PEMEX Denies Latest Corruption AllegationsWed, 02/09/2022 - 18:02
PEMEX Director General Octavio Romero Oropeza denied and dismissed the most recent corruption allegations made against the NOC this week. These latest accusations concern the relationship between PEMEX and Baker Hughes after it was revealed that a BH top executive had rented out a luxurious mansion in Houston to one of President Lopez Obrador’s sons in exchange for an expansion of the company’s ongoing contract with the NOC.
Ready for more? Here’s the Week in Oil & Gas!
Senator Demands Audit of PEMEX To Verify Corruption Charges
PAN Senator Xóchitl Gálvez has publicly requested that the Supreme Federal Auditor (ASF) go over every contract between PEMEX and Baker Hughes for the 2018 to 2021 period to verify the accuracy of corruption charges against the NOC. Gálvez also made clear that she will file formal complaints with US authorities, given that she expects Mexican authorities to “block all investigations into the matter.”
2022 PEMEX Credit Rating Downgrade Less Probable: Moody’s
PEMEX is unlikely to experience a credit rating downgrade this year according to a recent Bloomberg interview with Moody’s analyst Nymia Almeida. “Debt must have declined last year due to the government's payments, production has stabilized and prices are very solid, so they should be less of a burden, at least, this year. I think the amount of money that they may need this year will be less,” said Almeida.
PEMEX Housing Unit Requires Water Infrastructure Renovation
One of PEMEX’s largest public housing units, located near the center of the city of Tula, requires extensive renovations of its water supply infrastructure and has required them for at least the last four decades, according to a report from Milenio. These issues have been exacerbated because the nearby Tula refinery has been ramping up its operations in the last couple of years and demanding more water to increase its production levels.
Sempra Signs MOU With CFE for Development of LNG Projects
CFE and Sempra Infrastructure signed a memorandum of understanding (MOU) for the development of several natural gas projects, as well as for the negotiation of contracts to use surplus natural gas transport capacity. The projects include the Vista Pacifico LNG project in Topolobampo, Sinaloa, a natural gas regasification project in La Paz, Baja California and the renewal of operations of the Guaymas-El Oro pipeline in Sonora.