Petróleos Mexicanos Internacional, better known as Pemex Internacional or PMI, which is the head of the subsidiaries of the state company that serve as commercial vehicles for the purchase and sale of crude oil and fuels in the international markets, will disappear, said President Andrés Manuel López Obrador at his press conference, where he also admitted that the new Olmeca refinery will officially cost 50% of what was promised in the announcement of its construction, that is, it will require a budget of 12,000 million dollars already authorized.
According to the president, as more gasoline and diesel are produced in Mexico, once the rehabilitation of the country’s six refineries that are operating at 50% of their capacity progresses, and the new refinery begins operations, adding 20% of the capacity installed with an additional 340,000 barrels per day of crude oil processing, there will no longer be a need for Pemex Internacional to exist.
“Pemex Internacional, which was created during the time of Salinas and which did juicy business, many for the benefit of individuals, that has already disappeared,” he assured, “it was in charge of selling or buying oil or derivatives abroad, it will no longer have a reason to be , because all the oil is going to be processed in our country and is going to be converted into gasoline and diesel and is going to be destined for the internal market”.
However, until the company’s last report, on average between January and July, Pemex imported the equivalent of 65% of the jet fuel it reported in sales volume, 51% of diesel and 60% of gasoline, with what that 53% of its imports of all petroleum fuels came from abroad.
PMI brings together 12 marketing subsidiaries and they are 24% of the subsidiaries that Pemex has, according to its own affiliate graphs. As they are commercial vehicles and not subsidiaries that are governed by the government’s Acquisitions Law and the Pemex Law, they have greater flexibility to carry out exchanges in the spot markets in real time, an objective that allows reducing costs and increasing competitiveness, but that pays in the opacity of the purchases and sales of the company.
For the Olmeca refinery there is already authorization for the budget to be used of up to 12,000 million dollars, according to the company’s Board of Directors, while López Obrador admitted that other resources will surely be allocated because the refinery is being integrated and they are doing other works. The original commitment was a maximum spending of $8 billion.
karol.garcia@eleconomista.mx
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