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Encyclopedia > Pemex
Petróleos Mexicanos
Type Government-owned corporation
Founded 1938
Headquarters HQ in Mexico City, Mexico
Key people Jesus Reyes Heroles (CEO)
Dr. Georgina Kessel(Chairman)
Industry Oil and Gas Refining
Products Petrochemical products
Revenue image:green up.png$77 billion USD (2004)
Employees 138,215
Website http://www.pemex.com.mx
A Pemex gas station in Puerto Vallarta
A Pemex gas station in Puerto Vallarta

Petróleos Mexicanos (PEMEX) is Mexico's state-owned, nationalized petroleum company. Image File history File links Pemex_logo. ... A government corporation or government-owned corporation is a legal entity created by a government to exercise some of the powers of the government. ... Year 1938 (MCMXXXVIII) was a common year starting on Saturday (link will take you to calendar). ... It has been suggested that Mexican Federal District be merged into this article or section. ... Petrochemicals are chemical products made from raw materials of petroleum (hydrocarbon) origin. ... Revenue is a U.S. business term for the amount of money that a company earns from its activities in a given period, mostly from sales of products and/or services to customers. ... Green up arrow for a positive change in revenue from last fiscal year. ... ISO 4217 Code USD User(s) the United States, the British Indian Ocean Territory[1], the British Virgin Islands, Cambodia, East Timor, Ecuador, El Salvador, the Marshall Islands, Micronesia, Palau, Panama, Turks and Caicos Islands, and the insular areas of the United States Inflation 2. ... 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... Employment is a contract between two parties, one being the employer and the other being the employee. ... A website (or Web site) is a collection of web pages, typically common to a particular domain name or subdomain on the World Wide Web on the Internet. ... Image File history File linksMetadata Pemexgasstation. ... Image File history File linksMetadata Pemexgasstation. ... Puerto Vallarta is a city in the Mexican state of Jalisco. ... Pracsamp 07:34, 16 February 2007 (UTC)— Pumpjack pumping an oil well near Sarnia, Ontario Ignacy Łukasiewicz - inventor of the refining of kerosene from crude oil. ...


Asphalt and pitch had been worked in Mexico since the time of the Aztecs. Small quantities of oil were first refined into kerosene around 1876 near Tampico. By 1917 commercial quantities of oil were being extracted and refined by subsidiaries of the British Pearson and American Doheny companies, and had attracted the attention of the Mexican government who then claimed all mineral rights for the state as part of its Constitution. Base layer of asphalt concrete in a road under construction. ... The word Aztec is usually used as a historical term, although some contemporary Nahuatl speakers would consider themselves Aztecs. ... It has been suggested that RP-1 be merged into this article or section. ... 1876 (MDCCCLXXVI) was a leap year starting on Saturday. ... Tampico bridge (finished in October 1988) links the states of Tamaulipas and Veracruz and is a major element in the Gulf of Mexico highway system. ... Year 1917 (MCMXVII) was a common year starting on Monday of the Gregorian calendar (see link for calendar) or a common year starting on Tuesday of the 13-day slower Julian calendar (see: 1917 Julian calendar). ... View of Shell Oil Refinery in Martinez, California. ... Pearson plc LSE: PSON;NYSE: PSO is a London-based media conglomerate. ... Edward Laurence Doheny (August 10, 1856 - September 8, 1935) was an American oil tycoon. ...

Contents

Expropiación Petrolera

Main article: Expropiación Petrolera
Information Zona Petrolera

In 1938, President Lázaro Cárdenas sided with oil workers striking against foreign-owned oil companies for an increase in pay and social services. On March 18 President Lázaro Cárdenas embarked on the state-expropriation of all resources and facilities, nationalizing the U.S. and Anglo-Dutch operating companies, creating PEMEX. In retaliation, many foreign governments closed their markets to Mexican oil. In spite of the boycott, PEMEX developed into one of the largest oil companies in the world and helped Mexico become the fifth largest oil exporter in the world. The Expropiación Petrolera (Oil expropiation) is one of the Fiestas Patrias of Mexico when Mexicans celebrate the date that President of Mexico, General Lázaro Cárdenas, declared that oil reserves in Mexican soil belong to the nation. ... // Between the time of Emperor Agustín de Iturbides abdication (March 19, 1823) and Guadalupe Victorias assumption of the office of President (October 10, 1824), there was a brief period when the executive power of the government was held by a committee. ... This article is about Gen. ... March 18 is the 77th day of the year in the Gregorian calendar (78th in leap years). ... Motto: (Out Of Many, One) (traditional) In God We Trust (1956 to date) Anthem: The Star-Spangled Banner Capital Washington D.C. Largest city New York City None at federal level (English de facto) Government Federal constitutional republic  - President George Walker Bush (R)  - Vice President Dick Cheney (R) Independence from... Motto: (Royal3) (French) God and my right Anthem: God Save the Queen 4 Map showing the location of the United Kingdom. ...


Products

PEMEX is the sole supplier of all commercial gasoline (petrol/diesel) stations in Mexico. All petrol stations, although labeled PEMEX, are concessions that are strictly full-service. PEMEX tried to take away the concessions from a large number of these for low-quality gasoline (often cut with up to 40% fuel oil) and for not serving the correct amount of gasoline (many serve only 9 litres for every 10 registered on the pump), however a judge ruled these were "not reasons to take away the concessions". Fuel oil is a fraction obtained from petroleum distillation, either as a distillate or a residue. ...


The grades of PEMEX gasoline are 'Magna' (Regular Unleaded 87 octane - green pump handle) and 'Premium' (92 octane - red pump handle). Previously, PEMEX offered a leaded gasoline called 'Nova,' but this has been discontinued for environmental reasons (Nova gasoline, like many other leaded gasolines, have been discontinued due to stringent health regulations).


Although PEMEX accepts Mexican Pesos and U.S. Dollars (and fills vehicles in liters), the gas is charged in pesos. In November 2005 it was decided that a tax invoice for gasoline would only be issued when payment was made by credit card. However, not all stations are able to process credit card payments.


Controversy

Customers have complained about the alleged fraud committed by some gas stations, which consisted in selling "liters" of less than 900ml (leading to some to refer to these "liters" as "chiquilitros"; i.e. "partial liters"). Pemex is not responsible for such frauds and has been recently taking measures to counter this problem.


Accidents

On June 3, 1979, PEMEX's Ixtoc I exploratory oil well in the Gulf of Mexico, about 600 miles south of Texas, suffered a blowout and became the largest unintentional oil spill in history. June 3 is the 154th day of the year in the Gregorian calendar (155th in leap years), with 211 days remaining. ... For the song by The Smashing Pumpkins, see 1979 (song). ... Ixtoc I was an exploratory oil well in the Gulf of Mexico, about 600 miles south of Texas. ... Volunteers cleaning up the aftermath of the Prestige oil spill An oil spill(also called a oil slick) is the unintentional release of oil (generally, petroleum) into the natural environment as a result of human activity. ...


On November 19, 1984 a series of explosions at the PEMEX petroleum storage facility at San Juan Ixhuatepec in Mexico City ignited a major fire and killed about 500 people. November 19 is the 323rd day of the year (324th in leap years) in the Gregorian Calendar. ... 1984 (MCMLXXXIV) was a leap year starting on Sunday of the Gregorian calendar. ... It has been suggested that Mexican Federal District be merged into this article or section. ...


On 22 April 1992, explosions in Guadalajara killed more than 200 people. April 22 is the 112th day of the year in the Gregorian calendar (113th in leap years). ... Guadalajara may refer to: Mexico Guadalajara, Jalisco, the capital of the state of Jalisco Chivas de Guadalajara, aka Chivas, a Mexican association football team Spain Guadalajara (province), a province in Castile–La Mancha Guadalajara, Spain, the capital of the above province This is a disambiguation page, a list of pages...


Reserves

Chicontepec Field

Chicontepec Field The Chicontepec Basin is a petroleum system in Mexico located north-east of Mexico City, covering an area of around 3,800 sq km in the states of Veracruz, Puebla and Hidalgo. ...


Cantarell Field

Cantarell Field Cantarell Field or Cantarell Complex is the largest oil field in Mexico, located 80 kilometers offshore in the Bay of Campeche. ...


Ku-Maloob-Zaap

Current situation

PEMEX, despite its current $77 billion in revenue, pays high taxes that contribute with a large portion of the budget of the federal government. Indeed, in recent years the company has only been able to make ends meet through massive borrowing, so that it now owes a staggering $42.5 billion, including $24 billion in off-balance-sheet debt because the Mexican government treats the company as a major source of revenue. The state-run company pays out over 60% of its revenue in royalties and taxes, and those funds pay for a third of the federal government's budget. If oil prices drop or there are no major new discoveries of crude, that could spell big trouble for PEMEX despite its immense revenue stream and expansion prospects. However, in 2005, with record-breaking oil prices (due to the Iraq war, economic expansion of the United States and China) the company has seen an unexpected excess of funds. This tendency continued in 2006, but these funds have been used to pay salaries of bureaucrats and current costs, instead of being invested in projects of exploration and production; during President Fox administration, these funds represent around 70 billion dollars[1], yet the administration says there is not enough money to pay the debts. To help capitalize the company President Fox has brought forward the possibility of making shares of PEMEX available to Mexican citizens and pension funds, to complement a current project-specific investment setup known as "Proyectos de Inversión Diferida En El Registro del Gasto" or PIDIREGAS[2]; this proposal, along with alleviating PEMEX's heavy tax burden and a substantial budget increase, have met opposition in Congress.[3][4] For other uses, see Iraq war (disambiguation). ... Vicente Fox Quesada[1] (born July 2, 1942) served as President of Mexico from December 1, 2000 to December 1, 2006. ... Vicente Fox Quesada[1] (born July 2, 1942) served as President of Mexico from December 1, 2000 to December 1, 2006. ... Congress (formally: Congreso de la Unión or Congress of the Union) is the legislative branch of the Mexican government. ...


Post Peak?

In an interview on the oil news website www.oilcast.com in November 2005, a PEMEX employee spoke anonymously of the company's inability to grow production, stating that the company and country is at Hubbert's Peak. The person interviewed believed export levels could not be recovered once peak had passed, as the size of current fields that have been discovered or are coming online represent a fraction of the size of the oilfields going into terminal decline.


Furthermore, it has been reported the 2005-2006 daily oil production was down by approximately 500,000 barrels a day (a large proportion of the country's 4.5 million barrels) on the previous year. The importance of both of these statements cannot be underestimated and speak volumes for the ability of the world to continue to meet expected demand with increased supply.


References

External links


  Results from FactBites:
 
Pemex - Wikipedia, the free encyclopedia (758 words)
PEMEX is the sole supplier of all commercial gasoline (petrol/diesel) stations in Mexico.
The authors noted that between January 21, 1999 and March 29, 2000, the mean spread on the 7 year bonds issued by PEMEX, the state-owned oil company, was 309 basis points, with a standard deviation of 63.
PEMEX, despite its current $77 billion in revenue, pays high taxes that contribute with a large portion of the budget of the federal government.
To workers, Pemex plan is a betrayal (2129 words)
Of Pemex's 73,000 unionized workers, at least 20,000 work at petrochemical plants, and that doesn't count about as many white-collar employees or retired Pemex workers who would be affected by the sale, according to Pemex union spokesman Victor Manuel Garcia.
The problem, he said, is that Pemex has been used as a cash cow by successive administrations and doesn't have the money to invest in exploring for oil, upgrading petrochemical plants or anything else.
But for Orozco, Garcia Vizcarra and thousands of other Pemex workers, recapitalization and bond repayment aren't as important as the cold reality of making a living in a country where unemployment has doubled in the last year, and the peso is worth only half of what it was worth a year ago.
  More results at FactBites »

 
 

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