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Exxon Mobil, Koch face AMLO’s Pemex protection

Energy - Conventional 426 Energy - Refined Oil 195 Mexico 816

Mexico’s President Andres Manuel Lopez Obrador (colloquially known as AMLO) has proposed restructuring refined oil import contracts to “combat corruption”. While the state “will honor contracts, but we will not grant any more permits” in order to “protect Pemex to ensure supply”. Mexican imports of refined oil products fell by 34.7% year over year in February and were their lowest since February 2016, indicating weak demand for gasoline and distillates. Overseas trading firms have taken an increasing share of imports with shipments linked to Exxon Mobil having increased by 39.5% year ove...

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