Correspondent, Mexico
Mica's Feed
Aug 30, 2011

Mexico’s Pemex wants deep water tech in Repsol deal

MEXICO CITY, Aug 30 (Reuters) – Mexico’s state oil monopoly
Pemex said on Tuesday it aims to boost its access to top-end
technology to explore for oil in the deep waters of the Gulf of
Mexico by increasing its stake in Spanish oil firm Repsol.

Pemex also sees a financial advantage of doubling its stake
in Repsol to almost 10 percent, but has no intentions of taking
over the Spanish-controlled company, the Mexicans said.

Aug 25, 2011

Mexico coffee farmers shelter from risk behind hedges

CUETZALAN, Mexico (Reuters) – For generations, indigenous coffee farmers in the lush mountains east of Mexico’s capital sold their beans to middlemen without understanding the workings of the international coffee market.

Now some of those same farmers, tired of falling victim to wild price swings, have taken the unique step of learning the complexities of derivatives trading to hedge their risk.

Aug 19, 2011

Pemex counts 100 workers linked to Mexico fuel thefts

MEXICO CITY (Reuters) – More than 100 oil workers and contractors hired by Mexico’s state oil monopoly Pemex have aided criminal gangs stealing millions of barrels of fuel over the past decade, a document obtained by Reuters shows.

The corrupt workers collaborate with crime gangs, some with links to powerful drug cartels, to hijack tanker trucks or siphon gas, crude oil and jet fuel out of tens of thousands of miles (kilometers) of pipelines snaking across Mexico.

Aug 18, 2011

Mexico’s Pemex awards historic private oil contracts

MEXICO CITY/VILLAHERMOSA, Mexico, Aug 18 (Reuters) -
Mexico’s state oil monopoly Pemex awarded its first-ever
private oil-field operating contracts on Thursday as the
company seeks to kick-start foreign investment in the
nationalized energy sector.

British energy services firm Petrofac (PFC.L: Quote, Profile, Research, Stock Buzz) won the right
to operate two of the three mature oil fields up for grabs, and
Mexico’s Administradora de Proyectos de Campo (APC) won the
third.

Aug 18, 2011

Mexico set to award historic private oil contracts

MEXICO CITY/VILLAHERMOSA, Mexico, Aug 18 (Reuters) -
Mexico’s state oil monopoly Pemex will award its first-ever
private oil-field operating contracts on Thursday in a move the
company hopes will kick-start foreign investment in the
nationalized energy sector.

Seventeen companies are in the race to run three of
Mexico’s mature oil fields but many others are watching on the
sidelines to see how the process will play out, with an eye to
more lucrative deep water contracts promised for next year.

Aug 16, 2011

Analysis: Mexico’s splintering drug gangs pose new security risk

TOLUCA, Mexico (Reuters) – Few people had heard of the ‘Hand with Eyes’ before the drug gang dumped a severed head in a working class neighborhood outside Mexico City.

A crudely scrawled message at the crime scene in March said, “‘The Hand with Eyes’ takes its time but never forgets. Last chance to get the hell out of the Valle de Mexico.”

Aug 11, 2011

Grupo Mexico again ups stake in airport operator

MEXICO CITY, Aug 11 (Reuters) – Copper mining giant Grupo
Mexico raised its stake in Mexican airport operator Grupo
Aeroportuario del Pacifico (GAP) to nearly a quarter, even as
its takeover bid languishes in court battles.

Grupo Mexico (GMEXICOB.MX: Quote, Profile, Research, Stock Buzz), which runs mines in Mexico,
Peru and the United States as well as Mexico’s largest
railroad, wants to expand its transportation business and has
been buying shares in GAP since 2009.

Aug 9, 2011

Mexico oil watchdog rejects part of Chicontepec plan

MEXICO CITY, Aug 9 (Reuters) – Mexico’s oil regulator on
Tuesday rejected the Pemex development plan for fields at the
Chicontepec oil project, saying it is not yet ready for
production as the state oil monopoly claims.

The recently created National Hydrocarbons Commission,
which gives official recommendations to Pemex [PEMEX.UL], said
the Agua Fria-Coapechaca field has an unacceptably low outlook
for oil recovery and needs more technological development.

Aug 3, 2011

Mexico airport company GAP riled over takeover bid

MEXICO CITY, Aug 3 (Reuters) – Controlling shareholders at
Mexican airport operator Grupo Aeroportuario del Pacifico (GAP)
are fighting a takeover bid by copper mining company Grupo
Mexico that is mired in a complicated court battle.

Grupo Mexico (GMEXICOB.MX: Quote, Profile, Research, Stock Buzz) has steadily been buying shares
of GAP, so far acquiring a 23 percent stake, even though GAP’s
bylaws say no non-controlling shareholder should own more than
10 percent of the company.

Jul 30, 2011

Explosion at Mexican oil refinery kills two

MEXICO CITY (Reuters) – An explosion ripped through Mexico’s second-largest oil refinery on Saturday, causing a massive fire and killing two workers, though production was not affected, state oil monopoly Pemex said.

The explosion occurred at the 315,000 barrel-per-day Tula refinery in central Mexico while the company was running a trial of its visbreaker, a processing unit used in the distillation of crude oil, a Pemex spokesman said.

    • About Mica

      "I cover commodities and general news in Mexico and Central America and as part of the team in Latin America reported on the outbreak of swine flu, a coup in Honduras and the earthquakes in Haiti and Chile. Before Mexico, I was based in Guatemala for two years."
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