Tags » Pemex

Pemex-Peso-Dollar Crisis Takes its Toll in Mexico

From Wolf Street, by Don Quijones

No one is immune to the crippling effects of a crumbling currency.

With Brazil going through a period of extreme political and economic turmoil, Venezuela taking the art of basket-case economics to a whole new level, and Argentina’s economy grinding to a stagflationary halt, Latin America — in particular its Southern Cone — is not having the best of times. 355 more words

Financial/Societal Collapse And Dependence

Mexico's Pemex could relinquish majority stake in refineries: CFO | Reuters

Mexico’s state-owned oil company Pemex is seeking partners to operate its money-losing refineries and plans to “dilute” its ownership in the plants, even selling majority stakes, the firm’s financial chief said on Friday.Chief Financial Officer Juan Pablo Newman said in an interview that Pemex is seeking private sector expertise to make its six domestic refineries more efficient, as an extended crude price slump and years of underinvestment in its downstream assets has battered the company’s bottom line.”We may not have a majority stake in the refineries, but we are going to dilute our participation,” said Newman at his office on the 38th floor of Pemex’s headquarters in Mexico City.He said Pemex aims to spend about 30 billion pesos ($1.65 billion) on its refineries this year, while it seeks additional investment from private partners.Newman added that private operators could bring much-needed efficiencies to the company’s refining unit, its worst-performing division over many years.In the first quarter of this year, Pemex ran up its 14th consecutive quarterly loss at about 62 billion pesos ($3.6 billion), as both crude prices and output fell.In late February, the company’s new chief executive announced 100 billion pesos ($5.8 billion) in spending cuts this year to stem the losses. 12 more words

Mexico Energy

Pemex No Longer to Be Main Producer of Oil in Mexico

teleSUR | May 11, 2016

The country’s state oil company, Pemex, which is one of the federal government’s main sources of revenue, is since May 10 no longer be the country’s only producer of oil, reports revealed Wednesday, after the state-owned company granted the first six licenses for oil extraction since left-leaning Mexican former President Lazaro Cardenas nationalized the industry in 1938.

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Economics

Car Bomb Attack In Basna Chhatisgarh Kills 1 Wounds 6

Chhatisgarh state-run news agency says a soldier was killed and six others were wounded in a car bomb attack against their outpost in Basna.The Agency said Wednesday that basna detonated an explosives-packed vehicle outside a gendarmerie station in pemex province. 81 more words

Basna

Car Bomb Attack In Basna Chhatisgarh Kills 1 Wounds 6

Chhatisgarh state-run news agency says a soldier was killed and six others were wounded in a car bomb attack against their outpost in Basna.The Agency said Wednesday that basna detonated an explosives-packed vehicle outside a gendarmerie station in pemex province. 82 more words

Pemex Posts 14th Straight Loss as Spending Cuts Crimp Output - Bloomberg

Petroleos Mexicanos posted a loss for the 14th consecutive quarter as massive spending cuts diminish the state oil producer’s ability to arrest years of declining production.The first-quarter loss narrowed to 62 billion pesos ($3.6 billion), from 100.5 billion a year earlier, Pemex, as Mexico’s biggest company is known, said in a statement Thursday. 114 more words

Petrochemical plant explosion: Massive blast at Mexico's Pemex facility kills 24 - TomoNews - YouTube

TomoNews US

COATZACOALCOS, MEXICO — A massive explosion at a plant owned by a Mexican oil giant is the latest in a series of fatal accidents that have plagued the company in recent years. 149 more words

Environmental