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PMI Comercio Internacional to revamp its fuel importing practices

PMI Comercio Internacional

Pemex imported 607,000 barrels of gasoline and other fuel per day in the first half of the year

PMI Comercio Internacional, a subsidiary of Pemex, one of the largest importers of gasoline in South America will revamp its fuel importing practices, media reports said.

The decision comes at a time after the government of Mexico has implemented strict import rules in a move to safeguard the company’s finances and safeguard its available credit after it lost $26.4 billion in the first half of the year.

It is reported that the company will either exchange or shift crude oil supply with global partners in exchange of gasoline or other fuels. Global partners such US refiners Valero, Exxon Mobil and Marathon Petroleum are communicating with the company for new developments.

The firm will have to pay 20 percent of its total fuel imports with deliveries of Mexico’s Maya crude by exchanging agreements, rather than purchasing through spot contracts.

Pemex focused more on spot purchases by expecting a growth in the country’s refining output and relying less on global fuel supply.

According to Pemex, it has imported 607,000 barrels of gasoline and other fuel every day in the first half of the year. In addition, the company’s company imported 1.14 million barrels per day of crude oil.

The company’s financial debt rose to $107.2 billion after the Covid-19 pandemic. In 2019, Pemex intended to export its flagship crudes to save money from the finance ministry’s annual oil hedge.

Due to the Covid-19 pandemic, there is a spike in the prices of global oil supply and many countries are struggling to cope up with the changes.

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