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Pemex Reveals $380 Million in Fuel Sales to Crisis-Wracked Cuba

A vehicle fuels up at a gas station in Matanzas, Cuba, on March 29.Photographer: Yander Zamora/Bloomberg
Company sent 16,600 barrels of crude per day in second half. State firm says ‘procedures in place’ to comply with laws. A vehicle fuels up at a gas station in Matanzas, Cuba, on March 29. (Yander Zamora/Bloomberg)

Scott Squires, Bloomberg News

EnergiesNet.com 04 03 2024

Mexico’s state oil company sold nearly $400 million in crude and fuel to Cuba in the second half of 2023 to help alleviate the energy and humanitarian crisis on the island.

Petroleos Mexicanos, through its subsidiary Gasolinas Bienestar, sold 16,600 barrels per day of crude oil and around 3,300 barrels per day of petroleum products from July to December last year for a total of around 6.3 billion pesos ($380 million), according to a company filing published April 30.

The sales — first reported by newspaper El Universal — represented around 1% of the company’s total crude exports and about 0.6% of total sales of petroleum products, the document showed. The sales were made under peso-denominated contracts at the market rate, the company said in the filing.

“We have procedures in place to ensure such sales are carried out in compliance with applicable law,” Pemex said.

The US has imposed trade sanctions on the Caribbean nation since the 1960s aimed at discouraging commerce with the communist government.   

Mexico began sending crude oil to Cuba last year amid a worsening energy crisis on the island that sparked blackouts and widespread protests. Pemex Chief Executive Officer Octavio Romero had previously denied the company was sending oil to the destitute nation.

In September, Mexico’s state oil company was said to be considering ways to start charging Cuba for the shipments as the cost of oil climbed sharply and Pemex grappled with its own worsening finances.

bloomberg.com 05 03 2024

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