Page 7 - LatAmOil Week 44 2021

LatAmOil MEXICO LatAmOil

Between October and December, the interim This would not be the first time the current
report added, the government-run firm is due administration has made such a move. Last year,
to make $1.557bn in debt repayments. it reduced the shared utility tax, the company’s
Mexican President Andres Manuel Lopez largest single payment to the government, from
Obrador has pledged to raise Pemex’s funding 65% to 58%. ™
next year. The government’s 2022 budget calls
for allotting $32bn to the firm, up by 17% on
2021. The total includes operational spending
and calls for the NOC to invest around $18bn in
exploration and production projects, 26% more
than this year’s projected total.
At the same time, Mexico City has also
reduced Pemex’s profit-sharing duty to 40%
next year, down from 54% this year. Addition-
ally, it has kicked off the process of refinancing
the company’s debt.
Lopez Obrador has said that reviving Pemex,
which past governments have argued faces an
excessive tax burden, is a major priority. His gov-
ernment is considering whether to offer further
concessions to the firm, which is Mexico’s larg-
est company and taxpayer, to bring its tax rates
closer to those paid by ordinary corporations. Mexico’s president has pledged to raise Pemex’s funding next year (File Photo)

CURAÇAO
CORC out of the running for Isla refinery

REFINERIA di Korsou (RdK), the govern- of further negotiations with CORC, saying only
ment-run operator of Curaçao’s only oil-pro- that it intended to start looking for a new inves-
cessing plant, has decided to eliminate a tor for the Isla refinery and Bullen Bay terminal
Dutch-led consortium as a potential buyer of once again. The state-owned company will now
the Isla refinery and associated assets. “accelerate the search for a strategic partner
According to an RdK statement cited by to operate and manage the oil facilities on the
Argus Media, the state-run firm has informed island,” it said.
Curaçao Oil Refinery Complex (CORC) of its As of press time, CORC had not commented
decision. The consortium is “no longer being on the matter. The consortium is led by Dick and
considered a potential operator of the refinery,” Doof, a Dutch contractor that previously pro-
and the agreement the parties struck previously vided services Caribbean and Latin American
is now “off the table,” the statement said. downstream facilities owned by Royal Dutch
RdK did not explain its decision to opt out Shell (UK/Netherlands).

The Isla refinery has a design capacity of 335,000 bpd (Photo: Curaçao Chronicle)

Week 44 04•November•2021 www. NEWSBASE .com P7