Eximbank, the United States government credit agency, sanctioned Pemex with the cancellation of a credit line of 800 million dollars for donating crude oil to Cuba.
The sanction is related to recent donations made in June and July of more than a million barrels of crude oil to Havanawhich the Mexican government had allegedly hidden to avoid being sanctioned, according to sources close to the information.
So far neither Pemex nor any authority has commented on the matter.
“Today we already have the first consequences. There could be more sanctions for the company when submitting the 20-F form to the SEC,” he said. Ramsés Pech, analyst at Caraiva y Asociados.
He explained that the problem that Cuba has is that it receives a lot of crude oil from Venezuela, around 58 thousand barrels per day, which have a high sulfur content, which affects their plants.
“70 percent of its electricity plants depend on diesel or fuel oil. Since they had crude oil with high sulfur, they had to request help from Russia and Mexico, but the latter apparently would be donated unless verified.”, he indicated.
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2023-10-05 22:38:55
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