Correspondent, Mexico
Mica's Feed
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.

Jul 29, 2011

Mexico’s Pemex lines up debut private oil tenders

MEXICO CITY, July 29 (Reuters) – Mexico’s state oil
monopoly Pemex on Friday named the list of companies qualified
to bid on the country’s first-ever oil field operating
contracts in a historic auction to be held in mid-August.

The list of 17 companies includes global players like
Halliburton Co (HAL.N: Quote, Profile, Research, Stock Buzz), Schlumberger Ltd (SLB.N: Quote, Profile, Research, Stock Buzz), Repsol
(REP.MC: Quote, Profile, Research, Stock Buzz) and Pacific Rubiales (PRE.TO: Quote, Profile, Research, Stock Buzz) as well as some smaller
operators.

Jul 27, 2011

Mexico’s Frisco posts loss, hurt by metals hedges

MEXICO CITY, July 27 (Reuters) – Minera Frisco, a mining
company owned by Mexican billionaire Carlos Slim, posted a
second-quarter loss on Wednesday, dented by metals hedges even
as gold and silver sales rose.

The company lost 372.5 million pesos ($32 million) in the
April-June period, compared with a profit of 492 million pesos
in the same quarter last year.

Jul 26, 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.

Jul 5, 2011

Drug war bodies expose flaws in Mexican forensics

MEXICO CITY (Reuters) – Alejandro Espinoza knew his brother and nephew were dead when he saw the photo in the newspaper, their bloodied bodies slumped in a pile of 72 migrants massacred in northern Mexico by the Zetas drug gang.

But his pain was only made worse when Mexican investigators shipped the wrong body home to his family in Honduras.

Jun 17, 2011

Grupo Mexico sues for seats on airport co. board

MEXICO CITY, June 17 (Reuters) – Miner Grupo Mexico is
pushing to obtain more seats on the board of Grupo
Aeroportuario del Pacifico (GAP), stepping up its fight to win
control of Mexico’s top airport operator.

Grupo Mexico has said the main reason for its interest in
GAP is to strengthen its infrastructure arm. The miner wants to
boost its weight on GAP’s board after announcing its intentions
to acquire more than 50 percent of the airport company’s
shares.

Jun 14, 2011

Airport operator GAP jumps after Grupo Mexico bid

MEXICO CITY (Reuters) – The shares of Mexico’s Grupo Aeroportuario del Pacifico (GAP) jumped on Tuesday after mining and infrastructure company Grupo Mexico said it wants to buy up to 100 percent of the airport operator’s stock.

Grupo Mexico (GMEXICOB.MX: Quote, Profile, Research, Stock Buzz), which has steadily been buying shares in GAP (GAPB.MX: Quote, Profile, Research, Stock Buzz)(PAC.N: Quote, Profile, Research, Stock Buzz) since last year, said late on Monday it wanted to increase its current 23.5 percent stake through a public offering.

Jun 1, 2011

Mexico’s Pemex sues US firms over fuel smuggling

MEXICO CITY, June 1 (Reuters) – Mexico’s state-run oil
company Pemex is suing 11 U.S. companies for buying up to $300
million of fuel stolen by drug gangs and smuggled across the
U.S.-Mexico border, court documents showed.

Pemex’s [PEMEX.UL] exploration and production (PEP) unit
filed the suit on Sunday in a U.S. district court in Texas,
claiming some of the companies conspired with Mexican criminals
to forge documents and smuggle the hijacked natural gas
condensates.

    • 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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