No new Pemex trading bans: Energy ministry

Mexico says it has not issued any new formal trading bans, despite an interview with energy minister Rocio Nahle published today saying Vitol and Trafigura have been banned from doing business with state-owned trading firm PMI until at least 2024 because of corruption allegations.

Pemex will only carry out business with companies that have not been accused of corruption, the energy ministry told Argus, but it has not formally issued any new bans.

Any such formal ban by Mexico would require the approval of the public sector ministry (SFP) and a notice published in the official gazette.

In an interview with Bloomberg published today Nahle is quoted as saying the ministry has barred trading with Vitol and Trafigura because of corruption allegations.

Vitol reached an agreement in May in the US to pay nearly $164mn in fines and restitution to settle charges that it won contracts by paying millions of dollars in bribes to officials in Brazil, Ecuador and Mexico. Mexico has said it has launched its own investigation as well. Trafigura has been involved in a years-long corruption investigation, but in Brazil.

Vitol did not respond to a request for comment. Trafigura said it strongly refutes any allegation or suggestion of corruption.

"We see no basis for new business to be suspended," Trafigura said today.

Trafigura last imported a cargo of refined products to a Pemex terminal in mid-June, when the Silver Gertrude unloaded about 331,000 bl of naphtha at the port of Pajaritos on 21 June, based on data from oil analytics firm Vortexa.

The Vitol-chartered Minerva Zen sent gasoline and diesel to the port of Tuxpan in April and in May, but shipping data lists no specific terminal.

By Sergio Meana and Stephen Cunningham