Pemex's trading arm is overhauling its fuel importing practices, five sources close to the matter said, which includes shifting to swapping crude oil with major partners in exchange for gasoline and other fuels to save cash.
Exxon and Marathon declined to comment. Valero and Pemex did not respond to requests for comment.
In the first half of 2020, Pemex imported a 607,000 barrels per day of gasoline and other fuel, and exported 1.14 million bpd of crude, according to company figures. “Business partners know Mexico will pay, but these new contracts will facilitate invoicing and payments,” the source said.
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