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S&P revises Mexico's Pemex outlook to negative

- Pemex decision comes three days after Standard & Poor's revises down Mexico's outlook

home > Projects, Oil, Americas 05.03.2019 14:07 Övunç Kutlu

S&P revises Mexico's Pemex outlook to negative

Standard & Poor's (S&P) revised the outlook of Mexico's state-owned oil company Pemex to 'negative,' the global rating agency announced in a statement on Monday.

'We consider that the government's financial support, in order to restore credit fundamentals, falls well short of the company's multi-annual capital investment needs,' the statement said.

'This negative outlook on Pemex mirrors that on the sovereign [Mexico] and reflects our view that the close relationship between the company and the sovereign will remain unchanged over the next couple of years,' it added.

S&P revised Mexico's outlook to 'negative' on Friday, but affirmed the country's foreign currency rating at 'BBB+' and local currency rating at 'A-'.

The downward revision decision resulted from lower growth potential for the Mexican economy, the agency said, adding 'a recent shift in government policy to reduce private-sector involvement in the energy sector ... could contribute to higher contingent liabilities for Mexico and lower its GDP growth prospects.'

The rating agency said it estimates that Mexico's economy will expand by 1.8 percent in 2019, after it posted a growth rate of 2 percent in 2018.

S&P stressed that Pemex's core businesses are underperforming, and the Mexican government's plan to restore Pemex's credit fundamentals looks limited to address the firm's long-term business and financial risks.

It noted that Pemex faces a record-low production volume of only 1.62 million barrels per day as of January 2019, while Mexico's refining system is running at less than 40 percent of installed capacity.

'This data points to the weak condition of Pemex's asset base, which according to our estimates could need multi-annual capital investments of at least $20 billion per year to prevent further deterioration,' S&P said.

By Ovunc Kutlu

Anadolu Agency

energy@aa.com.tr


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- Designed for intercity travel, train can be produced for 20% less than comparable imported models, says official
30.06.2020 Electricity , Projects , Turkey

New oil price benchmarks introduced for US Gulf Coast

- Alternative to WTI, new pricing to reflect crude oil trade made via sea from US Gulf Coast
26.06.2020 Oil , Projects , Energy Projects , Americas

Syrian regime sacks prime minister amid economic crisis

- Dismissal comes after devastated economy and devaluation of Syrian lira to unprecedented levels
12.06.2020 Finance , Projects , Energy Diplomacy , Middle East-Africa

Turkey, India shine out among G20 with positive growth

- Among G20 economies, Turkey records highest annual growth with 4.4% in first quarter of 2020, says OECD
12.06.2020 Projects , Stock Market , Energy Diplomacy , Energy Projects

First fully electric aircraft certified to fly

- EU Aviation Safety Agency says certification important milestone for environmentally sustainable, emission-free aviation
12.06.2020 Electricity , Projects , Energy Projects

Turkish university to produce lithium-ion batteries

- Battery project will be supported by EU research and innovation funding program Horizon 2020
02.06.2020 Electricity , Projects , Energy Projects , Turkey

Turkey opens 2 more emergency hospitals in Istanbul

- Emergency hospitals opened in country to fight virus, 'exemplary model', says Turkish president
01.06.2020 Finance , Projects , Turkey , Asia

Turkey's energy import bill down 59.8% in April 2020

- Country's crude oil imports decrease by 1.1% in April 2020 compared to same month of 2019
30.05.2020 Oil , Projects , Stock Market , Energy Diplomacy , Turkey

Hydrogen on 'priority list' of oil & gas sector: DNV GL

- Hydrogen projected to be significant part of energy mix by 2030, according to a new survey
15.05.2020 Oil , Lng/Lpg , Projects , Renewable , International Organization

European bank loans Turkey’s QNB Finansbank $108M

- European Bank for Reconstruction and Development loan to help Turkish lender support trade, SMEs amid virus crisis
15.05.2020 Projects , Stock Market , Turkey , Europe

UK's Port of Tyne: base for biggest offshore wind farm

- Total investments in Dogger Bank project are estimated at around £9 billion ($11 billion) between 2020 and 2026
13.05.2020 Wind , Projects , International Relations , Energy Projects , Europe

Turkey's current account posts $1.23B deficit in Feb

- Figure up from $117 million in February 2019, says country's central bank
13.04.2020 Finance , Projects , Stock Market

EU to adopt coronavirus rescue package

- Eurozone finance ministers agreed on $590 billion financial plan to support workers, businesses and healthcare
10.04.2020 Finance , Projects , Stock Market

Fitch lowers precious metal price estimates for 2020

- Rapid spread of coronavirus weakens short-term global economic outlook, commodity demand, rating agency says
07.04.2020 Projects , Stock Market , Energy Projects

Production of wind components must continue: WindEurope

- Wind energy covers around 15% of Europe’s electricity and EU aims 50% by 2050
01.04.2020 Wind , Projects , Renewable , Energy Projects , Europe

Turkish Central Bank unveils new measures on COVID-19

- Steps back monetary transmission mechanisms, banks' flexibility in liquidity management, uninterrupted credit flow
01.04.2020 Finance , Projects , Turkey

Iraq sells oil at around $20 per barrel: Oil Min.

- Oil revenues in February 2020 declines by 18% to $5.052 billion compared to January
30.03.2020 Oil , Projects , Energy Security , Energy Projects , Middle East-Africa

Price volatility in crude oil hits highest since 2007

- Crude oil volatility index, known as OVX index, reaches 190 on March 20 -- highest since May 2007
31.03.2020 Upstream , Projects , International Organization , Americas

Coronavirus, crude oil crises to strain ratings: Fitch

-Effects of oil shock, coronavirus will outlive, hitting especially travel, tourism sectors, says agency
25.03.2020 Projects , Invesments , Stock Market

Oil prices gain with decline in US dollar index

- American dollar index down after US Senate fails to pass coronavirus support package
24.03.2020 Downstream , Projects , Americas

Price dip sends oil, gas sector to crisis mode: WoodMac

- Large new projects will be put on hold, exploration will be trimmed, energy consultancy says
24.03.2020 Upstream , Projects , Europe

Turkey has many incentives to scale up battery storage

- Renewables and electric vehicle expansion are main drivers for establishment of Turkey's storage market, DNV GL expert says
17.03.2020 Electricity , Projects , Invesments , Turkey

Low oil prices to curb Turkey's $12B energy imports

- Inflation to drop by 1% if oil stays around $35 per barrel, expert says
12.03.2020 Refining/Petro Chemistry , Projects , Turkey

Turkey shows real market potential for electric cars

- Three out of 10 people in Turkey will use electric vehicles by 2030, according to the Shura Energy Transition Center
24.02.2020 Electricity , Transportation/Fuel Oil , Projects , Turkey

Amazon's Jeff Bezos promises $10B to set up Earth Fund

- Initiative to fund efforts in fighting climate change, and protecting world's nature, says Amazon CEO
19.02.2020 Projects , Americas

Pentagon to divert $3.83B for Trump's wall construction

- Shift in funding sparks criticism from Democrat, Republican lawmakers
14.02.2020 Projects , Energy Security , Americas

Chevron posts net loss of 6.6B in 4th qtr. of 2019

- Net income for full year of 2019 down 80% from previous year
01.02.2020 Upstream , Projects , Americas

ExxonMobil net income declines more than 30% in 2019

- For full year of 2019 revenue came 8.7% lower than previous year
01.02.2020 Upstream , Projects , Americas

Turkey set to break 2019 record in gold output in 2020

- Turkey has gone from zero production in 2000 to become the biggest producer in Europe: Turkish Gold Miners Assoc. President
28.01.2020 Projects , Invesments , Turkey

Spirit of Davos 2020: Reshaping capitalism for fairer world

- 50 years on, World Economic Forum aims to set moral principles, guide companies in 4th Industrial Revolution age
17.01.2020 Finance , Projects , World , Europe

S. Aramco nets extra $3.8 bln. after greenshoe option

- Aramco’s IPO is now worth $29.4 billion overtaking previous record holder; Chinese Alibaba
14.01.2020 Oil , Projects , Invesments , Energy Security , Energy Projects , Middle East-Africa

Highlights of global energy market in 2019

- Tensions between US and Iran, oil tanker attacks in Middle East and the climate crisis were hot topics in 2019
22.12.2019 Electricity , Natural Gas , Oil , Nuclear , Thermal , Lng/Lpg , Refining/Petro Chemistry , Wind , Solar , Hydro , Geothermal/Biomass , Projects , Oil , Natural Gas , Electricity , Energy Diplomacy , Energy Security , International Relations , News from companies , World , Turkey , Europe , Eurasia , Americas , Middle East-Africa , General

US Congress authorizes sanctions on Syria, Iran, Russia

- Defense bill greenlights measures against regime of Bashar al-Assad and his allies in order to protect Syrian civilians
19.12.2019 Oil , Projects , Energy Security , Energy Projects , General

Highlights of Turkish energy market in 2019

- E. Med. drilling, completion of TurkStream and of Akkuyu NPP foundation, TANAP's Europe leg opening were hot topics in 2019
23.12.2019 Natural Gas , Oil , Renewable , Projects , Invesments , Energy Diplomacy , Energy Projects , Turkey

India to consume more energy than US by mid-2040s: EIA

- India projected to become world's second largest economy behind China by late 2030s, the administration says
13.12.2019 Electricity , Projects , International Organization , Asia

Brent gains with Fed's rate pause causing weaker dollar

- US central bank does not envisage any change in interest rate until 2021
12.12.2019 Downstream , Projects , International Organization , Americas

Japan's Hamax to produce wind equipment in Turkey

- Turkey offers best location for selling products domestically and for expansion into European market: Hamax CEO says
11.12.2019 Renewable , Wind , Projects , Invesments , Turkey , Asia

Valeura reports positively on Turkey's Devepinar-1 well

- Valeura reports positive preliminary results recording best gas flow rates from its testing of BCGA play to date
01.12.2019 Upstream , Projects , Turkey

Building renewables industry through private sector

- Renewables offers solution to global warming, climate change and via Energiewende will help Germany move from nuclear power
30.11.2019 Renewable , Projects , Renewable , Europe

Germany’s natural gas imports up 25.6% in Jan-Sept

- Total natural gas imports increases year-on-year by 25,6 % in Jan-Sept, bill up 8,8%
28.11.2019 Downstream , Projects , Europe

Oil-rich Saudi Arabia plans to shift to nuclear energy

- World's top oil exporter wants increase in share of alternative energy to reduce fossil fuels for electricity generation
28.11.2019 Electricity , Oil , Nuclear , Projects , Energy Projects , Middle East-Africa

Turkish investors aim to increase trade with Iran

- Goal is to increase trade volume to $30 billion, says chairman of Turkey’s Foreign Economic Relations Board
18.11.2019 Finance , Projects , Turkey , Middle East-Africa

Saudis to extract oil until last molecule: Energy Min.

- Saudi Arabia is working on a noble program to create a new way of using oil and gas
14.11.2019 Electricity , Oil , Projects , Energy Security , Energy Projects , Middle East-Africa

Turkey, Denmark work closely for offshore wind growth

- Work includes tender design & procedures, financial framework, port infrastructure, and road map: Danish Embassy Counselor
14.11.2019 Wind , Projects , Invesments , Turkey , Europe

Turkey to roll out digital currency soon

- Annual Presidential Program announces plan to establish financial technopark in Istanbul
07.11.2019 Finance , Projects , Turkey

Turkey's renewable share in electr. at 46% in 10 months

- Local and renewable energy combined show record high share of 64% in electricity production, energy minister says
06.11.2019 Wind , Projects , Renewable , Turkey

Saudi Aramco prepares for $2T IPO in Tadawul on Dec. 11

- World's most profitable company targets $2 trillion valuation that is set to surpass Microsoft, Apple, Alphabet
05.11.2019 Upstream , Projects , Oil , Middle East-Africa

SE Europe: vulnerable after Russian gas transit expiry

-When gas transit through Ukraine ends in 2020, South East Europe could be susceptible to supply issues, Oxford official says
22.10.2019 Natural Gas , Projects , Energy Diplomacy , Europe , Eurasia , General
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