Pemex CEO: We Must Move to IPO, but Will Take Years
IPO can protect against politicians' influence -CEO. The chief executive of Mexico's national oil company Pemex said on Wednesday it must move towards a stock exchange listing like Saudi Arabia's Aramco <IPO-ARAM.SE> has done but that such a step would take years. Speaking at an oil conference in London…
Cotemar Invests $200 mln in Oil Projects by 2018
Mexican oilfield services provider Cotemar plans to invest at least $200 million in two oil projects by the end of 2018 as it starts to operate fields on its own, a move made possible by sweeping energy reforms, the firm's top executive said in an interview. Cotemar CEO Alejandro Villarreal told Reuters the company expects to grow output to 20…
Exxon Plans to Invest $300 Mln in Mexico
Exxon Mobil Corp plans to invest about $300 million over 10 years as it enters Mexico's retail fuel market, citing the country's energy reforms as opening the door to new opportunities, the company said Wednesday. The U.S. oil company said it would open its first station in Mexico in the second half of this year and will direct investments to logistics…
Pemex Seeks Refinery Investors, but Who's Buying?
Sweeping energy reforms have turned Mexico into one of the world's most attractive offshore prospects, but one segment is getting no love from U.S. investors: the nation's aging refineries. Efforts by Mexico's state-owned oil company Pemex to attract about $5 billion in capital to help modernize its two largest refineries so far have proved futile…
Total Awarded Exploration blocks in GoM
Total has been awarded exploration licenses on 3 Blocks in offshore Mexico, following the country’s first competitive deep water bid round. Total will be operator of Block 2 in the Perdido basin with a 50% interest, while ExxonMobil has the remaining 50%. The block covers a surface area of 2,977 square kilometers at water depths ranging from 2,300 to 3,600 meters.
German Cabinet Okays Renewable Energy Reforms
The German cabinet approved reforms to Germany's renewable energy law on Wednesday aimed at slowing the growth and better controlling the cost of green energy sources. Generous green subsidies have led to a boom in renewable energy, such as wind and solar power. But the rapid expansion has pushed up…
KKR Launches Loan to Buy Pemex Assets
Bankers launched a US$1.35bn loan this week to finance KKR's purchase of Pemex assets at spreads marking a sharp contrast to what the Mexican oil company paid a little over a year ago. The funding package, which largely comprises term loans, is offering a US$280m five-year tranche at Libor plus 200bp, a US$745m 10-year at plus 250bp and a US$225m 12-year at plus 275bp.
Pemex Taps Alternative Funding Source in KKR Loan
A US$1.35bn loan to finance KKR's purchase of Pemex assets could be the first of several such transactions as the Mexican state-owned oil company seeks to tap alternative funding sources. The senior secured credit facility, expected to be launched at bank meetings in Mexico City next week, will consist…
Saudi Kayan Lowers Expected Impact From Energy Reforms
Saudi Kayan Petrochemical Co. revised on Tuesday the expected impact from changes to energy and gas feedstock prices announced by the government to lower than previously forecast. Feedstock bought at 2010 prices will help limit the impact of the reforms on this year's total production costs to a 1 percent increase…
Saudi Sipchem: Energy Reforms to Impact Financials
Saudi International Petrochemical Co (Sipchem) said on Tuesday that changes to energy and gas feedstock prices announced by the government last week would impact its financials by around 120 million riyals ($32 million). The mid-sized petrochemical company did not disclose over what time period this…
EU to Get Energy Enforcement Powers
European Commission to publish legal proposals next year; outline communication due next week. EU energy regulator ACER, until now largely toothless, will be given legal powers to enforce plans for a single energy market that breaks down national barriers under a proposal from the bloc's executive arm.
Gas Natural's Pay-out Forecasts Unchanged
Spain's Gas Natural said on Monday it was leaving its 2015 payout plans unchanged after announcing on Sunday a $3.3 billion takeover offer for Chile's biggest electricity distributor Compania General de Electricidad (CGE). Spanish oil company Repsol and lender Caixabank hold over 60 percent of Gas Natural shares between them.
Slew of Spanish Lawsuits Filed over Renewable Energy Reforms
Spain's Supreme Court has accepted at least 125 lawsuits so far this month from firms and individuals fighting energy reforms, official data showed, after the government changed the rules on investments in renewable projects and cut subsidies. Spain has passed a series of measures in the past two years…
Germans Can Expect Green Power Surcharge to Fall
A green energy surcharge levied on German consumers to support renewable power generation is likely to fall next year for the first time since it was introduced in 2000 as part of the country's push to expand renewable power. The surcharge is expected to fall to 6 euro cents ($8 dollar cents) per kilowatt hour in 2015 from 6.24 cents/kWh this year…
Chile's ENAP Outlines $800m Yearly Investment Plan
Chilean state-run oil company ENAP said on Thursday that it would look to invest around $800 million per year to 2020, stepping up exploration and refinery capacity and building South America's first geothermal plant. The company, which invested an average $290 million annually during the last five years…
Losses Widen for Mexico's Pemex
State-owned oil company Pemex reported a wider second quarter loss hurt by higher sales costs, declining asset values and higher taxes, the company said on Friday. Losses totaled 52.226 billion pesos ($4.02 billion) for the quarter, led by losses at the company's refining unit, compared to a total loss of 49 billion pesos during the year earlier period.
Signs of Hope for Germany's Loss-Making Power Plants
There are signs of hope for German utilities looking for help to keep loss-making plants open as Economy Minister Sigmar Gabriel drives energy reforms and the regulator signals his support for lifting the sector out of crisis. The government wants utilities to keep gas- and coal-fired plants open to ensure power supply when there is a lull in variable wind or solar energy.
Pemex Chief Touts Mexico's Energy Reform in Washington
While energy reforms have opened the door for Mexico's state-run energy company to expand overseas, its focus for now will be on developing its "low-hanging fruit," the head of Pemex said on Thursday. Pemex Chief Executive Emilio Lozoya spoke in Washington, D.C., at the annual conference of the Export-Import Bank, the official U.S.
