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2015-02-20 21:50:00

PEMEX CUTS $4 BLN

PEMEX CUTS $4 BLN

The board of Petroleos Mexicanos (Pemex) has approved a $4-billion budget reduction for 2015, an 11.5% decrease compared with the previous expenditure program authorized by Mexico's Congress.

Pemex says the cuts, which come amid lower oil prices, are imperative in achieving financial targets set by Congress.

Two thirds of the company's $36.3 billion budget—$24.6 billion—will be allocated toward the company's investment plans. The remaining one third will go toward operating activities and meeting labor and pension obligations.

Pemex says its budget formulation process considered a $79/bbl average price for the Mexican crude oil export basket to estimate annual revenues and to set a corresponding ceiling on expenditures.

Deferred spending for downstream activities includes refinery revamps and clean fuels projects involving ultra-low sulfur gasoline and diesel. The board has instructed management to meet with contractors and renegotiate long-term deals that were made during different market conditions.

Following comprehensive energy reform, Pemex plans to proceed with bidding for blocks in the nation's shallow waters as interest from international firms remains despite lower oil prices.

ogj.com

Tags: PEMEX, OIL, PRICES,

Chronicle:

PEMEX CUTS $4 BLN
2018, February, 16, 23:15:00

DEWA INVESTS $22 BLN

AOG - The Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer.

PEMEX CUTS $4 BLN
2018, February, 16, 23:10:00

TRANSCANADA NET INCOME $3.0 BLN

TRANSCANADA - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) announced net income attributable to common shares for fourth quarter 2017 of $861 million or $0.98 per share compared to a net loss of $358 million or $0.43 per share for the same period in 2016. For the year ended December 31, 2017, net income attributable to common shares was $3.0 billion or $3.44 per share compared to net income of $124 million or $0.16 per share in 2016.

PEMEX CUTS $4 BLN
2018, February, 16, 23:05:00

RUSSIAN NUCLEAR FOR CONGO

ROSATOM - February 13, 2018, Moscow. – ROSATOM and the Ministry of Scientific Research and Technological Innovations of the Republic of Congo today signed a Memorandum of Understanding on cooperation in the field of peaceful uses of atomic energy.

PEMEX CUTS $4 BLN
2018, February, 16, 23:00:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.

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