Tuesday, 6 March 2012

CNBC did something decent

Dr. Juan Jose Suarez Coppel, Director of Petroleos
Mexicanos, Mexico's Oil Monopoly
It is a bit disturbing, but when it happens, El Gringo Viejo has to just accept it and use the information for the benefit of all.  CNBC, the financial affairs network had a good article based on an interview with the Director of Petroleos Mexicanos, Dr. Juan Jose Suarez Coppel.   The Director pointed out that Mexico received 10,000,000 barrels of refined, high test gasoline from EXXON - Mobil, and that Mexico also sends 85% of its oil exports to the United States.   Also, it is understood that EXXON "harvests" a radioactive isotope of some rare metal and that isotope is used as the reactive agent in some kind of MRI process for medical research and treatment.  PEMEX does not claim against that benefit for EXXON, preferring instead to take the preferential pricing for the refined gasoline.
     The 10,000,000 barrels of gasoline, essentially EXXON Supreme 93 octane, is refined from Mexican and other oils.   It used to be, and may still be the case that EXXON refines what is sent to Mexico without any mark-up.   It is essentially wholesale priced out to the original supplier.  The amount of oil that Mexico exports to the United States dwarfs the amounts we receive from all but Canada and Venezuela.   There are months when Mexico's exports actually put them in first place.
     The reporterette asked Dr. Suarez if he thought North America could be self-sufficient and self-contained in terms of oil, gasoline, and natural gas, and he replied in the affirmative.   He pointed out that the reserves of all three countries are "beyond millinial", and the logistical advantage of keeping the resources within the Continent were clearly evident.   Suarez-Coppel heads the giant company, ranked 43rd among all companies on the Planet, and presently producing 105 billion dollars in annual sales.   PEMEX recently, after many years of trying to root out union and other problems in terms of accountability, was awarded the title as the most "transparent" of the megabusinesses in Latin America.   Suarez Coppel was "puzzled" by the EPA and other governmental problems holding up the Canadian - American Keystone Project, and pointed out that Mexico and the United States have been transporting natural gas and oil via pipeline for many decades with no significant or dangerous problems.
      There, in seriousness, have been several "great leaps forward" since during the last three years of Zedillo Ponce de Leon, Fox Quesada, and now Calderon Hinojosa which have resulted in many structural, administrative, and financial improvements in this huge company.

Some new news and some restating of known knowledge.
El Gringo Viejo