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News Article

Ventilators Made in Mexico Are Ready

By Ricardo Guzman | Thu, 04/23/2020 - 21:52

Some 700 ventilators made in Mexico will be available before May 15, CONACYT head María Elena Álvarez-Buylla reported on today’s COVID-19 special briefing. She said that following President López Obrador instructions, the science and technology office coordinated a project to manufacture the healthcare device in Mexico.

Four different models were designed and developed thanks to the collaboration of scientists from several academic institutions and using parts manufactured by private companies who joined the project. “Recovering  technological sovereignty is the final challenge, but for this pandemic we must have at least 700 ventilators before May 15, when the peak is expected,” Álvarez stated.

Ministry of Health authorities reported that in the last 24 hours the number of deaths rose to 1,069 and 99 new cases were recorded.

 

As of Thursday, April 23

1,089     new cases (from yesterday)

11,633   confirmed cases nationwide

7,588     under investigation

1,069     deaths

 

Impact on markets (19.30 hrs)

US Dollar              MX$24.67            (0.48%)

BMV IPC               34,240.60             (0.05%)

Dow Jones          23,515.26             (0.17%)

 

CNH speeds up deep-water projects

Despite the oil price crisis, companies such as Shell and Repsol will start drilling deep-water wells, according to the National Hydrocarbons Commission (CNH). During its seventh ordinary session, CNH approved Shell's request to speed up its costly deep-water drilling projects. The Dutch company will study some 120km off the coast of Tamaulipas and start drilling an exploratory well, two years before originally planned. Commissioner Alma América Porres said “it is very good news that a deep-water area is going forward.” Joint investments of US$146.4 million, seeking 305 million barrels of crude, were announced. The biggest is Repsol’s Júum well, a project worth US$76.3 million and expected to produce 221 million barrels. PEMEX’s Chihil 1 well is a US$65 million shallow water project of 81.9 million barrels, while the Monterrey based Pantera, subsidiary of Jaguar, will drill Tenoch 1, a US$5.1 million onshore project of 2,466 million barrels and 14,666 million cubic feet of gas.

 

Mexico cancels gasoline imports

Amid the slumping fuel demand, Mexico is trying to cancel imports to at least one US company, according to report by El Financiero Bloomberg. PEMEX PMI declared a force majeure to reduce gasoline imports, as dozens of vessels are waiting to unload their cargo on the Atlantic and Pacific coasts. Mexico is the largest recipient of gasoline exports from the US. There are about 60 vessels waiting, says Erick Tapia an independent oil consultant and former PMI employee. Each vessel carries an average of 300,000 barrels which brings a total of near 18 million barrels.

 

Ebrard and Monreal will push automotive agenda

PAN Governors reached an agreement with Chancellor Marcelo Ebrard and Senate leader Ricardo Monreal to declare the automotive industry as an essential productive activity. “I appreciate the willingness of Chancellor Marcelo Ebrard and Senator Ricardo Monreal to argue the case to President Lopez Obrador that the Automotive Industry is declared essential,” Aguascalientes Gov. and president of the Association of Governors of National Action (GOAN) Martin Orozco said in his Twitter account.

 

Mexican crude basket goes up

For the third consecutive day the Mexican crude basket recorded gains, after the week began with negative prices. After today’s session it closed at US$8.54 per barrel, an increase of 18.78 percent from the previous day. The rise was in line with the international references WTI Brent which rose 19.74 and 6.68 percent, to US$16.50 and US$21.73 per barrel, respectively.

 

Austerity plan decree is published

The decree by which President Andrés Manuel López Obrador orders the austerity plan to face the COVID-19 crisis in Mexico was published in the Official Gazette of the Federation (DOF). The document establishes that government actions and spending are postponed, with the exception of certain priority programs and the main infrastructure projects of the administration. It also highlights that the reduction of salaries of high public officials will be on a voluntary basis.

Ricardo Guzman Ricardo Guzman Editor