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[1/3] A general view shows Mexican state oil firm Pemex's Cadereyta refinery in Cadereyta, on the outskirts of Monterrey, Mexico, August 27, 2021. The push to increase Pemex's output, however, has ramped up fuel oil production, due mostly to its refineries' struggle to efficiently process the heavy crude Mexican oil fields pump. CORE PROBLEMSPemex fuel oil is a sludge-like product, especially bad for air quality when burnt to generate electricity due to its high sulfur content, which has diminished its market value. Most refiners seek to minimize production of fuel oil by using coking plants to extract higher value fuels like gasoline and diesel from heavy crude. For now, Pemex's motor fuel production is still eclipsed by what it buys abroad, or around 353,000 bpd of gasoline imports this year through April.
Persons: Daniel Becerril, Andres Manuel Lopez Obrador, Lopez Obrador's, Pemex, Lopez Obrador, Lopez, Ana Isabel Martinez, David Alire Garcia, Dave Graham, Marguerita Choy Organizations: REUTERS, MEXICO CITY, Reuters, Pemex, Comision Federal, Thomson Locations: Cadereyta, Monterrey, Mexico, MEXICO, wean, U.S
MADRID, May 13 (Reuters) - Spanish soccer's Real Madrid have lost a $440 million court battle with Abu Dhabi sovereign investor Mubadala (MUDEV.UL) over the proposed sponsorship of its stadium in Madrid, sources with knowledge of the case told Reuters. Real Madrid had claimed 400 million euros ($440 million) from Mubadala because it said the Abu Dhabi sovereign investor failed to honour a sponsorship deal under which it would acquire rights to name the Santiago Bernabeu stadium for 20 years. In 2014, Real agreed a strategic partnership with Abu Dhabi fund International Petroleum Investment Co (IPIC), now Mubadala, to help finance a planned stadium overhaul. However, in 2015, a Madrid court halted the original modification of the stadium. The court ruled the sponsorship contract had expired by the time the second expansion was agreed in 2017.
Mexico president defends son after report alleging corruption
  + stars: | 2023-05-04 | by ( ) www.reuters.com   time to read: +2 min
This week Mexican news outlet Latinus published a report alleging that Andres Lopez Beltran, a son of the president, had helped friends snare public contracts worth over 100 million pesos ($5.6 million). Lopez Obrador ditched the airport upon taking office in 2018 on the grounds that it was too costly and tainted by corruption. Lopez Beltran could not immediately be reached for comment. Lopez Obrador acknowledged family friends had won government contracts, but said they posed no conflicts of interest. Lopez Obrador denied any conflict of interest at the time.
Five months later, on Nov. 24, the regulator approved the plan for the Quesqui field in the southern state of Tabasco. Interviews with eight sources with direct knowledge of the matter show Hernandez had been pressured by Lopez Obrador's government and Pemex to approve Quesqui and other plans, or resign. According to these people, at least three other senior officials at the regulator were also pressured by officials in government and at the regulator to help approve the plans. One of the officials who the sources said was pressured, the former technical head, Julio Trejo, resigned shortly before the Quesqui plan was approved. Guerrero also reiterated that the Quesqui field "is a strategic project" as defined by the government.
[1/5] A Cuban tanker ship enters Havana's bay with a sign that reads in Spanish: "No more blockade", referring to the trade embargo on Cuba imposed by the U.S., Havana, Cuba, April 25, 2023. Venezuela's oil exports to Cuba so far this year have dropped to 55,000 barrels per day (bpd) from almost 80,000 in 2020. Cuba has also imported since November at least five cargoes from Russia, a long-time supplier, as well as fuel from Caribbean terminals and Europe, the data shows. Officials also blame U.S. sanctions, which complicate the financing and transport of fuel to Cuba, for the crisis. Venezuela's state oil company PDVSA and oil ministry, Pemex, and Mexico's foreign ministry did not reply to requests for comment.
Pemex, which had financial debt totaling nearly $108 billion at the close of last year, pays a profit sharing rate (DUC) - effectively a tax paid to the government - of 40%. Delaying Pemex's payment of the DUC should give the oil giant some $2 billion in cash flow, said Yorio. "We can do this quickly to provide liquidity to Pemex, not through a capitalization, but by allowing it not to immediately pay the royalty, the profit sharing rate," said Yorio. Separately, Yorio said Mexico would not need to issue debt to finance its $6 billion deal to buy 13 power plants from Spanish energy company Iberdrola (IBE.MC). Lopez Obrador has described the deal, which will boost state power utility Comision Federal de Electricidad's (CFE) market share to nearly 56% of Mexico's total power generation from about 40%, as a "new nationalization".
Obrador's decision to roll back reforms aimed at opening Mexico's power and oil markets to outside competitors sparked the trade dispute. If not, the U.S. will request an independent dispute settlement panel under the Unites States Mexico Canada Agreement, or USCMA, they said. The United States and Canada demanded dispute settlement talks with Mexico in July - 250 days ago. Under USMCA rules, after 75 days without a resolution, they were free to request a dispute settlement panel, a third party that rules on the case. In my view, it’s long past time to say enough is enough and escalate this into a real dispute settlement case," Wyden said.
CARACAS, March 27 (Reuters) - Venezuela's President Nicolas Maduro suspended a committee he had appointed to restructure state oil firm PDVSA under the supervision of Tareck El Aissami, the oil minister who resigned last week amid an expanding anti-corruption probe into the company and the judiciary. The probe has led to 10 officials and 11 businessmen being arrested and 11 more wanted. PDVSA President Pedro Tellechea was appointed as the new oil minister last week, giving him wide control of the industry. Maduro said last week a new restructuring process must begin in PDVSA, formally known as Petróleos de Venezuela, S.A., to audit its accounts and uncover corruption. PDVSA's restructuring commission was created to adopt urgent measures to "protect the industry from imperialist aggression."
"We greatly sympathize with Mr. Vadell for everything he and his family have been through," a Citgo spokesperson said in a statement. "We disagree with this lawsuit, which irresponsibly equates CITGO, an American company based in Houston, with an authoritarian regime in Venezuela." Vadell and the other executives were summoned to a meeting at Venezuelan state-oil firm Petroleos de Venezuela (PDVSA.UL), Citgo's parent. A Venezuelan court sentenced the executives in 2020 to prison terms ranging from eight to 13 years. The case is Tomeu Vadell et al V. Citgo Petroleum Corp., Harris County District Court, No.
Tareck El Aissami said that he resigned to facilitate a government anticorruption probe. Venezuela’s oil minister resigned Monday amid a widening campaign by President Nicolás Maduro to root out corruption in the government and the national oil company, which in recent days has led to the arrests of several government officials on graft charges. Tareck El Aissami , who had held high posts in government and long been among Mr. Maduro’s closest confidants, said on Twitter that he was stepping down from his post to facilitate the government’s anticorruption probe into state-run Petróleos de Venezuela, or PdVSA. He couldn’t be reached to comment.
Companies Petroleos Mexicanos FollowMERIDA, Mexico, March 17 (Reuters) - Mexican Finance Minister Rogelio Ramirez De La O said on Friday he expects state oil firm Petroleos Mexicanos, known locally as Pemex, to be able to handle its debt amortizations in 2023, though reaffirmed that the government would be there if needed. With its financial debt totaling nearly $108 billion at the close of last year, Pemex must pay down some $8.2 billion expiring this year and another $9 billion more in 2024 in both bonds and long-term bank loans, putting it in a challenging financial position. The finance minister's latest comments came after Mexico's President Andres Manuel Lopez Obrador said in January the government would provide further support to Pemex to ensure it meets its debt repayments. The government lifeline has provided the company with some $45 billion between capital injections and tax benefits over the last four years. Reporting by Noe Torres; Editing by Anthony EspositoOur Standards: The Thomson Reuters Trust Principles.
Romero hit back at credit rating agencies that have "punished" Pemex by declaring its bonds speculative grade, or junk, which made its borrowing more expensive. He said the agencies were ignoring progress made by current management on boosting production, lowering debt and keeping reserves stable. At the end of January, Pemex issued 10-year bonds worth $2 billion at a 10.375% interest rate on the market to refinance some debt. That production target significantly scales back Lopez Obrador's initial oil ambitions, when in late 2018 at the start of his administration he promised to grow Pemex production to 2.6 million bpd. Pumping more, he said, "will comfortably allow us to meet our country's demand for crude oil and fuels."
A Glencore lawyer on Tuesday said the company now expects to pay as much as $1.5 billion in total penalties, up from the $1.2 billion it initially agreed to pay last year. Glencore faced several restitution claims after agreeing to its settlement last year, including from Petróleos Mexicanos SA de CV, or Pemex, Mexico’s state-owned oil company. The negotiated monetary penalty paid by the Glencore subsidiary is lower than what is called for under federal sentencing guidelines, a reflection of Glencore’s cooperation, Judge Schofield said at Tuesday’s sentencing. Glencore gave prosecutors more than a million documents, including from overseas, where prosecutors lack subpoena power, the judge said. The company also agreed to overhaul its compliance program and will be under an independent monitorship for three years, she said.
[1/3] Gas flare is seen at the state energy company Petroleos Mexicanos (Pemex) Papan plant, in Tierra Blanca, Veracruz state, Mexico February 18, 2023. The pledge to stop burning gas at the Ixachi field came after months of pressure over flaring from the hydrocarbon regulator, environmentalists and Mexico’s most important trade partner, the United States. But Pemex has repeatedly missed gas production targets, blaming it on missing infrastructure. Two senior company sources told Reuters last November Pemex would rather pay fines than deal with gas flaring problems. Pemex's updated business plan for 2023 to 2027, released in December, reiterated promises to reduce emissions but focused more on oil and gas production as well as refining.
Pemex hit by fires at three facilities in one day
  + stars: | 2023-02-24 | by ( ) www.reuters.com   time to read: +1 min
[1/5] Emergency services work as smoke rises following a pipeline explosion at the facilities of state-owned oil company Pemex, according to local authorities, in Ixhuatlan del Sureste, Veracruz state, Mexico, February 23, 2023 in this still image taken from video obtained from social media. Samy Rodriguez/Perfil Regional/via REUTERSCompanies Petroleos Mexicanos FollowMEXICO CITY, Feb 23 (Reuters) - Three fires broke out on Thursday at different facilities in Mexico and the United States operated by state-owned Mexican oil company Pemex, leaving five missing and eight others injured as of Thursday evening. Pemex confirmed in a later statement on Thursday evening that a separate fire at its Minatitlan refinery, also in Veracruz, was under control after injuring five people. A third fire was also reported Thursday by a community alert at a unit at Pemex's Deer Park, Texas, oil refinery. Earlier this week, at least two people died after a vehicle collision inside a Pemex refinery in the Mexican state of Hidalgo, according to local media reports.
The high cost of borrowing forced a recalibration in Pemex and renewed determination to avoid the market, two company sources familiar with the matter said. Pemex has said it must pay back some $8 billion of financial debt this year and $8.7 billion next. But both sources said Pemex was banking on high crude oil prices to maintain the investments for this year as well as meet its financial obligations - without issuing more bonds. Financial debt started ballooning years ago when the oil company took on debt to pay its debts. Pemex declined to reveal the total value of debt payments due and Reuters was unable to independently calculate the figure.
The companies are now expected to sign in the coming weeks a 460-million-euro contract to revamp the 955,000-bpd Paraguana refinery complex on the coast of western Venezuela, according to the sources. Iran's Foreign Minister Hossein Amirabdollahian arrived in Caracas on Friday and met Venezuela's oil minister Tareck El Aissami, according to tweets from the Iranian embassy in Caracas and Venezuela's oil ministry. PDVSA, NIORDC and Venezuela's oil ministry did not reply to requests for comment. A QUARTER OF CAPACITYA project to restore the complex's dilapidated power supply is also planned as part of the revamp, according to the sources. During the El Palito revamp, PDVSA sent home hundreds of Venezuelan workers to make way for the Iranian technicians, which triggered protests.
Jan 24 (Reuters) - At least one chemical plant and an oil refinery were scrambling to recover from operational upsets on Tuesday after severe weather tore through an oil and gas refining hub outside Houston. Shell (SHEL.L) said it was experiencing an incident at its Deer Park chemicals facility following severe weather, according to a company tweet. Petroleos Mexicanos also reported operational upsets due to weather at its neighboring oil refinery, according to a company alert. The National Weather Service issued a tornado warning for the Houston area on Tuesday afternoon. Exxon Mobil (XOM.N) said operations at its Baytown, Texas, plant were stable following the severe weather, with no injuries reported.
A view shows part of the state oil firm Petroleos Mexicanos (Pemex) refinery in Salamanca. Mexican state oil company Pemex illegally burnt off hydrocarbon resources worth more than $342 million in the three years up to August 2022 at two of its most important new fields, internal documents from the country's oil regulator showed. Burning off gas and condensate - a mixture of liquid hydrocarbons similar to a very light crude oil - has also resulted in extensive environmental damage. There, the documents show Pemex burnt off some 62.9 billion cubic feet of gas and 310,000 barrels of condensate. Missing InfrastructurePemex produced 201.2 billion cubic feet of gas and 24.3 million barrels of condensate from Ixachi.
The three documents, produced by the regulator and dated August 2022, detail how Pemex (PEMX.UL) destroyed resources worth $275 million from the Ixachi field in three years and $67 million from the Quesqui field in two years. There, the documents show Pemex burnt off some 62.9 billion cubic feet of gas and 310,000 barrels of condensate. MISSING INFRASTRUCTUREPemex produced 201.2 billion cubic feet of gas and 24.3 million barrels of condensate from Ixachi. The documents also show that 77.6% of the investment into the field Pemex had pledged in its development plan - totaling $2.9 billion - were not made. The fields were meant to receive more resources so Pemex can start exploration and production earlier and faster and make up for declining production from ageing fields elsewhere.
Jan 17 (Reuters) - Montfort has emerged as the top bidder for Uniper Energy's oil refinery in the UAE that produces low-sulphur fuel oil for the shipping industry, multiple sources familiar with the matter said this week. The companies are finalising the deal, some of the sources said, although one source said the deal has been closed. Other companies that were also in the running were Vitol and BB Energy, the sources said. The Fujairah plant processes mainly African sweet, or low-sulphur, crude oil, producing about 5 million tonnes per year of very low-sulphur fuel oil (VLSFO), according to Uniper and Refinitiv data. Montfort has a bunker supplier licence in Fujairah under the entity of Montfort Trading FZE.
ConocoPhillips , which abandoned Venezuela after its assets were nationalized in 2007, is now open to a deal to sell the country’s oil in the U.S. as a way to recover the close to $10 billion it is owed by Venezuela, according to people familiar with discussions between the company and Venezuela representatives. In what are preliminary talks between ConocoPhillips and national oil company Petróleos de Venezuela SA, the two sides are looking at a proposal that could allow the Houston-based company to load, transport and sell Venezuela’s oil in the U.S. on behalf of PdVSA, as the state oil company is known. This would give ConocoPhillips a chance to recover the money it lost in the country and help the U.S. meet its energy needs, the people said.
The U.S. government appears reluctant to antagonize Mexico on energy lest it interfere with cooperation on the border and security, two far bigger U.S. domestic issues, analysts said. Under pressure from Republican opponents to curb record illegal crossings, the administration of Biden, a Democrat, has focused much of its dealings with Mexico on border security. Trump threatened Mexico with trade tariffs if it did not stem migrant flows, but he did little to upbraid Lopez Obrador over energy policies that U.S. firms say are unfair. And the Biden administration did contact U.S. energy companies ahead of the Mexico City summit to ask them how Mexico's policies have impacted their business operations there, according to a document seen by Reuters. Two Mexican officials said there was little advance on the energy dispute between Mexico and Washington this week.
Venezuelan president names new head of PDVSA, foreign minister
  + stars: | 2023-01-06 | by ( ) www.reuters.com   time to read: +2 min
CARACAS, Jan 6 (Reuters) - Venezuelan President Nicolas Maduro on Friday named Pedro Rafael Tellechea as the new head of state oil company Petroleos de Venezuela (PDVSA) (PDVSA.UL) and said Yvan Gil Pinto would become the new foreign minister. Exports this year are expected to get a lift after the United States relaxed oil sanctions by authorizing some PDVSA partners to resume taking Venezuelan crude. Former head of PDVSA Asdrubal Chavez, a cousin of late President Hugo Chavez and former oil minister, will soon have new responsibilities, Maduro added. In a separate tweet, Maduro named Gil Pinto to head the country's diplomacy. "It's a great responsibility I'm sure he will perform with great professionalism," Maduro said about Gil Pinto, who had been serving as vice-minister for Europe.
Under USMCA, if the controversy is not resolved during consultations, a dispute panel can be called to adjudicate. Lopez Obrador has put on a bullish front, saying Mexico has broken no laws and that "nothing is going to happen." Resolution appears to hinge on whether energy nationalists inside the Mexican administration, who have taken their cues from Lopez Obrador, are prepared to compromise. Lopez Obrador has made energy policy a cornerstone of his presidency, making it hard for him to back down. Still, the spat has hit investor confidence in Mexico, and Lopez Obrador is seeking U.S. help to finance solar power output in northern Mexico and attract investment in greener manufacturing, particularly in carmaking, a key industry.
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