Mexico yet to receive tender for light crude supply

Mexico yet to receive tender for light crude supply

Mexican state-run oil company, Pemex, has said it had received no qualifying bids for an international tender to import 350,000 barrels of light crude.

Pemex said in a statement on Thursday that participants in the auction by its oil trading arm, P.M.I., could not meet delivery conditions between Oct. 20 to Oct. 22 to its terminal in Coatzacoalcos, Veracruz port and that it would seek better offers.

The company said that there was “great interest” from international companies to supply light crude to Mexico.

Pemex’s chief executive told Reuters last month it expected to begin importing up to 100,000 barrels per day of light crude oil, likely from the United States, from late October and at least until the end of November.

The imports mark a stark shift for historically major crude exporter Mexico, but years of under-investment and declining crude output have severely hampered Mexico’s refineries.

Agency Report