The Trafigura company confirmed the signing of the contracts in 2015 during the administration of Emilio Lozoya Austin, which we referred to here last Monday.
It also confirms that they were signed in dollars, with an off shore (MGC SA de CV) created by Pemex, although they call it an “affiliated company”.
Trafigura confirms that NGL Equipments is its subsidiary, and that the 2015 contracts were signed by its CEO in Mexico, Katia Eschenbach.
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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”.
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