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State-owned Mexican Petroleum (Pemex) is facing a debt of over 300 million dollars for oil shipments to Cuba over the past two years, reveals an extensive report published on the digital portal Against Corruption.
The Mexican oil company has increased its debt due to the creation of the company Gasolinas Bienestar SA de CV, founded in 2022, to manage these shipments, the text notes.
In its first year of operations, the company reported losses and a debt of 5.836 billion pesos (approximately 300 million dollars), according to records from the Ministry of Economy.
Since the establishment of Gasolinas Bienestar, the Pemex subsidiary has exported at least 15.6 billion pesos in crude oil and derivatives to Cuba between July 2023 and September 2024.
These shipments, although they were made under a contract with Pemex Exploración y Producción, have resulted in net losses for the subsidiary, which exacerbates the financial situation of the state-owned company that even put a loan request to the United States for 800 million dollars at risk for allegedly giving away oil to the island in 2023.
The reports submitted to the Stock Exchange in the United States detail that Gasolinas Bienestar exported an average of 31,300 barrels of crude oil and 2,900 barrels of derived products daily between January and September 2024, reaching a total value of 9,300 million pesos (approximately 500 million dollars at the exchange rate of that period).
This volume represented an increase of 86% compared to the previous year.
At the end of its first year of operations, Gasolinas Bienestar reported net losses, with sales that failed to cover operational costs.
At the close of 2023, the subsidiary had a net equity of only 149 million pesos, while its liabilities amounted to over 5.8 billion pesos, mostly due to debts incurred with Pemex Exploration and Production.
Pemex has acknowledged that this indebtedness has increased due to operations with Cuba, which has raised concerns about the financial viability of its subsidiaries.
The contract between Gasolinas Bienestar and Pemex Exploración y Producción, which involves the sale of crude oil, has been key in these shipments, which, although originally intended for the Central American market, have practically been directed to Cuba.
During the administration of Andrés Manuel López Obrador, Mexico continued to send oil to Cuba, despite international criticism and the sanctions imposed by the United States, which accuses Pemex of violating international regulations with these shipments.
However, the Mexican government has defended these shipments, arguing that they are legitimate trade agreements and that the country is not giving away oil, but rather selling it under agreed-upon conditions.
The shipment of oil to Cuba is part of a policy to support the island, which has faced severe energy crises due to the decrease in oil shipments from Venezuela.
In 2023, it was reported that Pemex exported oil worth 200 million dollars, which allowed Cuba to mitigate the effects of its energy collapse, as well as the reduction of shipments from Venezuela and Russia.
Despite Pemex's growing debts, the Mexican government continues to support exports to Cuba under the administration of Claudia Sheinbaum. In 2024, the Secretary of Energy granted several authorizations to export more fuels, including barrels of crude oil, jet fuel, and diesel.
Shipments of these products continue, despite criticisms regarding the economic cost and financial risks involved in this support.
Additionally, the National Institute for Transparency, Access to Information, and Protection of Personal Data (INAI) ordered Pemex to disclose more details regarding the oil shipments to Cuba, requesting information on the amounts, commercial conditions, and those responsible for the operations.
This resolution was part of an effort to ensure transparency in the operations of the state-owned oil company.
Frequently Asked Questions about Pemex's Debt and Oil Exports to Cuba
Why does Pemex have a debt of 300 million dollars related to Cuba?
Pemex faces a debt of over 300 million dollars due to oil shipments to Cuba made through its subsidiary Gasolinas Bienestar. This debt has accumulated due to the net losses reported in its first year of operations, where sales failed to cover operational costs.
How has the creation of Gasolinas Bienestar impacted Pemex's financial situation?
The establishment of Gasolinas Bienestar, a subsidiary of Pemex, has significantly contributed to the increasing debt of the Mexican state-owned company. Gasolinas Bienestar reported a debt of 5.836 billion pesos due to losses from its oil export operations to Cuba, which has increased Pemex's financial burden.
What actions has the Mexican government taken regarding oil shipments to Cuba?
The Mexican government has defended oil shipments to Cuba as legitimate trade agreements. Despite international criticism and potential sanctions from the United States, Mexico has continued oil exports to Cuba, arguing that this is humanitarian support in light of the energy crisis on the island.
How has the National Institute of Transparency (INAI) responded to the shipments of oil to Cuba?
The INAI has ordered Pemex to disclose more details about the oil shipments to Cuba, demanding information on the amounts, commercial conditions, and those responsible for the operations. This measure aims to ensure transparency in the state-owned oil company's operations and verify compliance with international regulations.
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