN DILLON Though Mexican President Andrés Manuel López Obrador’s (AMLO) under construction Dos Bocas refinery maintains its planned July 1, 2022, launch date, new reports reveal the crude oil processing plant will take more than a year to operate at full capacity, which is anticipated to occur in September of 2023. As per López Obrador’s schedule, the full operations
Read moreThe World According to Bartlett
By ALEJANDRO ENVILA FISHER The question that everyone in Mexico should be asking themselves is whether ordinary citizens are more interested in subsidizing, with their own paychecks and a reduced quality in their public services, an ideologized concept of national sovereignty as purported by President Andrés Manuel López Obrador (AMLO) and his so-called Fourth Transformation (4T), or paying less for
Read moreMexico’s Gasoline Prices Soar by 20 Percent
By KELIN DILLON According to data from the PetroIntelligence platform, gas prices throughout Mexico rose by a total of 20 percent from December 2020 to the week of Oct. 18, 2021, impacting transportation costs and the pocketbooks of the Mexican consumer. While one liter of gasoline was registered at national average of 18.52 last December, this week’s pricing puts a
Read moreAMLO’s Energy Priorities: Dirty Sources over Clean Ones
By THE PULSE NEWS MEXICO STAFF Mexican President Andrés Manuel López Obrador (AMLO) left no doubt on Monday, Oct. 10, as to which energy sources would be prioritized under his new electricity initiative. During his daily morning press conference, AMLO had Energy Secretary Rocío Nahle read out the details of his proposed electricity reform, which, she said, would return control
Read morePemex Loses 38.4 Percent of Global Market Share under AMLO
By KELIN DILLON Halfway through the six-year administration of Mexican President Andrés Manuel López Obrador (AMLO), Mexico’s state-owned oil company Petróleos Mexicanos (Pemex) has lost 38.4 percent of its stake in the world’s energy market, dropping out of the top 10 most important international oil companies. Just in 2017, Pemex ranked highly in value according to British firm Brand Finance’s
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