Europe awaits its first oil import from Mexico this month as the country’s national company Pemex moves into alternative markets.
An undisclosed volume of the light Olmeca crude – a regular export item to the US’ Gulf of Mexico and Dominican Republic – is due to make its first journey overseas this month.
The new export route to Europe is part of Pemex’ renewed trade strategy, as the company is hoping to strengthen its position on the international crude market.
The announcement by Pemex comes after a new act was passed in Mexico in December allowing the company to independently sign contracts with private investors and firms on exploration, transport and storage of hydrocarbons.
According to Pemex, the reform will allow an output increase of 0.5million barrels of oil per day to 3million and double gas outputs to 351million cu metres per day by 2018.
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