Mexico Proposes Historic Crude Oil Swap with U.S.

[Judi Lynn]

Source: Chosun Ilbo

January 10, 2015
Mexico Proposes Historic Crude Oil Swap with U.S.


Mexico's state oil company, Pemex, said Thursday that it had proposed an oil swap with the United States, potentially ushering in the first sustained crude imports by Mexico from its northern neighbor after years of self-sufficiency.

Pemex said it had set out a plan to import up to 100,000 barrels a day of light crude and condensates to mix with its own heavier crude at domestic refineries. In exchange, Mexico would provide the United States with heavier Mexican crude for processing at U.S. refineries, and would use the imports from the United States to boost local gasoline and diesel output.

An official at Pemex said the oil swap could go ahead as soon as the first quarter of this year.

While Mexican officials signaled their readiness to import crude several times last year, Thursday's news was the first official confirmation that they were seeking a formal swap that would open the door to sales despite a 40-year-old U.S. ban on exports.

If approved, the imports could be a watershed in energy relations with the United States, where output has surged because of a shale boom.



Read more: http://english.chosun.com/site/data/html_dir/2015/01/10/2015011000489.html

[Fred Sanders]

1. The article should have read "former shale oil boom".

[misterhighwasted]

2. Thaks for posting. I brought this subject up for

Discussion in an earlier post and was flatly denied credibility.
This puts the some of the pieces together to validate my questions.