Page 6 - LatAmOil Week 38 2021

LatAmOil MEXICO LatAmOil

SENER cancels all five of

Trafigura’s fuel import contracts

MEXICO’S Secretariat of Energy (SENER) has operates, including Mexico.”
cancelled all fuel import permits granted to Tra- Pemex’s trading arm PMI announced earlier
figura, the Swiss-based commodity trading firm. this year that it did not intend to sign any new
According to information posted on SEN- contracts with either Trafigura or Vitol, another
ER’s website, all five of Trafigura’s permits have Swiss commodities trader. At the time, it indi-
been suspended. The secretariat is now in the cated that this move would not affect any other
process of terminating one of these permits, subsidiaries of Pemex or its own existing con-
which authorises the company to bring 63.6bn tracts with the two companies. Subsequently,
litres of gasoline into Mexico by October 2038. however, Mexico’s government began looking
It has also begun the process of revoking the for ways to sever the NOC’s ties with the trading
other four permits, which cover the delivery of firms.
127.2bn litres of diesel, 63.6bn litres of premium Both Vitol and Trafigura have been accused
gasoline, 63.6bn litres of regular gasoline and of bribery and corruption in multiple venues
31.8bn of jet fuel. around the world. Earlier this year, Vitol agreed
SENER did not reveal the reason for the can- to pay $164mn to settle charges of bribery in
cellation of these import permits. Argus Media Brazil, Mexico and the US. ™
noted. However, that the secretariat had taken
this action after Mexico’s Energy Minister Rocio
Nahle drew attention to allegations of corrup-
tion against commodity traders and asserted
that the national oil company (NOC) Pemex
should not do business with companies under
suspicion of fraud or bribery.
Trafigura, for its part, protested against the
overturning of the contracts, saying that the
Mexican government had no grounds to take
such action. “We see no valid basis for the sus-
pension of import permits for Trafigura Mex-
ico,” the company told Argus Media earlier this
week. “Trafigura complies with applicable laws
and regulations in the jurisdictions in which it Trafigura has protested the cancellation of its Mexican fuel contracts (File Photo)

Japanese companies sell Mexican

gas and power provider to Actis fund

A group of four Japanese companies including on sustainable infrastructure, especially energy
the trading house Mitsui & Co has agreed to sell infrastructure, digital infrastructure and real
MT Falcon Holdings, a Mexican operator of nat- estate.
ural gas pipelines and gas-fired thermal power Mitsui, which has a 40% stake in MT Fal-
plants (TPPs), to the British fund Actis. con, said the deal followed a review of its asset
The sale is expected to be completed by the portfolio. It also said it would book a $71mn loss
end of the fiscal year ending March 2022, subject from the sale in the current financial year ending
to gaining the necessary approvals from Mexi- March 31.
can government authorities, Tokyo Gas said in Meanwhile, city gas supplier Tokyo Gas,
a statement. which holds a 30% stake in MT Falcon, and
The value of the transaction has not yet been power generator JERA, which has a 20% stake,
disclosed. said that the sale had also come following port-
Actis is a global investment fund that focuses folio reviews.

P6 www. NEWSBASE .com Week 38 23•September•2021