Pemex Repsol Stake Sale Would Not Be Bad Idea

Posted by Joseph R. Fonseca
Thursday, May 08, 2014
Mexican Finance Minister Luis Videgaray

 

Mexico's finance minister said on Thursday that if state oil giant Pemex opted to sell its 9.3 percent stake in Spanish peer Repsol, it would "not be a bad decision" because the money could be invested in Mexico.

In an interview with Mexican radio, Finance Minister Luis Videgaray said Pemex's board would take the decision on whether to sell the stake in Repsol.

"Irrespective of what the board decides, if the decision is to disinvest in a company like Repsol that operates outside of Mexico so as to get this capital and invest it in the opportunities which Pemex will have in Mexico, it wouldn't be a bad decision," Videgaray said.

Pemex, which is Repsol's third-biggest stakeholder, has had an increasingly confrontational relationship with the Spanish oil major, due in large part to disagreements over how Repsol handled the loss of a unit in Argentina and the degree of influence it has allowed its Mexican partner.

Pemex is mulling a sale and has hired Credit Agricole to handle the details, according to a published report this week in Spanish online newspaper El Confidencial, which cited unnamed financial sources.

At current market prices, the Pemex stake in Repsol is worth more than 2.3 billion euros ($3.2 billion). (Writing by Dave Graham; Editing by Richard Chang)


Legal

El Faro Captain Ordered Crew to Abandon Ship before Sinking

The captain of the doomed El Faro cargo ship sounded an alarm for his crew to abandon the vessel shortly before it sank last fall in a hurricane near the Bahamas, killing all 33 onboard, the U.

Foreship Establishes Tallinn Subsidiary

Naval architect and marine engineering company Foreship has created a wholly-owned subsidiary located in Tallinn to strengthen ties with shipowners, shipyards and

UASC's Dismal Performance

United Arab Shipping Company (UASC), which is close to merging with Hapag-Lloyd, revealed enormous deficits and a massive debt in its key financial figures, says Alphaliner.

Finance

China COSCO Falls to H1 Net Loss

China COSCO Holdings Co Ltd fell to a first-half loss hurt by a persistent slump in the global container market, the world's fourth largest container shipper said on Thursday.

Weak Freight Rates push Grindrod to H1 loss

Africa's biggest shipping group Grindrod reported a first-half loss on Thursday, pressured by low global growth and declining dry bulk shipping rates but it expects

Cosco Eyes Spanish port of Algeciras

Algeciras Bay Port Authority in southern Spain has put up a tender for its third container terminal, and China's Cosco Shipping Ports is already being mentioned as a fore runner candidate,

Energy

J.F. Lehman Acquires Oldenburg's Heavy Equipment Group

J.F. Lehman & Company (JFLCO) informs it has signed a definitive agreement with Oldenburg Group Incorporated to acquire its Heavy Equipment Group, including both its defense and mining business units.

Wärtsilä Re-gasification system for Norwegian Ship Conversion

Wärtsilä has been contracted to supply the re-gasification system for an FSRU (Floating, Storage, Re-gasification Unit) conversion project that Höegh LNG plans to carry out on a modern LNG vessel.

US Offshore Lease Sale Yields $18 Mln in High Bids

Today’s U.S. oil and gas Lease Sale 248 garnered $18,067,020 in high bids for 24 tracts covering 138,240 acres in the Western Gulf of Mexico Planning Area, announced

News

Iran Defends Encounter with US Warship

Iran's defence minister said on Thursday four of his country's vessels accused of harassing a U.S. warship were only doing their job, and Tehran would contront

Former HMS Illustrious Sold for Scrap

The former aircraft carrier HMS Illustrious will be recycled after 32 years of service, announced the U.K. Ministry of Defense (MOD) who sold the ship to Turkish

Tuco’s New Arctic Workboat to Debut at SMM

Danish producer Tuco Marine said it will reveal a new Arctic workboat daughter craft at next month’s SMM in Hamburg.   Many arctic patrol vessels, icebrakers

People in the News

J.F. Lehman Acquires Oldenburg's Heavy Equipment Group

J.F. Lehman & Company (JFLCO) informs it has signed a definitive agreement with Oldenburg Group Incorporated to acquire its Heavy Equipment Group, including both its defense and mining business units.

Wärtsilä Re-gasification system for Norwegian Ship Conversion

Wärtsilä has been contracted to supply the re-gasification system for an FSRU (Floating, Storage, Re-gasification Unit) conversion project that Höegh LNG plans to carry out on a modern LNG vessel.

New Crane Orders for Huisman

Huisman has secured new crane contracts with a total value of around 300 million Euro from various major offshore, shipping and wind farm installation contractors: •

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1706 sec (6 req/sec)