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)

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

China Shipping Line to Buy 10 Vessels

China Shipping Container Lines Co is planning to buy around 10 ultralarge container ships for around $1.5 billion, despite the shipping industry struggles with a capacity glut, reports WSJ.

Cosco CSCL Merger Talks Continue

The closed-door talks on what is believed to be merger discussions between Cosco and China Shipping continue, reports local media.   According to JoC, the Chinese

CMA CGM's Profits Jump 67% in Q2

French shipping giant CMA CGM, reported a 66.7% jump in net profit to $156m in the second quarter of 2015. The result compared to a $94m net profit in the same period a year earlier.

Energy

Euronav Acquires $ 750 mi Facility

The Executive Committee of Euronav NV today announced that it has signed a new USD 750 million senior secured amortizing revolving credit facility led by DNB

NewLead's MT Nepheli Update

NewLead Holdings Ltd.announced today a review of the commercial performance of one of its bitumen tanker vessels, the MT Nepheli since the vessel was delivered to NewLead's fleet.

Nigeria Ramps up Push to Eradicate Oil Theft

Nigerian authorities hope to put an end to rampant oil theft in eight months by increasing drone and naval monitoring of territorial waters and working with local communities,

News

Cosco CSCL Merger Talks Continue

The closed-door talks on what is believed to be merger discussions between Cosco and China Shipping continue, reports local media.   According to JoC, the Chinese

CMA CGM's Profits Jump 67% in Q2

French shipping giant CMA CGM, reported a 66.7% jump in net profit to $156m in the second quarter of 2015. The result compared to a $94m net profit in the same period a year earlier.

CMES Establishes Subsidiary for Valemax

China Merchants Energy Shipping Co., Ltd (CMES), the dry and wet bulk arm of state conglomerate China Merchants Holdings (International) Company Limited, has set

People in the News

USCG Rescues Unconscious Boater

The Coast Guard rescued an individual from a marsh flat in Barataria Waterway located approximately six miles north of Grand Isle, Tuesday. Coast Guard Sector

Drilling Down into Risk Management

Afloat or ashore, we cannot eliminate risk, but it can be sensibly managed to a tolerable level. It begins with a hypothetical, but worryingly authentic, tale

Joe Pyne Joins DHT Holdings’ Board of Directors

Crude oil shipper DHT Holdings, Inc. announced today that it has appointed Joseph H. Pyne to its board of directors, expanding the board from three to four independent directors.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Salvage Sonar Winch
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: 0.3302 sec (3 req/sec)