Roundtable Discussion; The Future of Mineral Sands. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksRDSA.L Share News (RDSA)

  • There is currently no data for RDSA

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UPDATE 1-Pemex dampens talk of refining exit after CFO mentions sale option

Wed, 20th May 2015 17:33

(New throughout, adds Pemex spokesperson comment, quotes fromCFO)

MEXICO CITY, May 20 (Reuters) - Mexican state oil firm Pemex said on Wednesday it had no current plans to sell itsrefining and petrochemical businesses after a senior executivetold a newspaper it might opt to in the future.

The daily Excelsior reported in Wednesday's edition thatPemex Chief Financial Officer Mario Beauregard told it thecompany hoped to improve the two businesses, but couldultimately choose to sell.

"We will have to at some point take a decision to see if wecontinue with those activities," the paper quoted him as saying.

"One of the options we can take is sell those assets, sellPemex's stake, and with that money, invest it in areas thatgenerate more value, like exploration and production."

A Pemex spokesperson said the company has not had anydiscussions with private refiners regarding possible asset salesand has no near-term plans to do so.

Beauregard, asked later on Wednesday about the possible saleof non-profitable assets, said Pemex is open to partnershipswith companies that could improve such units.

"The first thing we're going to do is try to partner withcompanies which can give us new tools we don't have to turnaround all these activities," he said at an event in thenorthern city of Monterrey.

"We think there's a good opportunity to partner with privatesector companies that have new technology and that can provideenough capital to achieve needed modernizations, and to try andmake these businesses profitable for Pemex," he added, notingthat Pemex was already in talks with some firms.

Pemex owns and operates six domestic refineries and alsoholds a 50 percent stake in the Deep Park refinery near Houstonwhich is operated by Royal Dutch Shell.

The company's revenue has been hit by a slump in global oilprices, and exacerbated by declining output.

Pemex's oil production has fallen by nearly one-third sincehitting a peak of 3.38 million barrels per day in 2004.

The company, which funds about a third of Mexico's federalbudget, reported a 100.5 billion peso ($6.6 billion) quarterlyloss in the first quarter of 2015.

Due to the oil slump, Pemex has announced major budget cutsfor this year, as well as a delay in executing capital projectsincluding refinery reconfigurations.

Pemex's refining unit has racked up billions of dollars inlosses in recent years as the government has maintained along-standing policy of setting fuel prices. (Reporting by Gabriel Stargardter and David Alire Garcia, andGabriela Lopez in Monterrey; editing by Marguerita Choy andDavid Gregorio)

More News
27 Oct 2022 07:30

Shell announces $4bn share buyback as Q3 profits beat expectations

(Sharecast News) - Oil giant Shell announced a $4bn share buyback on Thursday as it posted better-than-expected third-quarter profits.

Read more
21 Apr 2022 11:53

Shell turning to China to offload Russian business - report

(Sharecast News) - Shell is reportedly looking to China as it looks to offload its Russian business.

Read more
15 Feb 2022 15:54

Shell preparing to sell North Sea gas fields - report

(Sharecast News) - Shell is reportedly preparing to launch the sale of its stakes in two clusters of gas fields in the southern British North Sea, part of an ongoing retreat of long-time producers from the ageing basin.

Read more
7 Feb 2022 10:52

Berenberg nudges up target price on Shell

(Sharecast News) - Analysts at Berenberg slightly raised their target price on oil and gas giant Shell from 2,350.0p to 2,375.0p on Monday, stating the firm was "on a roll".

Read more
31 Jan 2022 10:53

TOP NEWS SUMMARY: Shell and BHP share unifications go into effect

TOP NEWS SUMMARY: Shell and BHP share unifications go into effect

Read more
31 Jan 2022 07:48

LONDON MARKET PRE-OPEN: WeBuyAnyCar owner buys into Lookers

LONDON MARKET PRE-OPEN: WeBuyAnyCar owner buys into Lookers

Read more
28 Jan 2022 11:25

Shell's renewables boss steps down after less than two years

* Elisabeth Brinton leaves for new role, she says* Shell creates two new renewables leadership roles* Thomas Brostrøm to head renewables generation* Steve Hill to head energy marketingBy Ron BoussoLONDON, Jan 28 (Reuters) - Shell's head of renewable...

Read more
27 Jan 2022 16:14

UK earnings, trading statements calendar - next 7 days

UK earnings, trading statements calendar - next 7 days

Read more
26 Jan 2022 17:02

LONDON MARKET CLOSE: FTSE 100 soars ahead of Fed as oil, travel gain

LONDON MARKET CLOSE: FTSE 100 soars ahead of Fed as oil, travel gain

Read more
26 Jan 2022 14:36

China's Sinopec awards fewer cargoes in recent LNG tender

By Chen Aizhu and Marwa RashadSINGAPORE/LONDON, Jan 26 (Reuters) - Unipec, the oil and gas trading arm of China's Sinopec Corp has awarded fewer-than-planned cargoes in a recent tender to sell up to 45 cargoes of liquefied natural gas for 2022 del...

Read more
26 Jan 2022 12:16

LONDON MARKET MIDDAY: Markets brace for aggressive US Fed tightening

LONDON MARKET MIDDAY: Markets brace for aggressive US Fed tightening

Read more
26 Jan 2022 09:33

UPDATE 2-Commodity, bank stocks lead FTSE 100 higher; Playtech drops

* Oil and banking shares top gainers* Wizz Air reports Q3 loss, expects improvement in spring* FTSE 100 up 1.3%, FTSE 250 add 1.1% (Updates to market close)By Shashank Nayar and Ambar WarrickJan 26 (Reuters) - London's FTSE 100 rose on Wednesday wit...

Read more
26 Jan 2022 09:12

LONDON MARKET OPEN: Fresnillo drops on 2022 production warning

LONDON MARKET OPEN: Fresnillo drops on 2022 production warning

Read more
25 Jan 2022 21:13

UPDATE 1-U.S. awards 13 mln barrel exchange of crude from strategic reserve

(Adds details on sale, background on 50 million barrel SPR plan)WASHINGTON, Jan 25 (Reuters) - The U.S. Department of Energy said on Tuesday it had approved an exchange of 13.4 million barrels of crude oil from the Strategic Petroleum Reserve to ...

Read more
25 Jan 2022 20:10

U.S. awards exchange of 13 mln barrels of crude from strategic reserve

WASHINGTON, Jan 25 (Reuters) - The U.S. Department of Energy said on Tuesday it had approved an exchange of 13.4 million barrels of crude oil from the Strategic Petroleum Reserve to seven companies.The companies are Shell Trading US, 4.2 million ...

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.