PEMEX had a mixed outing this past week, announcing Q1 losses while also finishing the purchase of gas tankers that will dramatically lift the country’s fuel transport capacity. Meanwhile, President Andrés Manuel López Obrador told the country that the long-awaited announcement for the project management of the Dos Bocas refinery will be announced next week.
This week’s Interview of the Week is with Álvaro Granada, General Manager Mexico at BP Downstream. Álvaro discusses how the company is handling the increasingly competitive nature of Mexico’s fuel market. Check it out here!
Here is the Weekly Roundup!
Dos Bocas Construction Management to be Revealed
President López Obrador said this past week that the project manager for the new Dos Bocas refinery, to begin construction in the state of Tabasco at the end of this year, will be announced this week.
The Dos Bocas site will stretch across 566ha of land and include 17 processing plants. This is expected to come at a cost of over US$6 billion to the country.
PEMEX Extends Transportation
PEMEX finalized the purchase of 612 gas tankers for a total of US$84.6 million to increase fuel transportation facilities in connection with the national pipeline network. According to PEMEX, the tankers will increase the transport of fuel in the country by 134,500b/d, a jump of 11 percent on the current capacity. A total of 410 tankers were purchased from the American company US Navistar.
PEMEX Sees Profit Loss
Mexico’s troubled NOC received more bad news this week after a Q1 profit loss was announced this week. The company’s net loss of MX$35.7 billion was due to the fall in the price of gas and the anti-theft actions of the government at the beginning of the year, when pipelines were temporarily closed.
ExxonMobil and Arco
President López Obrador announced that gas station operators ExxonMobile and Arco were among the companies with the highest profit margins per liter of gas sold in Mexico between April 18 and 24. The president, who has been announcing the highest and lowest at-the-pump prices in Mexico for the last several weeks, said ExxonMobile and Arco sold the Magna brand at 20.22 pesos and 19.56 pesos per liter respectively.