Trafigura’s business

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Trafigura confirms that as of today, the plant has not been completed. In other words, it is confirmed that the sale of diesel and fuel to a Pemex “subsidiary” was assured, without having built the necessary infrastructure for it.

Trafigura omits in its clarifying letter that a fundamental issue was published yesterday given the size and temporality of the contract: in 2015 it was signed without the authorization of the Pemex Board of Directors, which is stated in the information request Folio 1867900051920, of January of 2021.

Trafigura does not deny, and therefore confirms, that the 2015 contracts were signed by the National Sales Manager of Pemex Gas and Basic Petrochemicals, in his capacity as “General Director” of an “affiliated” (off shore) company listed by the SEC.

The group omits to mention in its clarification that two strategic officials of Pemex in those years, went to work at subsidiaries of Trafigura, with a clear conflict of interest: Guillermo Villa, Pemex Wholesale Sales Manager, and Marcelo Parizot, Deputy Director of Liquefied Gas and Basic Petrochemicals.

Diesel and gasoline are clearly “higher value added” products. The published column does not question the difference in value added between heavy gasoline and fuels, but rather the contractual scheme that was designed to carry out the project.

It is clear that Pemex did not incur “capital investments”, as Trafigura argues, but it did force itself to buy for ten years, under disadvantageous conditions, a company that would process heavy gasoline in a plant that has not been completed.

Trafigura informs in its clarifying letter that last year it signed new contracts, this time in pesos, which confirms the irregularity of the original contracts signed in dollars under the administration of Lozoya Austin.

In sum: the clarifying letter from Grupo Trafigura confirms the scheme described here, confirms the signing of the NGL subsidiary with the Pemex offshore (MGC), deliberately omits the issue of approval by the Board of Directors, and only justifies the operation upon protection of “new contracts regulated in national currency”.

A SECOND IS COMING complaint against Interjet shareholders. Now it is for 24 million pesos, approximately. It is for Income Tax (ISR) and withholding of payroll for fiscal year 2020. In a matter of days the complaint will take turns before the Attorney General of the Republic. Here we inform you 12 days ago that the Federal Prosecutor’s Office, led by Carlos Romero Aranda, had already filed a first complaint against Miguel Alemán Velasco and Miguel Alemán Magnani for evading the payment of ISR for about 66 million pesos for the year 2018. The Germans are already out of the country. Javier Díaz de León, a prestigious former Ernst & Young prosecutor and now a partner at the famous Cuatrecasas law firm, would be the expert who would enter to try to settle the controversy with the government of the Q4 for the Alemán.

ICA, CARSO AND Prodemex are the most advanced in the review of their prison concession contracts awarded to them by the government of Felipe Calderón. The first one led by Guadalupe Phillips brings those from Sonora and Guanajuato, the second from Carlos Slim those from Chiapas and Morelos and the third from Olegario Vázquez Aldir those from Durango and Michoacán. The government requested a saving of 20%, frankly impossible to achieve for more adjustments that are made to the compensation. A reasonable percentage would be a maximum of 10%. GIA + A, owned by Hipólito Gerard and who owns that of Oaxaca, is the most vulnerable group. It is not ruled out that the contract can be terminated. The one who leads the negotiation for the 4T is the Legal Counsel of the Presidency, Julio Scherer.

WITH THE DELIVERY of the remaining 625 million dollars of the one billion loan, comes a restructuring of shareholders in Aeroméxico. From the outset, the Apollo Global Management fund, which financed the capitalization of Caballero Águila’s airline, will become the majority. The new owner, then. New shares will be issued, which will be concentrated in a single series in which around 5.1% will remain in the hands of the management team and another 4.9% in the unions. The majority will be Delta AirLines, chaired by Ed Bastian, and of course Apollo, headed by Leon Black. The departing shareholders are Eduardo Tricio, Valentín Diez Morodo, Antonio Cosío, Cosme Torrado and Jorge Esteve.

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