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Pemex receives U.S. oil swap license for Mexico's heavier crude oil

Staff writer ▼ | October 29, 2015
State oil firm Pemex said on Wednesday it had received a license from the United States to import U.S. light crude in exchange for exports of Mexico's heavier crude oil for the first time.
Energy business   To import U.S. light crude
However Pemex got a licence with a lower ceiling than originally planned. The terms of the year-long license will allow Pemex's commercial arm, P.M.I. Comercio Internacional, to import U.S. light crude to process in its refineries from October, with the limit capped at 75,000 barrels per day (bpd).

The original plan to import up to 100,000 barrels per day was made in accordance with the company's present needs at its refineries.

Pemex will initially receive conventional U.S. light crudes as part of the swap and later shipments could carry shale crudes as well.

The first U.S. shipment would arrive in Mexico from the first half of November. This is not a like-for-like deal, and that Mexico was not obliged to export an additional 75,000 bpd to the United States.