Page 8 - LatAmOil Week 09 2022

LatAmOil MEXICO LatAmOil

“At this time, all dates set by the administration pre-operational activities.
are related to the physical construction of the Mexican government officials have remained
refinery,” he said, according to Argus. “They adamant that the Dos Bocas refinery will start
have never considered the times for the pre-op- commercial operations in the middle of this
erational trial runs, which could take from 24-36 2022, as previously planned – and that the
months.” project will not exceed its budget, currently
Meanwhile, other sources told Argus Media set at $8.9bn. Many observers have speculated,
that they remained sceptical about Pemex’s abil- though, that the refinery’s final price tag will
ity to wrap up construction work by July 2022 as amount to $12 bn or more, fully 50% above the
scheduled. Parts and equipment are being deliv- original estimate of $8bn.
ered to the construction site continually, and the Pemex is building the 340,000 barrel per
refinery’s fuel storage terminals are nearly com- day (bpd) refinery with the support of Mexi-
plete, they said. can President Andres Manuel Lopez Obrador,
However, they also noted that the plant whose home state is Tabasco. Lopez Obrador is
had yet to finish establishing the connections keen to ensure that Pemex retains its leading role
it will need to petroleum product pipeline within Mexico’s oil and fuel industry and sees
networks and to the local transmission grid. the Olmeca refinery as a means of ensuring that
They also raised questions about whether all Mexican crude production can be refined
Pemex had made adequate staffing arrange- locally in order to ensure that domestic fuel sup-
ments or allocated enough budget funding for plies remain plentiful and cheap. ™

Monterra’s Tuxpan fuel terminal has remained idle since its seizure by CRE last September (File Photo)

Mexican businessmen said to be eyeing

takeover of Monterra’s Tuxpan terminal

A group of Mexican businessmen is reportedly court if CRE did not surrender control of the
seeking to buy the 2.2mn barrel petroleum asset. According to El Sol de Mexico; however,
product storage terminal that Monterra Energy the businessmen see their proposed buy-out as
(US) owns near Tuxpan, a port in Veracruz State another option.
on the Gulf of Mexico. The pro-government daily did not identify
The terminal has been idle since last Septem- any of the parties that were interested in buy-
ber, when Mexico’s Energy Regulatory Commis- ing Monterra’s terminal in Tuxpan. However,
sion (CRE) ordered its closure on the grounds it quoted unnamed sources as saying that the
that Monterra had failed to produce required businessmen in question were trying to acquire
documentation during an audit. The US com- 100% of shares in the facility, had already sub-
pany recently threatened to seek $667mn in mitted a non-binding offer and were already in
compensation from an international arbitration the advanced stages of due diligence.

P8 www. NEWSBASE .com Week 09 03•March•2022