Mexico’s state-run oil company Pemex will increase crude exports to Japan in the coming months after selling several spot cargoes to customers including Cosmo Oil, JX Holdings and TonenGeneral, according to a company source and Thomson Reuters trade flows data.
Pemex typically sends around 1 million barrels per month of Maya crude to Cosmo Oil under a supply agreement, but the company recently negotiated additional deliveries, the source said.
The cargoes of Maya and Isthmus crudes will arrive in Japan from May through June after loading at Mexico’s Dos Bocas and Salina Cruz terminals, according to Thomson Reuters data.
Mexico’s crude exports have fallen in recent months amid declining oil output. Sales to the United States slightly decreased last month to some 710,000 barrels per day (bpd), but the country is eying Europe and Asia as new key markets.
As routes to Asia from Mexico are long, crude shipments must contain at least 1 million barrels to make the trip profitable. Several Suezmax tankers and very large crude carriers (VLCC) that can load up to 2 million barrels each have been booked to load in May and June with Japan as their destination.
The VLCC Ridgebury Purpose, chartered by JX Holdings, loaded a first parcel of Mexican crude at Dos Bocas port earlier this week and is now sailing to the Cayo Arcas terminal to load a second parcel, according to vessel tracking data.
(Reporting by Marianna Parraga and Liz Hampton in Houston and Ana Isabel Martinez in Mexico City; Editing by Alan Crosby)
more recommended stories
Man threatens a woman with a knife in front of “La Ermita”
According to locals, on Thursday March.
Tourism in Mérida keeps booming prior to Semana Santa
“Yucatan stands out as spearhead in.
Mérida and Athens, Greece about to work together in urban mobility program
Urban Mobility and Citizen Participation in.
Germany returns Mexico two Olmec busts stolen in the 80s
After at least 10 years of.
Oxkintok, stone of three suns
“Whoever lives sees, but whoever travels.
Mérida number five municipality in home sales nationwide during 2017
CANCUN, Quintana Roo.- Benito Juárez was.
March 20: Day of the Guayabera in Merida
On March 20, the Guayabera Day.
Conversaciones con Amigos at Merida English Library
“Monday evenings from 7 to 9.
Spider monkey found inside a cage in a Mérida restaurant
Mérida, Yucatán.- The Federal Procurator for.
Strong earthquake below the coast of Guerrero, Mexico – March 20, 2018
Two earthquakes shook Mexico near Pinotepa.