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Pemex opens motor oil, lubricants market

Bnamericas Published: Friday, November 09, 2012
Mexican state oil company Pemex has opened to the free market motor oil and lubricants supply to 10,000 service stations, the NOC said in a release. In so doing the company terminates it exclusive contract for the products with Mexicana de Lubricantes, a partner of the NOC's refining subsidiary Pemex Refinación. Pemex broke ties with the company after an investigation was launched into accounting fraud. The investigation revealed the company had not reported financials or paid dividends to investors from 2001 to 2011, among other inconsistencies. However, Pemex recently announced it had re-established links with Mexicana de Lubricantes under new terms which include payment of 6.39mn pesos (US$487,000) in outstanding dividends, reimbursement of 282mn pesos to Pemex Refinación, administrative oversight by the NOC and elimination of exclusive sales rights. Local paper El Universal quoted several legislators who were critical of Pemex in renewing the partnership, including the worker party PT's Alberto Benavides, who called it a "clean slate" for the lubricants manufacturer. Each service station will be free to choose its suppliers and beginning November 20 interested companies can register as distributors at the following link

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