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Weekly Roundups

FGR Pursues Case Against Another PEMEX Ex-Director

Thu, 08/26/2021 - 16:33

Former PEMEX Director Carlos Treviño has been accused by FGR of receiving bribes in exchange for contracts between the NOC and Braskem, a subsidiary of Brazilian conglomerate Odebrecht. Treviño was called to testify this week at a preliminary hearing to address these charges made by fellow former PEMEX Director and current collaborating witness Emilio Lozoya. In an interview with Milenio, Treviño claims that he never even met Lozoya and that these accusations are merely an attempt from Lozoya to “smear whoever he can so that he can save himself.” Treviño was the third and last PEMEX Director of the Peña Nieto administration, following both Lozoya and José Antonio González Anaya, serving from November 2017 to November 2018. 

Ready for More? Here’s the Week in Oil & Gas!

Vitol Under Investigation Once Again, Banned Until 2024

Dutch oil and gas trading company Vitol has been banned from making new oil trades with PEMEX until 2024, following the announcement that it was under investigation by Mexican tax authorities. This is in part due to Mexican fiscal authorities deciding to launch an investigation of their own into Vitol’s dealings in Mexico, suspecting them of falsifying import documents to evade taxes. This comes after the US Justice Department filed charges against Vitol, accusing them of bribing PEMEX and Petrobras officials in exchange for access to confidential information.

Oil Companies Hit it Big in the Mexican Stock Market

Oil companies trading in the Mexican stock market have reported a 94 percent income increase during 2Q21, compared to last year’s data. Data retrieved from the Top 10 oil companies in Mexico listed on the stock exchange show an income increase totaling US$407 billion, a sign of recovery from 2020, when that number totaled US$210 billion. US-based Chevron, has the biggest income increase totaling US$37 billion, representing a 178 percent increase compared to June of last year, when it totaled US$13 billion. In regards to value of shares in the market, Exxon Mobil, ENI, and Repsol are considered the best performing companies in the year.

BBVA Deems Government’s Pro-PEMEX Actions as “Discriminatory”

BBVA Mexico has publicly criticized the López Obrador administration for their “favored” treatment of state-owned PEMEX over the private sector. The bank went public with their criticism of the current administration and its apparent favoritism towards PEMEX and CFE, stemming from its position against former president Peña Nieto’s Energy Reform. In precise terms, they deemed the government’s actions as “discriminatory” and contrary to free market practices, following a change in the energy sector export rules that will see PEMEX benefit over all private energy companies. “This represents a discriminatory treatment toward private companies, with effects contrary to competition, by generating uncertainty in investments, limiting the possibilities of competing in the market and granting exclusive advantages to PEMEX,” reads BBVA’s announcement.

Offshore Accident Claims Five Fatalities

An explosion at KMZ’s E-Ku-A2 processing platform last Sunday afternoon caused the deaths of five workers. Six more were injured, while at least two remain missing. PEMEX Director Octavio Romero Oropeza said that one of the five workers who passed away was a PEMEX employee, while the other four worked for contractor Cotemar. Romero Oropeza also declared that the explosion was caused by a gas leak. KMZ is one of PEMEX´s most important production assets, and as a result of the explosion it has generated immediate losses of 421,000b/d of production, equivalent to US$26.2 million per day.

The data used in this article was sourced from:  
MBN, Milenio
Photo by:   PEMEX