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Pemex Trading Arm Suspends Business Ties with Trafigura
July 19, 2021
Mexico’s state oil company Pemex temporarily suspended new business with Trafigura, which is facing alleged corruption concerning bribes of public officials in various Latin American countries and has been under investigation for years. Pemex joined other state oil companies in their concern over doing business with merchants including Trafigura and Vitol. PMI Comercio Internacional, in charge of Pemex’s fuel imports, suspended new deals with Trafigura and its subsidiaries. PMI was ordered to honor existing agreements with Trafigura, but no new deals will be taken on starting July. The announcement did not state a reason for the ban. In 2020, the Americas accounted for 31% of Trafigura’s oil revenues. “We see no basis for new business to be suspended with Trafigura and look forward to clarifying the situation with PMI at the earliest opportunity,” said a spokeswoman at Trafigura.
Trafigura´s USD bonds were stable with its 5.875% 2025s trading at 107.376, yielding 3.92%
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